British media group Chrysalis fell into the red for its fiscal full year, dragged down by losses at its internet division.

The company posted a £9.4 million write-down on the value of its new media arm, which also reported pre-exceptional operating losses of £14.5m, pulling the company as a whole down to a pre-tax loss of £16.8m from £900,000 profit last year.

However, excluding the internet division Chrysalis posted an operating profit of £8.2m, up 46%. The group was boosted by a strong performance at its radio group – the fourth largest in the UK – where profits jumped 45% and turnover 18%, as well as its TV arm, which posted a five-fold leap in operating profits to £2.56m on a 7.5% rise in turnover to £61.9m.

Chrysalis said healthy audience growth at its Heart and Galaxy radio stations meant the group is well-placed to benefit from any improvement in the ad market.

It confidently predicted “further revenue growth in the current year in spite of [present] macro-economic conditions,” while admitting it was “difficult to predict with any accuracy the timing of the advertising upturn.”

News source: Financial Times