The company said that like-for-like earnings before interest, taxation and amortisation were up 31% to £13.3m, although when excluding the results of LBC, which it bought in September 2002, and the sale of Galaxy 101, which it sold at the same time, earnings fell by 5% to £9.4m on revenue of £56.1m.
Chrysalis said that the results were achieved against an uncertain advertising marketplace, but that sponsorship and promotion had added to the strong performance of the division. During the period, Heart 106.2 took over from Capital 95.8 as the most listened to commercial station in London -- a position held by Capital for 30 years.
The figures for the year ending August 31 2003 saw earnings across the Chrysalis Group, which owns television, music and entertainment businesses, rise by 35.6% to £18.1m, and debt reduced by £14.3m to £28.5m.
Richard Huntingford, chief executive of Chrysalis, said: "The encouraging start to the new financial year -- particularly from our radio division -- puts us in a great position to deliver strong earnings growth for shareholders. Our strong balance sheet and proven management track record positions us well to capitalise on any opportunities that may arise in the newly deregulated media environment."
Shares in the company were trading up by 1p this afternoon at 221p, an increase of 0.45%.
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