Thorn EMI Plc is almost out of our sector now – and doing very well at it too, with pre-tax profits almost doubled at UKP290m. Some of the benefit came from a pick-up in the US music industry but chief executive Colin Southgate said he was cautious about sales prospects this year and wanted to continue tightening belts and getting out of fringe businesses. The company still plans to sell off Thorn Security and Electronics, which makes security and surveillance equipment for the defence industry. He indicates that he is looking for UKP150m.The defence division had appeared as a blot on our copy books, he said – pre-tax profits at the business plunged to UKP1.5m from UKP13.2m, and turnover slipped to UKP425m from the UKP436.5m of a year ago.
