EMI puts investors on standy for profits hike

Music giant EMI looked forward to improved profits today on the back of successful album releases by bands such as Coldplay and The Rolling Stones.

The group forecast a 4.5% rise in revenues at EMI Music, which has also released music by Gorillaz, Paul McCartney and KT Tunstall, despite a weaker than expected market.

Revenues in its publishing arm, which sells music rights to film and television makers, are expected to rise 5.5% resulting in a 9% hike in group pre-tax profits for the six months to the end of September.