HMV full-year profits soar amid vinyl revival
A boost in vinyl sales saw HMV’s turnover rise to £178m, up from £150m the prior year
HMV has welcomed rising profits and sales in its latest full-year results, following a boost from the resurgence of vinyl sales over the period.
In new filings from Companies House, the group’s owner, Sunrise Records and Entertainment, reported that pre-tax profits rose from £1.9m to £5.2m in the year ended 30 May 2023.
Meanwhile, a boost in vinyl sales saw HMV’s turnover rise to £178m, up from £150m the prior year.
According to The Telegraph, HMV owner Doug Putman said: “Sales growth is representative of the continued revival of vinyl but also of our expanded pop-culture, anime and K-pop offerings, which have growing fan bases amongst younger audiences.”
Last year saw the return of HMV to its iconic Oxford Street location, four years after it first shuttered the flagship site.
The music retailer reopened at 363 Oxford Street, home of the first HMV store which opened in 1921, on 24 November.
The group said the store would become a “hub for entertainment in the capital and the largest entertainment outlet in London offering an unparalleled range of music, film, merchandise and technology products as well as performance spaces”.
Over the decades, the HMV site became renowned as a community hub for music fans with performances and signings from artists such as Kylie Minogue, The Spice Girls, and Blur, who performed an iconic rooftop gig at the shop in 1995.