In the directors’ report from PIAS Holdings, the indie giant also revealed the effect of coronavirus on the global company’s finances for the past year.
The report stated: “The group’s business has been impacted by the Covid-19 global pandemic, which has reduced physical sales and other incomes such as neighbouring rights and synchronisation in 2020. In addition, certain releases were deferred from 2020 into future years.
“However, the board took action to reduce overhead costs, have made use of government schemes and reduced working hours for staff such that there will not be a material impact on the financial results for 2020. The board would like the thank the staff for their tremendous support and commitment during the last year.”
PIAS UK MD Jason Rackham spearheaded the Love Record Stores initiative last year to support record shops and physical music.
For the 2019 results, PIAS reported revenues of £32.1 million, a year-on-year decline of 16.9%. The result was down to a weaker release schedule within the label business.
However, digital incomes on catalogue continued to grow and that trajectory is set to continue. Revenues from Europe remain a significant part of the turnover.
The group’s operating profit in 2019 before the impact of foreign exchange movements was £1.63 million (£5.85m in 2018). However, currency fluctuations in 2019 resulted in a loss of £1.1m.