Chrysalis doubles profits
Chrysalis, owners of the Heart, LBC and Galaxy radio brands have reported an increase in profits , and the appointment of Jorgen Larsen as an Independent Non Executive Director.
Heart 106.2 is the number one commercial radio station in London, and in the last 12 months has extended to the East Midlands with the purchase of Century 106.
The results, published this morning, are the Group's first to be prepared under International Financial Reporting Standards, as adopted by the EU (adopted IFRS), and the August 2005
comparative figures have been restated accordingly.
Group operating profit is up from 5.1m in 2005 to 9.2m in 2006.
Commenting on the results, Richard Huntingford, Chief Executive, said;
'In 2006, we have seen the benefits of our strategy of focusing on our radio and music businesses coming through as planned. In what has been a challenging year for the media industry, both Chrysalis Radio and Chrysalis Music have delivered growth in profits and outperformed their peers. This is down to the strength of the management teams we have and our ability to capitalise on the market leading positions that we enjoy.
Operationally, Chrysalis has had an encouraging start to the current financial year with the third quarter Rajar results confirming the strengths of our radio brands and continued positive newsflow for the music publishing business. While market conditions, particularly in radio, remain very challenging, we are confident that our businesses are well positioned to outperform the markets in which they operate during the current financial year.'