The company said that the boom year of 2000 was more to blame for causing the fall in the September-December period than the terrorist attacks on New York and Washington.
The company described comparable figures for the year before -- when revenues were up 45% -- as "challenging".
Speaking at the company's annual general meeting today, chairman Chris Wright said January's figures, however, look more positive, with year-on-year revenue growth of 8.4%. He added that he believes the company will show modest growth in February.
Wright said the overall revenue performance in the financial year to date has been in line with management expectations.
In the latest round of Rajar results last week, Chrysalis saw its radio operations, which include the Heart and Galaxy brands across the UK, attract 5m listeners for the September-December quarter, up from 4.5m for the same period last year. Its audience share increased to 9.1% from 7.1% last time.
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