Sanctuary Won't Turn Profit Until 2008 Or Later
April 25, 2007 at 12:15 PM (PT)
British music company SANCTUARY GROUP PLC said today (4/25) that it would not achieve profitability until 2008 or later and that its recorded product division would miss expectations for this year.
"Steps are being taken to adjust operations to address current market conditions, but this division's performance is expected to be below management's previous expectations for the current financial year," the company said in a statement, adding that the division is suffering from "well publicized factors affecting the industry."
SANCTUARY said the merchandising and artist services divisions continue to be successful.