Kobalt Music Group has reported that its revenues for the 12-month period ending in June 2016 were up 15% to $260 million.
The company’s annual financial posting also shows an 8.4% increase in its gross profit to $30.7m, while its operating losses of $16.7m were down 32.4% from $24.7 the previous year.
Elsewhere, administration expenses were cut by 23.8% for the period, totalling $38.3.
Kobalt’s total loss for the year was up 28.6% to $30.04m, although this was due largely to the currency exchange rate, which has seen the US dollar strengthen significantly against the pound and the Euro.
The total number of staff employed by Kobalt Music Group reached 315 at the end of the 12-month period, up from 264 at the end of June last year.
The group’s publishing business accounted for 88% of its overall sales ($228.9m revenue, up from $194.2m the previous year). Its neighbouring rights business generated revenue $2m revenue, while its music recording business posted revenues of $18.58m (an adjusted EBITDA loss of $8.52m).
Key releases for the group’s recorded music business highlighted in CEO Willard Ahdritz’s executive report included Pet Shop Boys’ Super, Courtney Barnett’s Sometime I Sit And Think, And Sometimes I Just Sit and Joss Stone's Water For Your Soul.
