Costly expansion at MCS
Article Date: Nov 01 2002Ofex-traded Music Copyright Solutions lost £860,000 in the six months to last June – nearly twice its deficit for the whole of the year – on turnover of £2.2 million, up from £410,000 for all of 2001, writes Robert Tyerman.
Music Copyright, which helps artistes and their estates administer and exploit music catalogues and royalties, expanded its activities by launching Music America at the beginning of the year. The company has also increased its range by moving into television and film music, where it has signed an administration agreement with Pathe Films, covering projects such as the feature film of the Magic Roundabout.
Chairman John Sanderson blames start-up costs for Music America and goodwill write-offs on acquisitions for MCS' increased losses. The shares, which were floated in February at 44p, are now quoted at 43.5p.
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