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Sanctuary hits low note
Saturday, June 24 2006 |
Shares of Sanctuary, the music company behind Elton John, crashed to an all-time low June 23, 2006 after yet another profits warning.
As well as Sir Elton the company handles clients like the Strokes, and Jimmy Page and Robert Plant of rock legends Led Zeppelin.
It said results at its record division, whose stars include Morrissey, would not be as good as hoped — and that it will lose up to £22million in 2006.
The shares sank 15p to 23.5 on the news, which came less than a month after Sanctuary fired Andy Taylor, its founder and former chief executive.
Frank Presland, who replaced Mr Taylor, said: “It is disappointing to have to bring this news to the market. But what I’ve seen as chief executive so far is a business that can prosper if it faces up to the new realities.”
He warned it would take longer than expected to sell some assets and that more restructuring would be necessary.
Presland new Sanctuary chief executive
Saturday, May 27 2006 at 19:53:12
Sanctuary outlines rescue plans
Tuesday, January 31 2006 at 04:48:22
Sanctuary to raise up to 130 million pounds
Monday, December 5 2005 at 12:14:57
Sanctuary warns of 'serious loss of capital' ahead of accounting review
Sunday, October 30 2005 at 08:20:35
Sanctuary cuts a quarter of staff
Monday, October 10 2005 at 15:40:01
Sanctuary issues trade loss warning
Thursday, September 22 2005 at 06:35:01
Elton Sells Management Company in £16million Deal
Saturday, April 2 2005 at 01:09:37
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