Chrysalis 1H losses driven by drop in advertising revenues

05/15/07 - newratings.com

LONDON, May 15 (newratings.com) – UK-based radio and music group Chrysalis Group Plc (CHS-GBX) Tuesday announced that it had swung to losses in the first half of the current year due to a 9.1% decline in its advertising revenues.

Chrysalis Group, which owns the Heart 106.2 and Galaxy radio stations, reported £100,000 in losses and a £10 million decline in its revenue to £58.3 million for the six months to February 2007. The company said it was on track to meeting the revenue growth expectations for the full year. The company’s music publishing division reported a 7.6% rise in its first-half profits. Chrysalis Group is currently conducting a strategic review of its units that may result in the sale of its radio unit.