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HMV sees net profit more than double

GamesIndustry.biz writes: "Music and games retailer HMV has announced its preliminary results for the 2008 financial year, showing that growth in the videogames business has helped the company to more than double its net profit, from GBP 14.2 million to GBP 37.3 million year on year.

Games and technology accounted for 21 per cent of HMV's total business across the year, up from 14 per cent last year, which - along with the sale of HMV Japan - helped the company to bring net debt down from GBP 130.6 million to just GBP 0.2 million in twelve months and offset last year's purchase of book chain Ottaker's.

Total group revenue, which also incorporates the Waterstone's chain as well as HMV stores internationally, hit GBP 1.87 billion, up 11 per cent from last year's GBP 1.68 billion."

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