Anti-deathwatch: HMV

30 September 2014

hmv HMV's rebirth from the jaws of the dumper has been a success!

The entertainment solutions retailer originally filed for administration in January 2013.

But now, they've recorded operating profits of almost £17 million in the 11 months after it was rescued by restructuring firm Hilco in 2013.

According to reports set to be filed at Companies House, HMV posted operating profit of £16.7m on sales of £311.2m between January 29 and December 28 2013.

All of the chain - or those that are left - are back in profit, thanks to some wheeler-dealing as regards their debts and overheads, and negotiations with suppliers.

HMV paid out £10m in intercompany charges and £4m in on-off restructuring costs. It also paid £2.3m in interest on loans and working capital provided by Hilco.

After one-off costs, the retailer posted a pre-tax loss of £4.8m.

So that's good news then.

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