Chrysalis reports 13-month loss
Affected by release schedule, writers strikeBritish music company Chrysalis posted a loss for the 13-month period ended Sept. 30, hit by a relatively quiet release schedule and the writers strike in the U.S., and said current trading was in line with its expectations.
The company, which changed its financial year end to Sept. 30 from Aug. 31, reported a 13-month pretax loss of 18.8 million pounds ($28.1 million) on revenue of 54.1 million pounds ($80.9 million).
For the 12 months ended August 2007, it posted a pretax loss of 6 million pounds ($9 million) pounds on sales of 56.4 million pounds ($84.4 million).
After the sale of its radio stations, including Heart and Galaxy, for 170 million pounds ($254.3 million) last year, Chrysalis started trading as a fully standalone, independent music company.
On Dec. 11, the music publisher of works by Estelle, David Bowie and Pendulum, terminated all talks related to a possible offer for the company.
In April, Chrysalis ended talks with a would-be buyer -- said by industry sources to be rival EMI -- after rejecting a 130 million pound ($194.5 million) cash offer, which valued its shares at 1.55 pounds ($2.32) each.