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Records and Music The results from our records, tape and music interests were .rblrioostv atr".ted by the various economic and political ttt.t u*ist throughout the world' The year under "il.,.tiorl" t"ui"* ttu" a nttther escalation ofwages and costs almost . "u"tt orr""u*L"t". Ho*.ver, in spite ofincreasingly difficult economic ".,nditions.in the United Kingdom. EMI Records (The Gramophone Company Limited) had another good year' ., Moreover, EMI generally fared well in alI other countries with itle.r"eptio" ofine USA. Jn the UK' the value ofCroup sales - was uo 2io^ on 1969/70, and EMI Records' commanding share oI both the LF and singles markets was further increased New .Ji"t" "tta ptoa.,.eis were signed, distribution agreementswith ind"pett,lent "ompanies were renewed where plofitable , and new ones-were entered into. The chain of HMV shops, further expanded during the year, increased its contribution to the division's sales with a turnover exceeding 31'5 rnillion' Exports were increased to some countries, notably Japan, Switzerland and Finland- but were down overall on the high level ofthe previous year. Gosts and Prices Spiralling costs pushed manufacturing break-even points up sharply in the UK and' despite an increase in turnover, most companies experienced considerable pressure on their profit margins EMl Records was fortunate in acquiring new sales and distribution contracts which contributed significantly to the company's overheads. Even so, after a number ofyears in which prices had been contained by market grorvth and increased productivity , it became necessary to raise prices durin g 7970 /77. Pop Artists and Contracts Continued success was experienced by many of our pop artists druing the year under review. Although, in Europe and elsewhere, the record anil music industries are developing more and more 'local'talent, the interest in American and British artists has by no means lessened. Grand Funk Railroad, for example, a leading Capitol pop gtoup, achieved large sa1es, whilst individual performers iike CliffRichard, Glen Campbell, George Harrison, John Lennon, Paul McCartney and Ringo Starr maintained their significant contributions to the Group's success. The Pink Floyd, also a leading contemporary group, again increased its sales throughout the world. In the UK the highly successful AIR team of George Martin, Ron Richarde, Peter SulLivan and John Burgess renewed their contract to provide repertoire and to act as producers. Mickie Most will continue to supply recordings by a number ofleading artists including Peter Noone, Julie Felix and Hot Chocolate; and another leading producer, Tony Hatch, has signed a contract to produce artists on behalfofEMl A new long-term contract was negotiated with ABC/Dunhill Records from whom we obtain recordings by Steppenwolf, the James Gang, Three Dog Night and other important American arti.sts. Long-standing contracts with American licensors continued to be successful during the year, notably those with Moto$'n and BeIl. Among EMI Records' outstanding successes during the year, a most unusual recording, Clive Dunn's Grandad, became a 18 best-6eller. Classical Successes The re-issue ofthe earlier work of iiii-t"iit i"-p-.-"r."ged form bv E MI Records injected fresh ii"itGittlii. *lis of this dlstineuished international , ;;;il;;. Si; ldtian Boult also continues to command a large i.ll;;i;s. His Vaughan Williams'Job received excellent ;;i;;,;"d h. h."'tecentlv completed recordins all Vaughan Williams' nine sYmPhonies. Ofthe younger arlists, Barenboim' du Pr6 and Zukerman are o extremely popular with concertgoers and their five-record seL ol the Beethoven Trios has been very successful ' Von Karajan recorded the Beethoven Triple ConcertoJor EMI; it *""-i"t.i.a i" S"ptember 1970 and has attracted much acclaim' l rr"* ""co"ding olThe Mastersingers, the first.in stereo,. , - has also been completed by von Karajan and wl Il be Issued belore the end of 1971 . I A Mueia fot Plzasure diaplor of budset LP s. DuinE the req r MfP wd,s Inunched in South Afrba and Cernnry ' In ttu UK 7 nilLian MfP rccords Loerc sold, in 1970171 , and 28 million tutw been sold sin@ thp hunch of the label six
Our classical department collaborated in the making of the EMI film Tales of Beatrix Potter. A sound-track album, recorded at our Abbey Road studios, was issued in March 1971 and is selling very wel1. Awards EMlRecords was voted the No 1 album and singles company by thejournal, Record and Tape Retailer, The No 1 singles label was Tamla Motown (licensed to EMI) and the No 1 group The Jackson Five, who are Motown recording artists. The year's No 1 soundtrack was Easy Rider, a recording made available to EMI through its contract with ABC/Dunhill. Tape Our involvement in pre-recorded tape in the UK in its various forms (reel-to-reel, cassette and 8-track cartridge) has again grown during the year. We now have a catalogue of over 600 titles, and new ones are being issued each month. Whilst sales are still not large in this country, there is no doubt that the public's interest is growing steadily. Elsewhere in the world, most of our companies report an encouraging increase in sales for tape cassettes ancl cartridges. In Finland, significant cassette and cassette-player sales have been produced from premium deals with major oil companies. Music for Pleasure Formerly owned jointly by EMI Limiteil and the Reed Group, MfP became wholly owned by EMI on 1 January 1971. The change in ownership involved the Music for Pleasure activities in the United Kingdom, South Africa, France, Holland, Belgium, and Germany. In the UK, Music for Pleasure has had its most difficult year since its inception in 1965, due to a flood of competition in the budget LP market. In the last three months ofthe year, however, a higher turnover and profit have been achieved than ever before. Classics for Pleasure, MfP's new label, was launched in October 1970 with considerable success and critical acclaim. 3 Cli.e Dunn frcn the populat BBC tebuisbn seties Ddd.'s Arn! : his sinele, Gtundad, beceme a beet.seller ouer Ch st usann ttuNeb Year. 5 tutabliEhzd. pop artists like C I ilf R ir ha rd c on t r i b u ted signif.cantlr to EMI Records' sales seain this reu. Si. Adtidn Bouh (t, and Otto Klenperct (2, recod,ins raajot orchestrul uofts fot EMI at its Abber Rodd s!udios:both.ontinue tD.unnann o Iorge lollou ;ng. EMl Recofis doninated. thz rear'sReco Retaibtdwads. ABC iDunhill\ rccod,ins of Easy Rider(4\ was wkn the reat's No 1 sound.t ek: ttu Jackon Five
Page 2 and 3: of meeting Notice is hereby given
Page 4 and 5: 2 Main industry analysis of sales a
Page 6 and 7: Ghairman's At the end of my last R
Page 8 and 9: Finance The increased interest char
Page 10 and 11: Dividends Preference dividends amou
Page 12 and 13: Sales (Note 2) Profft before Taxa
Page 14 and 15: Parent Gompany Balance Sheet
Page 16 and 17: 3 Profit befote Taxation (continued
Page 18 and 19: I Fixed Assets (continued) ;"; ';;;
Page 20 and 21: t4 nesefvos Other capital reserve
Page 24 and 25: Music Publishing The Keith Prowse M
Page 26 and 27: Feature Films During the year, 15 B
Page 28 and 29: Electronics The year saw a marked i
Page 30 and 31: v EMI-Marine have doubled in the ye
Page 32 and 33: Property When in 1969 EMI acquired
Page 34 and 35: At 30 June Capital Employed Goodwil
Page 36: lftrvement in price of'EMI Ordinary
Page 39 and 40: Europe Products anal Services Chief
Page 41: Principal Associated Companies Asso

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