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UMG earnings up and down

ONE STEP FORWARD, ONE STEP BACK: UMG experienced an upswing in revenue but a fall in profits for Vivendi’s fiscal 2010, released this morning in Paris. The parent company pointed to a changing sales mix, restructuring costs and write-downs from underperforming investments as the primary culprits. Universal reported annual revenue of 4.45 billion ($6.15 billion), up 2.0% from a year earlier, while EBITA fell 18.8% to 471 million ($651 million). On a hopeful note, digital sales were up 13.8%, boosting revenues and helping offset the decline in physical sales and marginally lower activity in music publishing. Cost savings are expected to reach 100m ($163m) globally in Lucian Grainge’s first full year in charge. UMG’s Q4 revenues were up 9.9% year-on-year at 1.52bn ($2.47bn), while EBITA fell 27% to 227m ($370m). (3/1a)

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