Chrysalis Group Plc today announced its pre close period update ahead of its announcement for the groupâ€™s preliminary results for the year ended 31st August 2006.
A statement read â€œOverall, the full year 2006 results for the Chrysalis Group are broadly in line with our expectations, with both our Radio and Music divisions continuing to outperform their respective markets.â€
Despite reports of difficult trading conditions in the UK Radio advertising market, Chrysalis Radio achieved a 4.2 percent revenue growth in the year ended 31 August. This growth took them from Â£62.8m in 2005 to Â£65.5m.
Profit expectations are â€œsignificantly ahead of the previous yearâ€ because of the ongoing tight control of overheads and improved trading arrangements with key agencies. On a like for like basis the revenues for the full year were flat at Â£61.7m.
Richard Huntingford, Group Chief Executive, Chrysalis Group Plc, said in a statement, â€œOur radio and music businesses have met the expectations we set out in November last year and once again outperformed their peers in what has been another challenging period for all those involved in the media industry. We are now seeing the benefits of focusing on these two strong businesses, with their market leading positions, materialising as planned.â€