Good news for EMI (at last) - the major's major cost-cutting drive has enabled them to post an 18% rise in adjusted pre-tax profits - they're up to £177.3m. The cost cutting - which included axing 1900 jobs and 400 artists - really helped because revenues actually fell by 11%. The improved fortunes step up EMI's position in the merger stakes with either Warners and BMG, though the company's chairman Eric Nicoli warned more hard times were ahead: "While the market remains volatile and difficult to predict, we expect it to decline further but, probably, at a slower rate than last year."
May 20, 2003
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1 min read
EMI back on the up
EMI reported an 18% rise in adjusted pre-tax profits to £177.3m, helped by cost cutting that included 1,900 job losses despite an 11% fall in revenue.