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Sanctuary plans revival: as group issues fourth profit warning, bosses target turnaround through sell-offs and savings.(Companies)
Sanctuary Group is vowing to shape up, regroup and get on with business after another traumatic few days saw it issue its fourth profit warning in a year last week.
The company attracted a further round of negative headlines last week after admitting for the first time that it would make a loss in the financial year which ends this coming Friday. The announcement comes after a summer period in which it has discussed possible sales with several parties including EMI, Warner Music and Endemol.
For the first time last week, Sanctuary Group executive chairman Andy Taylor and Sanctuary Recorded Music worldwide CEO Joe Cokell gave a bullish exposition of the company's performance, despite the difficulties which have dogged the company.
In last week's statement, Sanctuary confirmed that operational and trading problems had left it likely to generate a loss in the financial year which ends this coming weekend, blaming "negative commentary" which had an impact on its record division.
Sanctuary also confirmed that an offer period--during which it must limit any public announcements--was continuing; it is understood that the company is currently talking ...
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