Sony/ATV has issued financial results for its UK operations up to March 31, 2019.
The publisher is now headed up by Tim Major and David Ventura in the UK.
Sony/ATV UK revenues increased by 7.9% year-on-year to £56 million in 2019. Pre-tax profit was down 21.5% to £1.28m.
The majority of the British operation’s turnover was from the UK (55.7%), with the remainder from the rest of the world.
The UK business is diversified among other companies including SM Publishing UK Ltd, a Sony Corp subsidiary that holds various investments and covers Sony/ATV UK staffing costs. Its revenues were up 16% (£7.6m) and it made a pre-tax loss of £8.3m.
The company had 63 employees in 2019, compared to 52 in the previous year.
In addition, UK-based Sony/ATV Music Publishing Europe is responsible for online pan-European use of Anglo-American repertoire.
Its revenues were up 22.1% year-on-year to £47.91m. Pre-tax profit increased by 26.3% to £3.73 million.
“Given the overall move from physical to digital sales in the music industry, the turnover is expected to show a steady growth for the foreseeable future,” said the company’s strategic report.