2010 Annual Review Looks Better For EMI
August 18, 2010 at 10:48 AM (PT)
EMI parent company MALTBY CAPITAL LTD offered a brighter outlook in EMI’s annual review for the year ended MARCH 31st, 2010. Revenues rose to £1.65 billion, with an operating pre-tax profit of £121 million -- compared to 2009'sa pre-tax profit of £7 million)
EBITDA before restructuring rose 14% to £334 million (5.5% at constant currency), with Operating cash flow jumped 55% to £250 million. The improvements at both EMI MUSIC and EMI MUSIC PUBLISHING lowered the conglomerate's Net loss (after restructuring costs and fair value adjustments) by two thirds to £512 million.
"This report shows the very real operational progress that EMI has made in the past three years, in the face of the serious challenges faced by the music industry and the wider economy," noted MALTBY CAPITAL LTD. Chairman STEPHEN ALEXANDER. "The year was characterized by creative and commercial achievement in both divisions. EMI MUSIC had particular success with the release of the remastered Beatles catalogue, which has sold more than 13 million albums to date, as well as strong sales from newer artists such as KATY PERRY and LADY ANTEBELLUM. EMI MUSIC PUBLISHING has again been named publisher of the year in both the US and the U.K., and the business is creating valuable new revenue streams on behalf of its unmatched roster of writers."
"There is a clear opportunity ahead for EMI as a whole to develop a structure and approach that recognizes the realities of the music environment, and that truly delivers success for the creative talent that the company is privileged to represent," EMI GROUP CEO ROGER FAXON said. "The operating performance we delivered in the year under review gives us a strong platform, and I'm looking forward to working with our great staff and artists to develop the business further."
A copy of the Review is available on the website www.emimusic.com/about/reports/.