EMI Ireland's pre-tax profits fell by 74% from €1m to €288,822 in the 12 months to the end of March this year, according to newly released accounts
EMI’s roster includes Katy Perry, David Guetta, Blur, Lily Allen, and Coldplay. But, despite the impressive line-up, revenues at the company have declined by 9% from €10m to €9.1m during the year.
The directors’ report accompanying the figures states that "economic recession, physical piracy, illegal downloading and growing competition for discretionary consumer spending and retail shelf space” have all contributed to the decline.
The figures show the firm recorded an operating loss last year of €17,106 after an operating profit of €1.2m in fiscal 2011. But net interest payments of €305,128 resulted in €288,022 in pre-tax profit.
The filings confirm that remuneration to the five directors — including pension contributions — rose by 44% last year from €734,572 to €1m.
A breakdown of the firm’s revenue shows 72% was generated in Ireland, with the remaining €2.5m generated in the UK.
EMI Ireland recorded an actuarial loss of €2.2m compared to a gain of €1.2m in 2010.
Source: Irish Examiner