HMV suffers loss of £36.4m

Music giant admits an uncertain future.

DVD, music and games retail group HMV has admitted facing "uncertainties which may cast significant doubt on the group's ability to continue as a going concern in the future" in a first half results statement today.

The retailer, which posted a pre-tax loss of £36.4m for the six months to the end of October, has now reported devastating like-for-like sales figures in the run-up to Christmas. Shares in HMV fell nearly 10 per cent after the results were published, leaving the business valued at £16.4m.

HMV sold bookseller Waterstone's and HMV Canada in June to raise a total of £55m in a rescue deal with banks- and may now be looking to sell its live music division, which operates legendary venues such as the Forum, it conceded in a statement.

HMV chief executive Simon Fox put on a brave face today, commenting: "Like all consumer-facing companies we are facing tough trading conditions but we continue to push forwards through this period."