EMI has reported a narrowed pre-tax loss of £349m for the year ending March 31, reflecting the negative non-cash fiscal impact of the sale of its publishing and music businesses.

However, in what CEO Roger Faxon called an “incredibly strong performance”, group revenues grew to £1.47bn from £1.45bn year-on-year, up 1.3%.

The loss figure compared favourably to a £529m loss in the previous year, and included a £372m non-cash ‘impairment charge’ attributed to writing down the value of its two ...