Profits at Universal Music were down quite a bit in 2007, though they say that was mainly because of the costs involved in absorbing BMG Publishing and Sanctuary, the last twelve months having been quite a busy one in expansion terms for the biggest music company on the planet. Profits were 624 million euros in 2007, 12.9% down on 2006. A statement from parent company Vivendi said that 2006's figures also included the recovery of a fifty million euro deposit that had been put down in that previously reported legal spat with US independent TVT, which meant profits for that period were higher than would have been otherwise expected.
Vivendi's profits overall were up 8%, which seems to have pleased CEO Jean-Bernard Levy who told reporters on Friday: "2007 was a year of excellent performances for Vivendi, and we also accelerated on delivery of our strategy. With an adjusted net income of more than 2.8bn euros (£2.1bn), we significantly exceeded objectives set in early 2007. This achievement is due to the outstanding performances of all our businesses. In 2007, we also significantly strengthened each of our activities with transforming acquisitions: TPS for Canal+, BMG Publishing and Sanctuary for Universal Music Group, and Onatel and Gabon Telecom for Maroc Telecom".