PIAS Holdings UK, the British arm of the European label and distributor, has announced a profit of £2.12m in the year ending December 2016.
The figure is up £1.27m from the previous year, which it said was as a result of 'continued growth of digital streaming services and foreign exchange gains on trading'.
The report added that 'despite industry trends showing a decline in the physical market, the continued popularity of vinyl has helped to limit the impact on turnover.
'As PIAS’ own repertoire continues to increase, the core business grows and evolves to provide less reliance on third parties and promote more emphasis on developing own rights.'
The company's total revenue was £31.25m, up from £26.15m the year before.
Digital revenue represented a 22.8 percent increase, with sales coming in at £12.19m, just slightly behind physical at £12.38m.
The figure is up £1.27m from the previous year, which it said was as a result of 'continued growth of digital streaming services and foreign exchange gains on trading'.
The report added that 'despite industry trends showing a decline in the physical market, the continued popularity of vinyl has helped to limit the impact on turnover.
'As PIAS’ own repertoire continues to increase, the core business grows and evolves to provide less reliance on third parties and promote more emphasis on developing own rights.'
The company's total revenue was £31.25m, up from £26.15m the year before.
Digital revenue represented a 22.8 percent increase, with sales coming in at £12.19m, just slightly behind physical at £12.38m.
