Ebitda rose over 200% to £163 million (?51m) driven largely by a £48 million year on year reduction in the cost of returns and other overhead savings from the radical restructuring the company underwent last year.

The company now believes it is on track to deliver the £200m of cost savings identified at the time of its acquisition by the private equity group.

EMI also generated operating cash flow of £190m (?142m) during the year and turnover was up 4% ...