U.K.'s Chrysalis in the black
Co. shows strong growth in radio
The U.K. group's revenue for the year is up 25% to £168.2 million ($245 million), yielding overall profit before tax of $1.5 million. Last year's results showed losses of $8.6 million.
Chrysalis Radio, which includes the Heart and Galaxy networks, is now the fourth largest radio group in Britain, with a 7.8% share of commercial listening. It pulled in combined revenues of $54 million, up 35%, while profits were up from $970,000 to $7.2 million.
The visual entertainment division, which owns rights to "Midsomer Murders" and has sold the fourth and fifth series to cable network A&E, reported profits of $696,000, up from losses of $3.7 million. Revenue was up 14% to $84 million.
The group's music assets, among them the Echo label, were boosted by increased investment in new writers and copyrights, with revenue up 21% to $50.1 million and operating profits of $1 million, compared with losses last year of $1.5 million.
Chrysalis has begun investment in several new-media initiatives after raising $39 million from shareholders in January. Losses are expected as the company dips into this fund over the next few years.
Web sites already launched by Chrysalis include Puremix, a multichannel Internet radio service, and Rivals, a network of sports fan sites.
