Profits came in ahead of analysts' predictions of around £5.4m, as turnover was up 25% to £241m from £192m helping Chrysalis to raise its final dividend by 18% from 55p to 65p.
The results are an improvement on the first half where Chrysalis reported a pre-tax profit of £0.6m, but said it saw no short-term recovery in radio advertising. The reverse in fortunes has been made partly responsible for reduced losses within its new-media operations, which are now concentrated in a new joint venture company, Rivals.Net, formed with 365 Corporation.
Chrysalis chief executive Richard Huntingford said: "Given the tough market conditions and the relative performance of our competitors, we are delighted with these results, which reflect our increased focus as well as the strong growth potential of our businesses and the excellent management throughout the group."
He added: "This year has been the most successful in the company's history. This performance puts us in the strongest possible position going into 2003, with all the opportunities and challenges presented by the forthcoming Communications Act."
Chrysalis said it had no plans for any further disposals of its Galaxy stations, following the sell-off earlier this year of Galaxy 101 to Vibe FM for £12.5m.
At the same time Chrysalis disposed of Galaxy 101, it acquired London News Radio from a consortium of ITV, Reuters, DMGT and GWR for £23.5m. The purchase, which includes the News Direct and LBC analogue radio brands, saw Chrysalis extend its portfolio to include a news and talk format for the first time.
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