Music giant EMI has warned underlying full-year profits would come in below current market estimates owing to weaker sales at its recorded music division.
The group said pre-tax profit before goodwill and exceptionals for the year to March 31st, 2002, would be about £150 million sterling.
This compares with current market forecasts ranged between £160 million and £207 million.
Shares in EMI plunged 14 per cent in pre-market trading today following the company's warning.
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By 7.46 a.m., EMI shares were down trading at 280p, down 46p from yesterday’s close of 326p and their lowest intra-day level since November 19th last year.
EMI also announced today the appointment of Mr Roger Faxon as new group chief financial officer.