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HMV Group:
28 June 2007
2007 Preliminary Results
HMV Group plc, the UK’s leading retailer of music, DVD and books, today announces its financial results for the 52 weeks ended 28 April 2007, and provides an update on the Group’s recent trading and progress on strategic initiatives.
Financial Highlights
- Sales of £1,894.5m (up 3.8%), inclusive of a 3.5% fall in like for like sales.
- Profit before tax and exceptional items of £48.1m (2006: £98.2m).
- Exceptional charges totalled £26.5m (2006: £18.0m)
- Profit before tax of £21.6m (2006: £80.2m).
- Adjusted eps 8.7p (2006: 17.4p). Basic eps 4.0p (2006: 14.0p).
- Net debt of £130.6m (2006: £15.6m), after acquisition of Ottakar’s plc for £90.2m including debt.
- Final dividend of 5.6p making a total dividend of 7.4p (2006: 7.4p).
Trading Update (for the 8 weeks ended 23 June 2007)
- Like for like sales up 3.8%, including an 8.8% increase in HMV UK & Ireland.
- Gross margin improvements in line with expectations.
Strategy Update
- Strategic plans announced on 13 March underway and on track.
- Completed review of strategic options for HMV Japan. Now in discussions which may lead to a disposal.
Simon Fox, Chief Executive, said:
“The turnaround plan we announced in March is progressing well and we are on track. The benefits of our actions are beginning to come through and are reflected in the good start we have made to our new financial year."
Preliminary Results 2007
 pdf. 129kb
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