EMI, the London-listed music giant, expects albums from star acts such as Coldplay and The Rolling Stones to boost profits despite a downbeat music market.

Following a restructuring programme under which thousands of staff and dozens of acts have been axed, EMI forecast that pre-tax profits would rise 9 per cent for the six months to the end of September.

The group forecast a 4.5 per cent rise in revenues at EMI Music while revenues at its publishing arm, which sells music rights to film and television makers, are expected to rise 5.5 per cent.

"The group remains on track to deliver in line with its expectations for the full financial year," the company said.

Analysts said they expected full-year pre-tax profits to be in line with consensus figures of £160 million. EMI has "delivered good first half revenue growth, despite broader weakness in the industry," analysts from Numis said.

In May, EMI said pre-tax profits for its 2004-2005 financial year fell 13.1 per cent to £141.9 million after highly anticipated albums from Coldplay and Gorillaz were delayed.

In line with other labels, EMI has also been hit by online music piracy and falling sales, but while industry revenues continue to slide, EMI looks to have reversed the trend.

Figures from the International Federation of the Phonographic Industry (IFPI), which represents the recording industry, said the global market was down 2 per cent in the first six months of this year.

Under chief executive Alain Levy, EMI has responded by cutting costs and reducing the number of its registered artists.

According to industry figures, EMI now has a 13.4 per cent share of the £33.6 billion global music market, up from 12.9 per cent at the end of 2004, placing the group behind Universal and Sony BMG.

EMI said strong performances from key artists including Coldplay and Gorillaz had boosted its market share in the first half.

Coldplay’s X&Y sold nearly 6 million copies in its first month on the market following its release in June, while The Demon Days offering from Gorillaz sold 2 million in its first two months.

Digital sales continued to enjoy "very strong growth", EMI said today.

First-half net debt was seen increasing £60 million to £1.06 billion, with an increase in working capital outflow due to strong September sales, boosting net finance costs by £47 million.

Shares in EMI fell 1 per cent to 222p in morning trade.

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