Royalty income collected from recorded media licensing in 2011 stood at £101.7m, down 13.2% - although mechanical royalties distributed only declined by 2% in part because of growth in broadcast and online revenues.

Elderton, who welcomed new MCPS chairman Peter Cornish at the event, said:

2011 was an eventful and challenging year for the MCPS.

The continuing negative impact of a declining audio product market combined with low interest rates has presented the board and management with some difficult decisions. ...