EMI Group said its radical overhaul remained on track and it expected to deliver a sizeable improvement in operating performance this year after a dismal stretch of tumbling music sales.
EMI, home to artists such as Radiohead and Kylie Minogue, posted an adjusted pre-tax profit of 153.3 million pounds ($224 million) for the year to end March, compared with a previous 260 million and analyst forecasts of around 150 million.
After a year hit by a global economic slowdown and rampant piracy, EMI said its global recorded music market share fell 0.7 percentage points to 13.4 per cent, while its closely-watched US share slipped to 10.4 percent from 10.8 per cent. Core earnings fell to 241.9 million pounds from 389.5 million.
EMI, the world's third biggest music group, unveiled an aggressive overhaul in March with 1,800 job cuts and 400 artists scrapped from its roster in a drive to clear the decks and improve its chances of finding big stars.