Looking ahead, it said it was targeting an extra £30m in cost cutting.

'International superstars'

"Overall, the group expects to report full year revenue growth of close to 4%, with digital revenues more than doubling to over £110m," the company said in a trading statement.

"This strong divisional performance reflects successful releases from a broad range of artists including international superstars Coldplay, Gorillaz, Robbie Williams and The Rolling Stones...and breaking artists KT Tunstall, Dem Franchize Boyz and Corinne Bailey Rae."

Revenues at its publishing arm are expected to grow 2.5%.