EMI looks to big names for profits boost

EMI offset a fall in profits today by highlighting rapid digital growth and the number of big-name releases planned for later in the year.

The music giant saw underlying pre-tax profits for the six months to September 30 slide to £18.6m (€27.5m) from £41m (€60.6m) during the same period last year.

But the company said the slowdown reflected the phasing of its release schedule and explained there was greater weighting on the next six months.

It said new albums from Scissor Sisters, Il Divo, Sting and My Chemical Romance, as well as a new Beatles compilation, would help it deliver full-year results in line with expectations.

EMI also cheered a 68% rise in turnover at its digital arm to £73.7m (€108.9m) and said it expected more good news in the second half of the year with the launch of new portable MP3 players.

It said: “We believe the fundamentals remain in place for the music market to return to growth driven by digital development.

“In the short term, the industry release schedule will help drive the market’s trajectory and we are encouraged by the slate of industry releases due out for this Christmas.”