EMI music revenues down 15%April 19, 2007
After issuing two profit warnings earlier this year, EMI Group is now expecting its full-year EMI Music revenues to be down 15 percent and has suspended its dividend payments.
EMI, the world’s third-largest record company, said the revenue figure was in line with its outlook given in February.
The music giant reported Wednesday that it is examining a potential securitisation of its music publishing assets which it hopes to complete by the end of this financial year.
The group announced it was making good progress with its cost savings programme and had completed the majority of the actions listed in a 110 million pound restructuring programme.
“As a result, the company now expects at least 70 million pounds of the savings will be achieved by 31 March 2008 with the remainder being reflected in the results for the year ending 31 March 2009,” a spokesman said.