Record company EMI Group said today its full-year adjusted pretax profit fell more than 13 per cent following delays in two key albums from Coldplay and Gorillaz.
The company, whose artists also include Radiohead and Norah Jones, said pretax profit before goodwill and exceptional items was £141.9 million (€206 million) in the year to March 31st, against £163.3 million a year earlier.
The company had warned that music sales would be down due to lower reorders than expected and the Coldplay and Gorillaz delays.
Coldplay lead singer Chris Martin said last week: "I don't really care about EMI. I'm not concerned about that. I think shareholders are the greatest evil of this modern world."
EMI said it was "positive" on the outlook for the music industry and expects to deliver an improved performance.
Digital sales, which the industry is counting on to drive growth after years of online piracy, surged to £49.7 million from £15.1 million a year earlier.