Record company EMI has delivered solid interim results after the release of two chart-topping albums helped it to increase its share of global music sales.
Underlying pre-tax profits for the six months to September 30 rose by 9% on the same period last year to £41m. But after exceptional items, pre-tax profits plunged by 40.5% to £32.6m.
Boosted by new releases from Gorillaz and Coldplay, group revenue jumped 5.8% to £924.6m over the period. EMI, home to such artists as Kylie Minogue, The Rolling Stones and Paul McCartney, said that its share of global record sales had risen to 13.1% from 12.5% at the same stage last year.
A strong release schedule for the current trading period - including records from Robbie Williams and Kate Bush - left the company 'on track' to deliver full-year results in line with expectations, EMI said.
EMI's digital sales more than doubled to £44.6m in the period, accounting for just under 5% of total revenues, compared with 2.1% last year.
