Chrysalis Sees An Encouraging Start To Financial Year

Radio group Chrysalis has said its 2005 financial year has had an ‘encouraging start’, as first quarter revenues are expected to reach high single digits.

Chrysalis, owner of London’s Heart 106.2 station, said in a trading update that revenues for the 12 months to 31 August 2004 have met expectations, growing 20% year-on-year to £67 million.

Although 2004 was another strong year for Chrysalis, its book division continues to hamper overall results with a weaker than expected performance which led to a shortfall in revenues and margins.

According to the statement, the books division could impact this year’s final results which are due on 15 November 2004 by a further £1.5 million and in light of this, the board has instructed an independent publishing specialist to assess the value of its publishing assets.

Along with today’s update, Chrysalis announced the launch of its ‘music2mobile’ range which will be promoted through various major retail outlets including the Carphone Warehouse, which plans to roll this out in the run-up to Christmas.

Chrysalis: 020 7221 221 www.chrysalis.com

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