Buoyed by “excellent” growth in recorded music sales during the second half, Sanctuary Group is on track to meet market expectations for its financial year, the London-based company says.
In a trading update issued today (Nov. 1), the independent music company singles out the performances of Morrissey’s album “You Are the Quarry,” which it says has shifted more than 700,000 copies worldwide, and the Libertines’s self-titled sophomore set, which has sold in excess of 250,000 units.
Sanctuary says trading during its financial year “has again been strong and that we expect to report results in line with market consensus figures.” Analysts expect Sanctuary to unveil pre-tax annual profits of £18.3 million ($33.5 million).
Results for the 12 months to Sept. 30 are to be reported Jan. 19.
Sanctuary says it has continued to invest in new recorded products, with advances to artists holding at a similar level to last year’s £14 million ($25.6 million).
Other notable contributions were registered by the company’s artist management, live agency and merchandising units. The latter arm performed well, particularly in the United States, Sanctuary says.
Sanctuary made several strategic acquisitions during the period, including reggae catalog Creole Records and artist management company Erving Wonder. It says it will continue to eye select artist management companies but expects fewer acquisitions in the future.