EMI trumpets album successes

Music giant EMI today said a warm response to chart-topping albums from Coldplay and Gorillaz had lifted trading in its new financial year.

The group, which blamed delays to the albums for a profits shortfall in the year to March 31, said both releases had enjoyed “considerable global success”.

It said revenues and operating profits for the year to date were running ahead of last year’s levels at both its main divisions.

EMI told its annual meeting: “The group has delivered a solid performance during the first few months of our financial year.”

The group saw annual profits fall by 13.1% to £141.9m (€206.4m) in its last financial year and its share of the music market dropped after the delays to the albums, which had been due to go on sale by the time of the results.

But EMI said it had now dispatched nearly six million copies of Coldplay’s X&Y album and almost two million of Gorillaz’s Demon Days.

The firm added that it was continuing to make good progress in its development of new artists, with a number of particular successes including from singer KT Tunstall.

Releases expected during this financial year included albums from Robbie Williams, Paul McCartney and The Rolling Stones.

Chairman Eric Nicoli said: “We remain positive on the long-term prospects for the music industry and are confident that EMI will deliver an improved performance in the current financial year.”

The company said digital revenues continued to grow rapidly and that it expected downloads to be the key growth driver in the industry in the coming years.

During the first quarter, digital revenues were more than double the same period last year, representing 4.8% against 3.5% in the fourth quarter of the last financial year.