Chrysalis has revealed its expectations for the first fiscal half, claiming that it should meet targets thanks to an “encouraging” period of trading for its flagship station, Heart 106.2.
In a statement to the City, Chrysalis described a “challenging” market for radio advertising, but remains confident that it has “comfortably outperformed the market.”
The broadcaster expects to report a like for like revenue decline of 4% in the six months to 28 February, compared with an industry-wide decline of around 8% in the same period.
“The out-performance of both our radio and music divisions, against their respective peers during the year to date, confirms that the benefits of our strategy of focusing on these two strong businesses are coming through as planned,” explained chief executive Richard Huntingford.
“Heart 106.2 remains the most listened to station in the important London market and we have once again demonstrated the strength of our music catalogue and our distribution business, all of which gives me confidence that the current financial year will be a successful one for the Group.”
Chrysalis Music enjoyed a “strong” first six months, according to this morning’s trading update, with its share of publishing revenues set to rise by 6% to 7% in the first fiscal half.
These results are in line with those predicted at the Group’s annual company meeting held in February, saying that Chrysalis Radio had “comfortably outperformed” its rivals in the industry (see Chrysalis Outperforms Radio Rivals).
Like for like revenues at Chrysalis Radio declined by 2% in the five-month period to January end, although the company claims the downturn is “modest.”
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