EMI Staff Praised As Label Sees 'Dramatic Improvement'

Employees at EMI records have been praised by owner Guy Hands after the company posted better than expected first quarter figures.

In an email to staff, Hands described the fiscal figures, which saw EMI's total revenue rise 61% on the same period last year, as a “dramatic improvement”.

But he also noted that it was “early days” and that staff should now “count on future quarters always being this good”.

Hands took over the top role at EMI last August following the label's acquisition by private equity company Terra Firma.

Praise for Staff

According to Music Week, who published details from the email, EMI achieved positive ebitda of £59.2m in the first quarter of 2008, compared to a loss of £45.1m in the same 2007 period.

Reflecting on the figures, Hands said: “I believe these numbers are a demonstration of EMI Music’s significant progress and all your enormous efforts to transform this business.”

He also denied that the impressive figures were due largely to the success of Coldplay's 'Viva La Vida or Death and All His Friends', which has so far held the top spot in 36 countries.

Instead, he praised the “transformation” of the whole company.

Terra Firma's takeover last August was opposed by a number of EMI's artists, including Radiohead, who have since left the label.