EMI annual losses balloon to £757m
Terra Firma has revealed just how large a task it’s facing turning EMI around, releasing a report showing pro forma losses grew from £287 million to £757 million in the year to 31 March 2008, due to financing costs, asset writedowns and restructuring costs.
The report takes aim at recorded music division EMI Music in particular, claiming that 88% of artists signed to EMI made no money for the company, and that the label had lost £125 million on new music during the year. Oh, and EMI spent £700,000 on London taxis during the year, too.
The report also says, however, that EMI’s operational performance has “improved significantly” in the last seven and a half months. It’ll be interesting to see just how big that improvement is next time Terra Firma releases some figures…
Tags: EMI, terra firma
