First-half results scratch EMI's record


First-half results scratch EMI's record
Music publishing giant EMI has suffered a fall in its first-half results, seeing revenues fall by £56.7 million year-on-year.

Publishing results for the six months to September 30th, EMI noted that a fall in revenues in its music recording business by 5.2 per cent had contributed to the overall 4.1 per cent drop to £867.9 million from last year's £924.6 million.

EMI attributed the decline to variations in its release schedule, claiming that a rush of high-profile releases from both its music recording and publishing subsidiaries in the coming six months would help offset the first-half dip.

Artists and bands cited as having releases scheduled in the second-half period included Robbie Williams, Norah Jones, All Saints, The Magic Numbers, Moby, The Thrills and Kelly Clarkson.

"We believe that the fundamentals remain in place for the music market to return to growth driven by digital development," EMI chairman Alain Levy said, drawing attention to the 68.4 per cent growth in EMI's digital revenues.

"In the short term, the industry release schedule will help to drive the market's trajectory and we are encouraged by the slate of industry releases due out for this Christmas season," he added.

An accounting fraud suffered by EMI during the first-half in its Brazilian operations also damaged the first-half results, costing around £9 million.

EMI's share price responded positively to this morning's results, rising in value by 1.1 per cent on early morning trading.

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