Writedowns take shine off improvement at EMI
Wednesday 08 August 2012
EMI, the Coldplay and Beastie Boys music giant, has plunged to a loss of £349m in the year to March, as a result of significant writedowns.
The CD seller which also looks after Katy Perry and has ownership of the back catalog of the Beatles; EMI saw an uptick in annual revenues to £1.47bn.
However, the gains were more than wiped out by the need to slash the value of businesses which are being sold to a music publishing consortium including Sony and Universal Music in a deal worth £1.2bn. In total, the writedowns cost EMI £372m.
Overall, losses at EMI were down from £529m the previous year and once writedowns and staff redundancy costs are taken out of the results, operating profit rose from £69m to £133m year on year. EMI's recorded music division saw revenues rise about 2 per cent year on year to £1.03bn, despite the continued decline in sales of CDs.
Roger Faxon, the chief executive, said in an email to staff that the results represented a vindication of the management's strategy and were "an astonishing achievement in this market".
- 2 Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
- 3 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 4 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Jennifer Lawrence: Leaked 4Chan sex video branded 'fake' by users
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...