Michael Infante, Chairman and CEO, commented: “The half year point is a barometer for companies for the climate ahead. Our long-term view is that of a continued repositioning of the Group’s content in the changing digital marketplace and one of fresh initiatives that bring new areas of monetisation to the Company. Our year-end report of 31st October 2015 detailed our repositioning program as we weather the shift in the digital stores (eg. iTunes, Amazon, Spotify and Deezer) changing pattern of exploitation and monetisation of music, from the downloading model to that of streaming. In addition, we manage the digital stores changes in content and genres in which many of them wish to specialise. Six months on, I believe that the seismic change will most affect us this year and into the beginning of the next year. What market intelligence does tell us is that ourcore business (like the rest of the music industries) is set to reach a hiatus, with recovery expected to commence in Q1 2017. We continue to have confidence in our market approach and our new music and video and technical related initiatives are well positioned to regain our mission of ‘IP’ exploitation, growth and continued profit.”