HMV Group has revealed profits, before tax and exceptional items, have climbed 25.2 per cent, up from £45.2 million to £56.6 million for the year to April 26.

Total group sales increased 11.3 per cent, with like-for-like sales up 7.3 per cent. Like-for-like sales at HMV UK & Ireland rose 11.4 per cent. Like-for-like sales at Waterstone’s climbed 3.3 per cent.

HMV Group chief executive Simon Fox said: “One year into our transformation plan and we are ahead of where we expected to be. We still have much to do but, while we are mindful of the challenging economic outlook, the present financial year has started in line with our expectations and I remain confident that we are building a better and stronger business that can prosper in a rapidly changing market.”

Sales of games and technology helped lift the group’s sales and accounted for 21 per cent of HMV UK & Ireland’s sales. The retailer plans to roll out its next-generation store format following successful trials.

Chairman Carl Symon used today's announcement to reveal that he intends to step down at September's AGM.

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