Chrysalis prepares to offload underperforming books division
Friday 24 September 2004
The company that publishes Michael Winner's autobiography,
Winner Takes All, is being prepared for sale after a shortfall in revenues and margins.
The company that publishes Michael Winner's autobiography, Winner Takes All, is being prepared for sale after a shortfall in revenues and margins.
The value of Chrysalis Books is being calculated by its music and radio parent company but its performance is expected to dent group profits by £1.5m.
The launch of Winner Takes All on Wednesday night came too late to boost the performance of Chrysalis Group's book division, which is expected to only break even before tax, interest and amortisation.
In a trading update for the 12 months to 31 August, Chrysalis said: "In the light of the medium term strategy of the Chrysalis Group, an independent publishing specialist has been instructed to value the publishing assets of the Chrysalis Books business."
On a brighter note the group's core radio business, which includes stations such as Heart, Galaxy and LBC, saw revenues rise on a like-for-like basis by 20 per cent. Sales for the full year will be in the region of £67m, the company said.
The statement said: "Based on current activity levels, revenue growth at Chrysalis Radio, for the first quarter of the 2005 financial year, is expected to reach high single digits."
Chrysalis, which is led by Richard Huntingford, the chief executive, is one of the radio groups at the centre of takeover speculation after confirmation of Capital Radio's merger talks with GWR. Its London stations have been doing particularly well against Capital.
Chrysalis Music, which includes acts such as Moloko, the Lightning Seeds and Portishead, will end the year in line with expectations, the company said. It also announced a deal with Carphone Warehouse for its music2mobile initiative that offers mobile phone customers a range of song titles they can purchase as ringtones.
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered
- 4 Now we know whose fault it is if you end up being murdered in Thailand
- 5 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...