Chrysalis Hits a High Note with New Signings

Article excerpt

MUSIC group Chrysalis has emerged from recent woes in good shape as it reported better than expected half-year figures.

The company - which sold off radio stations Heart and Galaxy under a major revamp to become a focused music and distribution group - posted narrowed interim pre-tax losses of pounds 2.6m against pounds 13.1m in the equivalent seven-month period last year.

Its music label achieved chart successes with a host of acts, including White Lies, Bat for Lashes and the Yeah, Yeah, Yeahs.

The music publishing arm exceeded management forecasts, as did its wholesale CD, DVD and Book distributor

Lasgo Chrysalis, which also benefited from the demise of Woolworths and its EUK distribution business.

Chrysalis said, on an underlying basis, it swung to a pounds 500,000 profit in the six months to March 31 from a pounds 300,000 loss a year ago.

Chrysalis endured a tough previous year, having seen annual losses triple after its group-wide restructure.

The firm was also forced to fend off takeover interest in April last year. …

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