British music publisher Chrysalis Group Plc posted a narrower loss of £2.6 million ($4.1 million) for the six months ending March 31.

The pre-tax loss for the six months compared with £13.1 million ($20.8 million) a year ago (although that represented seven months, resulting from a change in financial year).

Revenue at the independent publisher was £31.2 million ($49.6 million), compared with £28.6 million ($45.5 million) for the seven-month period last year. Operating profit was £2 million ($3.2 million) compared to a £13.9 million ($22.1 million) operating loss in the same seven-month period a year earlier.

Chrysalis, whose roster includes songs by David Bowie, Blondie, Gossip, Estelle and Gnarls Barkley, said its consolidated NPS rose 22.6% to £6.5 million ($10.3 million), up from £5.3 million ($8.4 million) on the prior year. The increase was 7.5% to £5.7 million ($9.1 million) on a constant currency basis. NPS represents Chrysalis' revenue after deduction of royalties to be distributed to songwriters and composers.

"I am very pleased that we have managed to emerge from a very difficult period last year in such strong shape, which I attribute to some very good A&R decisions in the signing of artists like White Lies, Fleet Foxes, Bon Iver, Mastodon and Laura Marling, and the steps we took to streamline the business and concentrate on our core strengths," said chief executive Jeremy Lascelles in a statement.

"The continuing robust performance of our catalog confirms our belief that the value of strong intellectual property is holding up in the difficult current economic environment."