Pre-tax profits at EMI fall 74% despite big hits

Bestselling records last year by Katy Perry and David Guetta were not enough to offset the decline in sales and profits at the Irish unit of music giant EMI.

New accounts lodged by EMI Records (Ireland) Ltd with the Companies Office show pre-tax profits at the firm last year fell by 74% from €1m to €288,822 in the 12 months to the end of March this year.

This follows revenues at the company declining by 9% from €10m to €9.1m during the year.