LONDON — U.K. music and media group Chrysalis Group announced improved results for the six months ending Feb. 28, with sales up 12% to £52.5 million ($86.1 million) and pre-tax profit at $2.5 million as opposed to a loss of $4.7 million for the same period last year.
Chrysalis nevertheless posted an operating loss of $3.2 million for the six months, although the operating loss was down 38% from the previous year’s $5.2 million.
The company also took a $5.2 million profit on the sale of 49.9% of TV production company Chrysalis Visual Entertainment to VNU, the Dutch media group.
Chrysalis chairman Chris Wright cited the company’s radio stations as the key to the turnaround. The group’s radio interests performed particularly well, with sales up over 50% over last year.
Chrysalis’ young record label, Echo, helped reduce losses for the group. Echo’s most successful act is the pop group Babybird, which has had both a hit single and hit first album in Britain.