Terra Firma may have written off 90 percent of its investment in the label after Citigroup refused to ignore about half the debt it provided for the deal, but - slowly, slowly - EMI Group is turning a corner.

Full-year earnings to March 31, 2009, are up 7.4 percent to £1.563 billion ($2.58 billion)...

—Recorded music (EMI Music) sales are up 4.6 percent to £1.095 billion ($1.81 billion) - making EMI the only major label to grow music sales.

—Music publishing (EMI Music Publishing) sales are up 14.6 percent to £468 million ($773.83 million) - likely the result of increased licensing by online services and other users.

EMI’s 2008/09 year didn’t, of course, include September’s Beatles re-issues or video game, which is likely to bump its 2009/10 up further.

• Terra Firma Writes Down 90 Percent of Its EMI Investment, After Failing to Restructure Debt
• A Tale of Toxicity: What Happens Next at EMI?