Chrysalis turn around slump

UK Multimedia company Chrysalis have announced half-year pre-tax profits of £600,000 (€945,000).

This compares with a loss of £5.6m (€9m) in the same period last year.

Book publishing profits were up 32% to £1.4m (€2.2m).

Chief executive Richard Huntingford says: "Market conditions, particularly in the advertising businesses, during the six-month period between September and February were some of the most challenging our industry has faced in the last decade.

"In spite of this, we have delivered a 17% increase in operating profits from the core businesses and, at the pre-tax level, a £6.2m (€10m) turnaround from loss into profit.

"I am also delighted with the strong profits growth from our books division, showing the encouraging progress that has been made in driving enhanced value from our recent investment in that area."