Chrysalis Radio remains positive despite revenue decline

Chrysalis Radio says that it will see double-digit growth during the fourth quarter despite reporting a 9.1% drop in revenue to £30.1m for the first six months of its financial year.
The group, which owns the Heart, Galaxy and LBC radio brands, says that it expects its full year revenue will be flat overall despite the positive end to the year.
It adds that its performance for the six months to February 28 is “consistent” with UK radio advertising as a whole. It also reported a 79% increase in digital revenue, which is says has grown from a “low base”.
The group also reported “good progress” in the strategic review of its radio division. It says it has received “a range of different proposals and a number of offers” and that a further announcement will be made in due course.
Chrysalis Group, which also has a music publishing arm, reported a decline in overall revenue from £68.7m for the same period last year to £58.3m for this year. It also saw operating profits drop from £4m to £2.3m.

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