EMI is back in black

EMI returned to the black today with annual profits of £319.3m (€447m), despite worse than expected conditions in the recorded music market.

The company, which is home to stars including Kylie Minogue and Robbie Williams, said sales of recorded music fell 12.6% in the year to March 31 as the growing impact of music piracy and the disruptive effect of restructuring hit home.