EMI Sees Full-Year Revenues Down 15%
EMI Group, which issued two profit warnings earlier this year, said on Wednesday it expected
full-year EMI Music revenues to be down 15% 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.
It said it was also examining a potential securitization of its music publishing assets which it hopes to complete by the end of this financial year.
The group, which has also been the subject of a bid approach from Warner Music Group , said it was making good progress with its cost savings programme and had completed the majority of the actions listed in a 110 million pound ($219 million) restructuring program.
"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," it said.
It expects to report underlying group earnings before interest, tax, depreciation and amortization (EBITDA) before exceptional items of approximately 174 million pounds which it said was ahead of market expectations.