Moves by EMI to slash costs have paid off as the music group returned to profitability despite a further slide in sales.
The group, recently demoted from the FTSE 100 Index and home to stars such as Robbie Williams and Kylie Minogue, has been rocked by a stagnant record market.
Recorded music head Ken Berry, credited with signing the Spice Girls, quit last year with a £6 million pay-off and was replaced by Alain Levy, who set about overhauling the core division, unveiling plans to cut 1,800 jobs, one fifth of the workforce, and reduce the number of artists.
EMI, which recently re-signed Robbie Williams for a reported £80 million, said turnover had fallen from £1.07 billion last year to £961.5 million in the six months to September 30.
But pre-tax profits before one-off costs were £42.2 million against losses last year of £2 million.
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