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HMV posts 6 month losses of £19.8 million

But total sales up 3.5%, while games and technology segments grow 18%

HMV has released financial details for its performance over the six months to October 25 this year with headline losses from continuing operations of GBP 19.8 million, compared to a figure of GBP 23.1 million during the same period last year.

Total sales were up by 3.5 per cent to GBP 754.5 million, although like-for-like sales were flat - compared to a 5 per cent growth last year.

Meanwhile the games and technology segments of the business grew by 23 per cent year-on-year, and games specifically by 18 per cent, following the launch of the pre-played game sales sections in the UK and Ireland.

The company's underlying net debt increased by GBP 27.2 million to GBP 73.6 million as it announced it had successfully refinanced with a new three year GBP 220 million syndicated bank facility.

But the company was bullish over the future, with CEO Simon Fox optimistic about the Christmas trading period ahead.

”Whilst high street retailing conditions are undoubtedly tough, at this stage in our financial calendar we still have our peak trading period ahead of us," he said. "Our stores and websites are very well prepared for Christmas, and we are confident that our customers will receive great service and product availability however they choose to shop."

HMV's share price fell yesterday by 5.9 per cent to GBP 104.5.

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