In uncertain market conditions, it remains difficult to predict the outcome for the full year. The final results will depend critically on market trends which have shown some deterioration in the past two months.
We remain confident that digital music will return the industry to growth in due course.
We live in an age where virtually every sector in every country on the planet is contaminated by piracy and counterfeiting and this is having devastating effects on our businesses, the economy and wider society.
Now that it is clear that, in the current regulatory environment, a merger with another major music company cannot be pursued at acceptable cost and risk, we will proceed as an independent, music-focused group.
Piracy remains a real problem for virtually every sector in every country in the world.
We are seeing progress and we are at least containing piracy.
We're finally seeing a raft of new initiatives from really big players. This stuff is happening all day, every day now.
Piracy in all its forms has been the major factor in this reversal but not the only factor.
Today's results show that EMI Group had a successful first half, delivering significant growth in both revenues and profits, and that both our recorded music and music publishing divisions made good progress during the period.
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