Chrysalis Radio Moves Into The Black

Chrysalis Radio has turned in an annual profit of £0.7 million for the 12 months ended 31 August 1999, according to the Chrysalis Group’s final results released today. The radio division’s profits were hit by the start-up costs of the new Galaxy 105-106 North East station, which launched in June this year, but were still up on last year’s loss of £0.1 million.

The cost of acquiring Birmingham’s Choice FM for £6 million (see Chrysalis To Buy Birmingham’s Choice FM) and subsequently rebranding it as Galaxy 102.2 set the division back £0.8 million. Turnover at Chrysalis Radio was up 50% to £27.5 million.

Chrysalis has also submitted an application for London’s second digital radio licence after failing to win the first. The group’s bid is put together under the MXR London consortium which comprises Chrysalis, Border Television, Daily Mail & General Trust and ethnic broadcasting group Soul Media (see Chrysalis Radio To Bid For Second London Licence).

Chrysalis Radio: 0171 221 2213