HMV debt grows to £176.1m in H1; sales down 13.5% but losses narrow

HMV's total sales were down 13.5% to £277.6 in the six months to October 27 this year (2011: £333.7m). 

The retail group has admitted in a new interim trading statement that it will be forced into a "probable" covenant breach of its banking at the end of January 2013

It said: "Current market trading conditions result in material uncertainties facing HMV... Constructive discussions with the Group's banks including keeping them fully informed in relation to current trading."

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