4 Sep

HMV in profit warning

first_img HMV Group has said full-year pre-tax profits will be “moderately below” market expectations of £45m.The company, which has been hit by the move to downloads, also said it expected to breach its banking covenants when they are tested after its full-year results.It confirmed it had started talks with its lenders with a view to changing its loan facilities.Lenders continued to be supportive and loan facilities remained fully available, it added.Chief executive Simon Fox said: “Trading conditions remain tough, reflecting a difficult consumer environment as well as the changing markets in which we operate.“However, our business is adapting quickly to respond to these external factors, and we are confident that our plans will ensure its long-term sustainable future.”Arden analyst Nick Bubb said: “The shock is that HMV has flagged that year end net-debt will be way higher than expected at around £130m (we had a £70m debt forecast), because of a working capital squeeze and what it calls “changes in product mix”. Tuesday 1 March 2011 2:46 am whatsapp John Dunne Tags: NULL whatsapp Share HMV in profit warning More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com Show Comments ▼last_img

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