LONDON (CelebrityAccess) — Sony Music UK posted strong performance in revenue for the 2016-17, reporting £226.1 million for the period, a 14.1% improvement over the previous year’s results.
According to financial filings, Sony Music UK’s gross profit improved as well, up by 17.2% to £120.99m for the financial year ending March 31.
Operating profit for the label improved as well, with Sony Music UK reporting £26.5m, up by 74.1% year-over-year, according to financial filings with UK regulators.
Notable transactions for Sony UK in the period included the acquisition of Wildstar Records for £1.8 million last year from Global Radio and Telestar Music. As well, Sony acquired a minority stake in Promised Land Records for an undisclosed amount.
The filing also revealed that Sony Music Uk appeared to have dropped a cool £68.5m on Minsub Limited, which appears to be related to their acquisition of prominent dance label Ministry of Sound Records in August 2016.