Quercus Publishing is bullish after nearly quadrupling sales to £3 million and doubling losses to £340,000 in the first half year.

The PLUS-quoted company, chaired by veteran publisher Anthony Cheetham, achieved interim turnover almost as much as for the whole of 2006. Interim cash was down from £752,500 to £42,320, but debtors were trebled at £3.28 million.

During the first six months of the year, Quercus launched the first six titles of its new mass-market paperback division. One of its titles, Peter Temple’s The Golden Shore, won the annual ‘Golden Dagger’ crime novel award.

The paperback edition of Stef Penney’s The Tenderness of Wolves has sold more than 250,000 copies since March. Chief executive officer Mark Smith comments 'traditionally, the second half of the year delivers the majority of revenues and profits, so the first half loss that is less than expected bodes well for the remainder of the year’.

Recommended by Growth Company Investor in May at 74.5p, Quercus shares are 3p up today at 117.5p. Not without risk, they retain speculative appeal.