Business Week - Music firm upbeat despite share fall.
Despite plunging share prices, chartered accountant Simon Bazalgette, chief executive officer of Music Choice Europe, remains confident in his company’s performance ahead of its annual results next Thursday, writes Adriana Zea.
‘We’re hopeful the falling share price will change as we go through the rest of this year,’ Bazalgette told Accountancy Age. ‘Once we start showing our deals this year, people will see what we can do.’
Shares have dropped 28.1% since flotation last October. They resisted the negative trend for the first two months, Bazalgette explained, but were ultimately dragged down. However, he added, ‘most of our shareholders are confident in our strategy’.
The CEO is a member of the ICAEW and shares the finance function with finance director Mark Hillier, also a qualified accountant. ‘In terms of strategy and board planning I tend to handle (the finance function) as chief executive.’
Bazalgette believes good accounting skills are important for anyone who wants to get into management: ‘I was the first employee in 1993 recruited from KPMG where I worked for 10 years. It was a very good business and financial training.’ The digital music provider boasts seven million subscribers and the distribution of its services on 80% of Europe’s digital platforms.
For more information on Music Choice see www.musicchoice.co.uk.