Information  X 
Enter a valid email address

EMI Group PLC (EMI)

  Print      Mail a friend

Tuesday 13 July, 2004

EMI Group PLC

AGM Statement


                                 EMI Group plc                                 

              Chairman's Statement - 2004 Annual General Meeting               

LONDON 13 July 2004: Speaking today at the EMI Group Annual General Meeting,
Eric Nicoli, Chairman, said:

"On a global basis, the recorded music market has shown encouraging trends in
the first few months of our financial year. The US market has now enjoyed ten
consecutive months of growth and the next two largest markets, Japan and the
UK, have also seen positive trends. The markets of Continental Europe, however,
remain difficult. Digital music continues to develop, with the recent
successful launch of new legitimate services in several countries.

"In our recorded music division, EMI Music, the implementation of both the
outsourcing of manufacturing in Continental Europe and the US and the
restructuring of selected labels is on schedule.

"Our release schedule so far has featured major new albums from the Beastie
Boys and Lenny Kravitz. During this financial year, we have also seen good
ongoing sales worldwide from a number of artists including Utada Hikaru and
Norah Jones. In addition, Joss Stone's Soul Sessions and Keith Urban's Golden
Road have each surpassed two million units in sales and Yellowcard's Ocean
Avenue has reached more than one million. Our release schedule for the
remainder of the year is strong, particularly in the second half, with new
releases from artists including Chemical Brothers, Chingy, Coldplay, Glay,
Gorillaz, Helmut Lotti, Joss Stone, The Thrills, Keith Urban and Robbie
Williams.

"In this financial year EMI Music Publishing has continued to enjoy strong
chart positions especially in the US, UK, Germany and France, with releases
from a range of songwriters including Jamie Cullum, Kelis, Alicia Keys, Scissor
Sisters, Usher and Mario Winans. We have finalised new synchronisation licences
with many companies including American Express, Target and Jaguar. In April, we
also completed our purchase of the final 20% stake in Jobete, the Motown song
catalogue.

"As we highlighted in May, given the phasing of both our recorded music release
schedule and the savings from our restructuring programme, we expect the second
half to account for a higher proportion of sales and profits than it has in
prior years. With this strong release schedule and the progress we are making
in both of our businesses, we remain confident that we will achieve our
financial targets for the full year."

Enquiries

EMI Group plc                                                                  
                                                                               
Amanda Conroy            Corporate Communications       +44 20 7795 7529       
                                                                               
Claudia Palmer           Investor Relations             +44 20 7795 7635       
                                                                               
Susie Bell                                              +44 20 7795 7971       
                                                                               
Brunswick Group LLP                                                            
                                                                               
Patrick Handley                                         +44 20 7404 5959