Hands claims `dramatic improvement’ for EMI in first fiscal quarter
Things are looking up for EMI, at least according to an email sent out to staff by chairman Guy Hands, which hails a positive Q1 for the company - generating positive ebitda of £59.2 million compared to a loss of £45.1 million in the same quarter last year. Revenues were up 61% to £288.1 million for the quarter too. Hands points out that the figures only include a modest contribution from Coldplay’s new `Viva La Vida’ album, and also don’t include the impact of recent job cuts. Hands also hails improved efficiencies, with returns falling from 42% of EMI’s gross physical sales in Q1 last year to less than 16% in the latest quarter.
Tags: EMI, Guy Hands, increased revenues
