Britain's EMI Group said today that its annual underlying profit would be slightly better than feared at the time of a profit warning in February, due to a smaller-than-expected drop in recorded music sales.
The world's third-biggest music group, whose artists include Radiohead and Norah Jones, said profit before tax, goodwill and exceptional items for the year to March 31 would be about £141m sterling, compared with the previously indicated £138m.
Sales in EMI Music would fall about 7.5% at constant currencies, compared with the previously expected decline of 8-9%.
Prior to the February profit warning, EMI had been expecting music sales to be in the range of flat to down 4%, while analysts' consensus profit forecast had been around £168m.
EMI said in February it had been hit by delays in the release of key albums from top bands Coldplay and Gorillaz. The company is due to publish annual results on May 24.
