Tuesday 8 January 2013, 11:31 | By Chris Cooke
Sony UK profits up in 2011/12
Some UK-focused Sony Music figures have come to light thanks to annual account filings with Companies House from both Sony Music UK, and Simon Cowell’s Simco, aka Syco Entertainment, in which Sony Music has a 50% stake.
According to the submitted accounts, in the financial year that ended during 2012, Sony’s UK record company saw revenues fall 2.4% year-on-year to £191 million, but pre-tax profits nevertheless grew 128%, from £6.6 million to £15.2 million, suggesting some considerable savings in running costs.
Meanwhile, in the financial year ended 31 Mar 2012, Syco saw turnover nearly double, shifting from £28.1 million to £54.7 million, with profits up from £3.2 million to £22.9 million. Much of the boost came from the growth of Syco’s US interests, in particular the launch of ‘X-Factor’ in America, meaning that American operations now account for nearly 42% of total turnover.