Thanks in part to a “good start” to the financial year by its music publishing division, British independent Chrysalis Group says its first-half trading is in line with expectations. Chrysalis will unveil full results for the six-months ended Feb. 28 on May 9.
The London-based firm gave investors a snapshot of its performance today (March 9) when it issued a preliminary trading update. “The publishing division is performing well, with albums from Lucie Silvas, Feeder and Athlete enjoying considerable current U.K. chart success,” Chrysalis said in its statement.
One of Echo’s first-half releases, Feeder’s “Pushing the Senses,” has shipped gold (100,000 units) in Britain after debuting at No. 2, according to the Official U.K. Charts Co.
Chrysalis says its music division is poised for a strong second-half as Echo rolls out an “exciting line-up of albums.” Black Rebel Motorcycle Club, I Am Kloot, Morcheeba, the Stands and Moloko vocalist Roisin Murphy are due for new releases on Echo in the coming months.
The group admitted that its radio division lost listeners in the first half but had weathered the worst of the advertising downturn. Chrysalis Radio — which includes the Heart, Galaxy and LBC radio brands — was in the first half by falling audience figures and the “volatility in the national advertising market” during the October-December period, the company says. The radio advertising market showed signs of improvement in the first two months of 2005, it adds.
Chrysalis stock closed down 1.8% to 177.25p.
