Chrysalis Radio Revenues Surge 19% In Last Five Months

Chrysalis Radio’s like for like airtime revenues rose by 18.6% in the five months to 31 January 2003, massively outperforming other major UK operators.

In a statement released this morning ahead of the group’s AGM, Chrysalis said that trading remains ‘robust’ and in line with expectations. Excluding the acquisition of LBC and disposal of Galaxy 101 in September 2002, revenues at Chrysalis’ original Heart and Galaxy networks increased by 18.8% in the five month period.

This growth is much stronger than that reported by other radio groups. Capital Radio said its first quarter saw revenues drop by 6.0%, whilst GWR Group’s figures were flat for the same period (see City News). Scottish Radio Holdings, meanwhile, is looking stronger with revenues rising by 6.5% in the quarter to the end of December 2002. “This strong revenue performance of Chrysalis Radio is particularly pleasing in the light of the difficult trading environment our industry continues to face. Our outperformance under these conditions demonstrates not only the ability of the group to continue delivering market share gains, but also our ability to convert this audience growth into revenue growth.

“Chrysalis Radio’s significant position in the London market coupled with strong positions in other local markets, is increasingly attractive to advertisers in offering them both broad geographic and demographic exposure and should ensure our ongoing industry outperformance,” claims chairman Chris Wright.

Wright added that progress at the recently acquired LBC has been good: “We have attracted a strong line up of presenters and feedback in the first four weeks since relaunch has been very positive. We are encouraged that LBC’s revenue under Chrysalis ownership is running some 15.5% ahead of the same period last year.”

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