EMI said its pre-tax profits fell almost 11% to to £68.6m ($113m) and sales slipped 3% in the six months to 30 September.

The group also said conditions in the worldwide music market could remain difficult.

It said the outlook for the global economy remains uncertain, "which makes it difficult to forecast music markets with confidence."

The company - the third largest record company in the world - also said there had also been a significant slow down in sales in Europe.

It said it would continue to cut costs in an effort to protect margins.