Chrysalis matches expectations
Chrysalis Group Plc today announces its pre-close period update ahead of the announcement of its interim results for the six months ended 28th February, 2006.
Trading for the Group continues in line with the Board’s expectations for the full year and the Board remains confident that the current financial year will be a successful one for the Group.
As has been widely reported, trading conditions for the radio industry have been challenging over the first six months of the Group’s financial year. Chrysalis Radio has outperformed the market and is expected to report a like-for-like revenue decline of approximately 4% in the six months ended 28th February, 2006 against an industry which they believe showed a decline of over 8% for the same period. Encouragingly, March and April have seen much improved trading for Chrysalis Radio with like for like revenues expected to be up 10% over the two months. This, together with last month’s Q4 2005 Rajar audience figures showing Heart 106.2 as London’s most listened to station, gives them confidence that Chrysalis Radio’s full year targets will be met.
The 2006 interim results for Chrysalis Group Plc are due to be announced on Monday 22nd May, 2006.
Richard Huntingford, Group Chief Executive, said:
‘The outperformance of both our radio and music divisions, against their respective peers during the year to date, confirms that the benefits of our strategy of focusing on these two strong businesses are coming through as planned. Heart 106.2 remains the most listened to station in the important London market and we have once again demonstrated the strength of our music catalogue and our distribution business, all of which gives me confidence that the current financial year will be a successful one for the Group.’