EMI recorded music moves into the black

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The Independent Online

EMI's Recorded Music division saw earnings of £59.2m in the three months to June, compared with losses of £45.1m last year, according to an email from Guy Hands, the group's controversial chief executive, to staff yesterday. Revenue was £288.1m, up 61 per cent.

Mr Hands, whose Terra Firma private equity house paid £2.5bn for EMI in August last year, said more efficient marketing and promotional spend was critical. He also thanked staff for their professionalism in the face of unpopular restructuring including 2000 redundancies.