Britain's Chrysalis Group Back in the Black

13 May 2002

Media mini-conglomerate Chrysalis, the UK's fourth largest radio group, reported Friday its return to profit after a long period in the fiscal wilderness. In the six months ended February, the group reported a first half pre-tax profit of £600,000 ($880,964; €942,065) against a year-on-year loss of £5.6m.

Beamed chairman Chris Wright: “We are delighted to be back in profit and are very focused on growing strongly from this base.”

Revenues in the first half rose 21% to £113.7m (£93.6m a year ago) and double-digit audience growth lifted radio sales by 24% in March and April, out-performing the UK commercial radio industry which as a whole experienced a 12% decline.

In all other Chrysalis units (internet, music and books), business was robust and in line with targets. The outlook for short-term revenue, however remains unpredictable.

Since publication last week of the government’s Communications Bill, there has been growing speculation among the entrail-rakers that Chrysalis could become a target of UK rival Emap or Clear Channel of the USA.

Data sourced from: Financial Times; additional content by WARC staff