EMI First-Half Revs Drop As Emphasis Shifts To H2
October 16, 2006 at 2:14 PM (PT)
U.K.-based EMI GROUP PLC said in a trading update today (10/16) that it has shifted the emphasis of its record-release schedule to the second half of its fiscal year and that, as a result, it expects its fiscal first-half revenue to drop 3%. The company said its release schedule is expected to be stronger in the second half, ending MARCH 31, 2007, than in previous years, with new music expected from NORAH JONES, ROBBIE WILLIAMS, KEITH URBAN, JOSS STONE, DIERKS BENTLEY, DEPECHE MODE and MOBY.
EMI also reported that first-half underlying profit before tax, amortization and exceptional items is expected to drop 34% to 27 million pounds (about $50.2 million). It also said that its recorded music division was on track for a 4% decline in revenue for the fiscal first half, which ended SEPTEMBER 30, 2006.
"The planned artist releases, continued growth in digital revenues and delivery of the announced cost savings are expected to drive strong growth in underlying revenues and profits in the second half of the financial year," the company said.