London superclub Ministry of Sound has stated that it has ‘turned the corner’ in terms of its P&L balance, reporting profits of £1.7m for the year to 31 December, 2003, compared to 2002’s losses.

Last week, Ministry revealed its 2002 and 2003 results at the same time and admitted that 2002 was a ‘difficult’ year.

After founder, James Palumbo, stepped down in 2003, Mark Rodol came on board as chief executive, streamlining the business and concentrating on two core aspects – the nightclub in Elephant and Castle and the lucrative record-making market.

Ministry has been reported as saying that it is now going ‘from strength to strength’ in terms of future business prospects.