A dearth of big hits and a slump in global CD sales pushed EMI Group into losses in the first half of the year, the music company reported this week. EMI slid to a pre-tax loss of £2 million sterling (€3.2 million) in the six months to the end of September, compared to a previous profit of £59.1 million.

The music industry as a whole is facing its worst year ever, after the September 11th attacks compounded already low growth due to piracy and waning CD sales.

After warning in September that full-year profits would dive 20 per cent, EMI said the outlook remained uncertain. However, the company soothed investors with the promise of greater cost savings and a strong line-up of albums.