Chrysalis, which owns radio stations Heart and Galaxy, said it lost £22.4m in internet-related investments, of which £9.4m was reported as exceptional, reflecting the exit losses and write-down of the carrying value of its investments in new media.
Despite the losses, Chrysalis was optimistic about its outlook and was buoyed by a healthy rise in turnover, which was up 14.3% year on year to £192m.
Its television division showed considerable growth and Chrysalis said that it hoped the new Richard & Judy programme it is producing for Channel 4 and a new series of Midsomer Murders for ITV will boost it next year.
Radio also showed healthy revenue growth with revenues up 18.3% to £44m.
Chief executive Richard Huntingford said, "Against the backdrop of increasingly challenging market conditions, the reported 46% increase in operating profits from our core businesses is an excellent performance. Further strong audience growth for our Heart and Galaxy stations should ensure that Chrysalis Radio continues to outperform its peer group in terms of revenue growth in the current year."
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