Chrysalis cautious despite increased profits

Fresh signs of volatility in the radio advertising market took the gloss off a sharp improvement in annual results at British media group Chrysalis today.

The company said it had adopted a more prudent view on growth at its radio division following a weaker than expected start to the new financial year.

The update from the UK’s fourth largest radio group sent shares 6% lower, despite a fourfold increase in annual operating profits to £8.3m (€11.8m) as the radio and music divisions both achieved record levels of profitability.

Chrysalis said the recent performance in radio had been affected by a softer national market in October, and although November indicated a return to positive growth, the company said it expected revenues for the first quarter to be flat.