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Last Updated: Wednesday, 15 November 2006, 16:47 GMT
EMI pins hopes on latest releases
Robbie Williams
Robbie Williams is one of EMI's highest grossing artists
EMI has said it is hopeful that a string of new albums from the likes of The Magic Numbers and The Beatles will lift profits in the coming months.

Its comments came as it reported profits of 18.6m in the six months to 30 September, down from 41m last year.

But it said new releases, including a Beatles compilation, meant business should pick up in the rest of the year.

Profits would have been lower but for a 68% rise in sales of digital downloads sold through outlets such as iTunes.

It received 73.7m from digital sales and said it expected the new wave of MP3 players would boost this arm of the business.

"We believe the fundamentals remain in place for the music market to return to growth driven by digital development," EMI said.

Big names

EMI, the world's third largest music company, also revealed that accounting fraud at its Brazilian operation, reported earlier in the year, would cost it a one-off charge of 9m.

It had a string of successes in the UK charts in the first half of the year - including indie rockers The Kooks, whose debut album has sold 1.5 million copies, and Corinne Bailey Rae, who achieved 2.5 million album sales.

Other artists on EMI's books include Robbie Williams, Kanye West and My Chemical Romance.

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