‘2005 was a difficult year for the Chrysalis Group’ -Richard Huntingford, Chrysalis chief executive
Chrysalis Group has posted a loss of ‘2.8m for the year ending August 31, after the downturn in radio advertising and problems at its book division, but said that its radio operations, which include Heart and Galaxy, should drive growth next year.
Brandweek
Chrysalis, whose Heart 106.2 FM radio station is London’s most popular commercial station, said pretax profit before goodwill amortisation and exceptional items was 2.7 million pounds, against 9.5 million pounds a year ago.
Group turnover was 133.6 million pounds for the year to August 31, compared with 136.7 million pounds previously, it said.
Reuters
“2005 was a difficult year for the Chrysalis Group, reflecting advertising conditions in the UK and continuing problems with our books division,” said chief executive Richard Huntingford.
The group also blamed the cost of restructuring its music recording business for the “disappointing” results
Recent figures hae shown that presenter Jamie Theakston added 163,000 listeners t his Heart 106.2 show over the summer, while a number one album from singer-songwriter David Gray has helped Chrysalis Music make a strong start to the year.
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“But it was also a year when we made significant progress in executing our stated corporate strategy, enabling us to enter the current financial year as a focused radio and music publishing and distribution business,” he said.
