HMV predicts profit next year, shares rocket
There are signs of hope for struggling high street entertainment chain HMV as it looks to capitalise on the demise of its rival Game.
There are signs of hope for struggling high street entertainment chain HMV as it looks to capitalise on the demise of its rival Game.
Its latest trading update reveals HMV expects to make a loss of around £16m in the full year to April 28, with like-for-like sales down 12.4% in the last 17 weeks of the reporting period.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
This prediction had boosted the share price 10.8% by 11:16.
The firm's Chief Executive, Simon Fox, said: "The last year has been a difficult and challenging one for HMV and this will be reflected in our annual results. However we are confident that the actions we have taken will enable us to significantly improve our profit and cash generation in the year ahead."
BS
-
Taxpayers urged to fight automated HMRC penalties as 20,000 win on appealHMRC loses more than 60% of cases when taxpayers appeal an automated penalty it has imposed, new figures show.
-
More than five million taxpayers overpay with wrong tax codes – how to check yours is rightHMRC overcharged taxpayers £3.5 billion in income tax the latest data shows, with tax coding errors largely to blame. Accountants say it is “essential” people check their tax codes to avoid being hit with higher bills.
