HMV profits up by 18 per cent

The collapse of former rivals Woolworths and Zavvi have helped the retailer?s profits to rise in its end of year results.
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HMV said the closure of its two competitors helped like-for-like sales at its UK and Republic of Ireland shops rise 1.9 per cent in the year to April 25th.

The firm said its annual group-wide pre-tax profit totalled £61.3 million, up from the £52 million in 2008.

Profits were boosted also by cost cutting measures, which made savings of £16m.Annual revenues rose 4.4% to £1.96 bn.

HMV said in a statement: "We are working hard to maximise both the market share opportunity that has arisen from the withdrawal of competitors, and the investments that have been made over the last two years to improve performance."

The firm added that it remained "confident" of its continuing performance, despite the ongoing weak trading environment.

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