Selling the bulk of its shareholding in HMV Group at 192p now looks likes one of EMI’s better decisions.

Five years on from its stockmarket debut, shares in the book and DVD retailer sit 37 per cent below that exit price.

Today’s full-year figures did nothing to close that discount, despite the unexpected tidings that like-for-like sales in the UK and Ireland over the last eight weeks were up 8.8 per cent.

While superficially impressive, that out-turn is flattered by comparison with weak trading last June due to hot weather and the World Cup, which disrupted release schedules. The numbers also include online sales, which are thought to be growing at more than 100 per cent. At a more fundamental level, May and June are not important months for the company, so investors resisted the temptation to read in clear signs of a turnaround.

They paid more attention to a ballooning of net debt to an above-forecast £131 million, caused by last year’s purchase of Ottakar’s. The statement also confirmed that interest on HMV’s debt will rise by 1.75 percentage points from next month, increasing its interest charges by £2 million a year.

What comfort there was came with the corroboration that talks to sell HMV Japan — a key measure in reducing the company’s gearing — are under way. But the mooted price-tag of £160 million looks far too high given the division’s estimated operating profit just £9 million.

For those who believe HMV is a company facing structural decline, there was little in today’s statement to change their mind.

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