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EMI Group Plc Preliminary Results For Year Ended 31 March 2005
EMI Group plc announces its preliminary results for the year ended 31 March 2005: EMI Group turnover declined by 5.1% at constant currency, with EMI Music Publishing turnover increasing by 4.9% and EMI Music turnover declining by 7.4% EMI Group's digital sales more than tripled to £49.7m, representing 2.5% of total Group turnover for the year and 3.5% in the final quarter Group operating margin increased to 12.0% from 11.8% EMI Music's previously announced restructuring initiatives delivered cost savings of £35m in the year, £10m ahead of plan, with a further £15m of savings expected in the current year Group Profit before tax, amortisation and exceptional items (Adjusted PBT) was £141.9m, in line with the 15 April trading update, and compares to £163.3m in the prior year Adjusted diluted EPS of 13.0p compared to 15.5p in the prior year Full-year dividend maintained at 8.0p per share EMI maintains its positive outlook on the global recorded music market as declines in physical music sales continued to moderate during the year and digital music sales grew at a very rapid pace Eric Nicoli, Chairman of EMI Group said, "In a still challenging trading environment we have seen some encouraging market trends and have made strategic progress in the past year. EMI Music Publishing achieved strong growth in both sales and profits. EMI Music's sales fell short of our original expectations due, in part, to lower than anticipated reorders in the fourth quarter and the rescheduling of two major album releases. The impact on the overall results for the Group was partially mitigated by the successful implementation of our restructuring programme at EMI Music which delivered cost savings ahead of plan. We remain positive on the outlook for the music industry and expect to deliver an improved performance in the year ahead."
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