Radio group Chrysalis saw its profits rise from £2.5 million to £5.8 million in the year up to 31 August 2006.
The group’s yearly results also showed that it outperformed the radio market with flat like-for-like revenues versus a market decline of 4%.
Chrysalis’ success has been fuelled by the strong performance of its Heart 106.2 station, which became the top commercial station in London according to the most recent RAJAR figures.
In the East Midlands, Chrysalis has also successfully rebranded Century 106 to Heart in order to extend the Heart brand.
The group’s music publishing arm saw an increase in profits of 5.2% to £11.3 million (2005: £10.7 million).
Richard Huntingford, chief executive, said: “In 2006, we have seen the benefits of our strategy of focusing on our radio and music businesses coming through as planned.
“In what has been a challenging year for the media industry, both Chrysalis Radio and Chrysalis Music have delivered growth in profits and outperformed their peers. This is down to the strength of the management teams we have and our ability to capitalise on the market leading positions that we enjoy.
“Operationally, Chrysalis has had an encouraging start to the current financial year with the third quarter RAJAR results confirming the strengths of our radio brands and continued positive newsflow for the music publishing business.”
Huntingford added: “While market conditions, particularly in radio, remain very challenging, we are confident that our businesses are well positioned to outperform the markets in which they operate during the current financial year.”
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