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Sanctuary cuts a quarter of staff
Monday, October 10 2005

UK music management business and record label Sanctuary is to cut its workforce by a quarter after a series of profit warnings following weak trading.

The firm, which has offices in London, Houston, Los Angeles, New York and Berlin, is to cut 175 jobs but has not yet said where the axe will fall.

Sanctuary's stable of artists include Sir Elton John, the Manic Street Preachers, Morrissey and Iron Maiden. The firm said it hoped the move would soon return it to profitability.

Shares in Sanctuary, which were priced at 43 pence in mid-June 2005, were up slightly on Monday, by 0.33% to 6.12 pence. The music firm said it hoped to achieve annual cost savings of between 7m and 8m.

"I am confident that we have a high quality business and, with a much-reduced cost base, I believe we are well placed to rapidly return to profitability going forward," said executive chairman Andy Taylor in a statement.

Sanctuary said negative headlines following a series of profit warnings in the past six months had hit its business, particularly its records division.

It now expects a trading loss before exceptional items for the year to the end of September 2005 - compared with market forecasts at the start of the year for profits of up to 30m.

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