EMI Group said it was confident it was on track to deliver results in line with full-year expectations as it posted first-half underlying pretax profit slightly above forecasts on Wednesday at 18.6 million pounds.
The world's third largest music company had said its profits in the six months to end-September would be down from the 41 million pounds posted last year because its release schedule is stronger in the second half than the first.
Analysts had expected profits of around 18 million pounds. It also discovered an accounting fraud at its Brazilian arm in October which affected the reporting of results.
The company has said it has strong second-half releases from Robbie Williams, Norah Jones, Joss Stone and The Magic Numbers.
It posted group revenues of 867.9 million pounds, down 4.1 percent from the previous year at constant currency.
The London-based company, home to artists including Coldplay, said its recorded music division was down 5.2 percent at constant currency, largely due to its album release schedule.
Its music publishing unit delivered revenues in line with last year.
EMI said in a trading update in October it expected underlying pretax profit of 27 million pounds but this was revised after the Brazilian accounting fraud was discovered.
The group maintained its interim dividend at 2 pence per share.
Source: Reuters
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