LONDON — U.K. media group Chrysalis, which has interests in TV production, radio, music and publishing, reported a sharp rise in pre-tax profits to £9 million ($14 million) from $936,000 in the six months to Feb. 28, thanks to its radio business.
Chrysalis Radio continues to outperform the commercial radio sector by upping auds across many of its stations. Revenues rose 10.3% year-on-year to $196 million, helped by a 19.8% increase in revenues from radio stations including Heart in London and nationwide Galaxy, according to interim financial results published Tuesday.
Music division revenue grew by 15.6% to $62.4 and operating profit before tax climbed 21.8% to $2.7 million.
Chrysalis’ TV business saw pre-tax profits increase from $1.9 million to $4.4 million on revenue of $64 million while TV operating margins more than doubled from 3% to 6.9%, comparing favorably to the industry standard.
Chrysalis, which began life in the 1960s as a record label, is negotiating the sale of its television production unit to a group of investors that include former Granada chief executive Steve Morrison.
The book division didn’t do so well, with a pre-tax loss of $780,000 after a small profit of $2.2 million a year earlier. There is speculation that the group may sell off its nonfiction book division, though chief exec Richard Huntingford has denied this.