Chrysalis Group has reported pre-tax losses of £6 million for the year ending August 31, while group revenue has fallen £11.5 million year on year to £56.4 million.
The group, which has been linked to a sell-off following the £170 million sale of its radio assets in June to Global Radio (see
Charles Allen Heads Chrysalis Radio Buyout), said the results were in line with expectations, while the sale of its radio arm had given it a profit on disposal of £100.5 million.
Chrysalis lost its chief executive Phil Riley shortly after Chrysalis Radio was sold to Global Radio (see GCap Could Buy Emap’s Radio Assets). The sale of its radio arm, which included Heart, Galaxy and LBC, was described as “an immense change” for the group by its new chief executive, Chris Wright.
Wright said: “After a quiet start to the financial year, we now have David Gray’s Greatest Hits album just out and albums in the New Year expected from Gnarls Barkley, Feeder and The Raconteurs, which gives us confidence in achieving a satisfactory outcome for the year.”
Riley has since been linked with fronting a private equity bid for Emap Radio. He has not yet revealed his backers, but has confirmed he is fronting a bid for Emap’s radio assets (see Emap Pension Scheme Sale Removes Obstacle For Break Up).
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