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posted by
davidt
on Thursday January 27 2005, @10:00AM
someraincoatedlovers sends the link:
from REUTERS Music Fuels Sanctuary Gains as Publishing Drags Thu Jan 27, 2005 07:58 AM ET By Jeffrey Goldfarb LONDON (Reuters) - British music and entertainment company Sanctuary Group saw a 46 percent rise in turnover thanks in part to a platinum-selling album by Morrissey, though profit gains were limited to 9 percent by losses at its book publishing unit. Sanctuary said on Thursday that earnings before interest, taxes, depreciation and amortization grew to 24.8 million pounds ($46.5 million) for the year ended Sept. 30, from 22.8 million pounds a year ago, excluding discontinued activities, according to its preliminary results. The world's largest independent record company said turnover surged to 220.9 million pounds from 151.7 million pounds in the year-ago period. "During a time of considerable upheaval in the global music industry, and tough retail conditions, Sanctuary has consistently achieved strong growth in profits year on year through our 360 degree approach to the industry," Sanctuary Executive Chairman Andy Taylor said. Sanctuary's businesses include artist management, touring, merchandise and publishing. Its artists range from Iron Maiden to the former Guns N' Roses frontman Axl Rose. Former Smiths lead singer Morrissey reached his highest career spot on the charts last year with the critically acclaimed solo album "You Are the Quarry," which debuted at No. 11 on the Billboard 200 and placed four top 10 singles on the UK charts. Taylor said Sanctuary expects to see growth in recorded music, both through traditional means and the increasing uptake of digital downloads, not only because of its own efforts but because of what its larger peers are doing. "We are seeing signs that the major record companies are focusing on developing long-term career artists again, which we believe will lead to a resurgence in enthusiasm for music and recorded product," he said. Sanctuary had girded investors for a loss at its book publishing unit two days ago and said it would make an 11 million pound provision against loan notes issued in connection with the 2003 sale of its television business Cloud 9. The books business lost 2.1 million pounds while the recorded music division showed profits of 18.9 million pounds. "Overall we view the operating performance as solid and note that the development of cash flows in the recorded music division and the growth in artist management as particularly encouraging," CSFB analysts wrote in a note to clients. Sanctuary shares gained 1.7 percent to 44 pence in morning trade in London.
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Sanctuary Group - 46% rise in turnover thanks in part to Morrissey
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Sanctuary credits Morrissey for sales rise (Score:1)
Sanctuary credits Morrissey for sales rise 27/01/2005 - 15:21:42
Entertainment group Sanctuary today attributed a 45.7% rise in revenues to a resurgence in the popularity of indie icon Morrissey. With rock artists The Libertines and The Strokes also enjoying chart success, turnover from Sanctuary’s recorded music division rose to £127.3 million during the 12 months to September 30 – a significant leap on the £78 million of last year.
Overall turnover for the company totalled £220.9m (€319.5m) for the year, including contributions of £31.8m (€55.1m) from artist management and live acts and £50.1m (€72.5m) from merchandising.
Pre-tax profits of £16.1m (€23.3m) were lower than the £17m (€24.6m) reported a year earlier, reflecting write-offs totalling £2.1m (€3m) in the division that publishes music books.
News of these write-offs was outlined in a trading statement on Tuesday that also warned of an £11.4m (€16.5m) provision against loan notes issued in connection with the 2003 sale of its television business Cloud 9.
Shares slumped more than 14% in the wake of that update, but recovered some of the lost ground yesterday and improved a further 2% today.
Sanctuary is owner of the world’s biggest live tour booking agency outside the US and a strong touring year saw sell-out shows staged for artists such as Beyoncé, Iron Maiden, Franz Ferdinand and The Darkness worldwide.
In 2003, the group set up a division to bring in new R&B and hip-hop acts in partnership with the father of Beyoncé and expand its sphere beyond rock music.
Artists to join the venture during the past 12 months have included Nelly, whose albums have gone multi-platinum, and D12.
Executive chairman Andy Taylor said the group had exciting prospects for growth in the next few years, both through its traditional channels and also digital downloads. Sanctuary has deals with online jukeboxes including i-Tunes and Napster.
He said: “We are seeing signs that the major record companies are focusing on developing long term career artists again, which we believe will lead to a resurgence in enthusiasm for music and recorded product.”
Bottom-line losses of £1.8m (€2.6m) reflected the one-off charge against the sale of Cloud 9 and compared with profits of £10.8m (€15.6m) a year ago.
City-based brokers CSFB said: “Overall, we view the operating performance as solid and note that the development of cash flows in the recorded music division and the growth in artist management as particularly encouraging.”
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former smith singer (Score:0)
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