HMV stakes its future on technology as sales slide
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Fears for HMV intensified yesterday after a "disappointing and unsatisfactory" year saw profits slump over 60 per cent and analysts failed to back the management's turnaround plan.
HMV saw profits fall to £28.9m in 12 months to the end of April. The fall combined with soaring debts forced the company to slash its dividend and not pay another for the foreseeable future.
Chief executive Simon Fox said the management had, "taken decisive action to restructure and successfully refinance the group". Shares in the company fell slightly yesterday to 9.5p, and Seymour Pierce analyst Kate Calvert expects them to almost halve from here. She said: "We continue to believe that the business is a value trap."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments