LONDON: EMI Group plc shrugged off a slump in music industry sales to deliver higher-than-expected first-half results yesterday and said it was making headway on a bid for US media giant Time Warner’s recorded music business.
After warning in July that weakness in Japan would dent its first-half results, EMI posted an adjusted pre-tax profit of £39.4mil for the six months to end-September compared with £42.2mil a year ago and analysts’ consensus forecast for £23.7mil.
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