Chrysalis trebles profits on the back of radio growth

LONDON - Chrysalis Group, the owner of the Heart and Galaxy radio brands, has more than trebled its profits for the six months to the end of February.

Its £3.7m profit compares with a profit of £1m profit in the same period during 2003. It attributed the growth to success in its radio division as well as a good period for its music division, buoyed by 6m sales of Outkast's album 'Speakerboxx/The Love Below'.

Chrysalis disposed of its television business last August, leading to a fall in total turnover from £125.5m to £84.6m. However, excluding the television business its turnover grew slightly to £84.6m (from £84.2m for the same period in 2003).

The Chrysalis figures also provided hope of continued growth in the radio advertising market after its radio revenues grew by 20% during March and April.

Richard Huntingford, chief executive of Chrysalis, said: "This is another strong set of results for shareholders. We continue to deliver on the Chrysalis 'outperformance' mantra with very strong showings from our radio and music divisions compared to their industry peers."

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