Sanctuary finds profits in music

Discs from Megadeth, Parton, Tyler boost bottom line

By ERICH BOEHM

LONDON -- U.K. music indie Sanctuary Group has defied the slump in the record biz, posting pre-tax profits up 89% to £7.7 million ($11.1 million) for the year ended Sept. 30. Sales were up 87% to $118.9 million.

The results come on the back of releases from established artists Megadeth, Dolly Parton and Bonnie Tyler, as well as new critical fave the Strokes.

Last week, the rapidly expanding Sanctuary acquired licensing outfit Bravado Intl. Group for $11.3 million. Among other properties, Bravado owns U.K. merchandising rights to "The Lord of the Rings."