HMV in new profit warning

HMV issued its third profit warning this year, sating it expects profit before tax and exceptional items for the full year to be around £30m.

That is £8m down on what the embattled company estimated just a month ago.

However the music retailer said negotiations over its credit facilities were ongoing and that lending tests would be held on 2 July rather than 30 April.

HMV said in a statement: "The Group's banking facilities remain fully available, the Group's lenders continue to be supportive and the Group is maintaining a regular and constructive dialogue with them."

Last month, HMV said it expected to fail tests set by its lenders if they took place in April.