Chrysalis Group, owner of some of Britain’s best known radio stations and music labels, held its AGM today, reporting that trading in both its radio and music divisions is in line with expectations, and remaining optimistic for the full year.
The company said that, in the five months to the end of January, trading conditions had been “challenging,” but that Chrysalis Radio had “comfortably outperformed” its rivals in the industry.
Like for like revenues at Chrysalis Radio have declined by 2% in the five month period to January end, although the company claims the downturn is “modest,” with Chris Wright, chairman of Chrysalis claiming to be “confident that the current financial year will be a successful one for the Group.”
Elsewhere, Chrysalis Music continues to perform strongly, the company reported, with its songwriters represented on 9 of the top 20 albums on the Billboard chart as recently as the week ended 4th February 2006.
The company’s distribution arm, Lasgo Chrysalis, is also seen in good health, reporting encouraging Christmas trading and benefiting from its product focus, a retail environment and the growth of online business.
Chrysalis recently raised more than £1.6 million through the sale of its 50% stake in recording studio firm, Air Studios (see Chrysalis Sells Studio Business To Focus on Radio).
Selling the business to independent recording studio operator Strongroom Ltd, the move was designed to enable Chrysalis to focus on its more profitable businesses within the radio and music sectors.
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