Chrysalis says it is faring better than its peers

Releasing its half-year results, the owner of Heart Radio has seen its pre-tax profits decline 46% to �2.1m ($3.9m) from �3.9m a year earlier.

Turnover at the firm for the six months to 28 February was up to �68.6m from �67.7m for the same period last year.

The results were in line with market levels and Chrysalis said advertising revenues were now recovering.

Advertising income was up 10% over the past 10 weeks, it said.

Difficult markets

Chrysalis said half-year revenues at its radio division were down 4.6% compared to the market average 8% drop.

Revenues at its music arm increased by more than 6% to �5.3m.

"During the first six months of the year, our radio and music businesses have both continued to outperform their respective peers in difficult markets," said chief executive Richard Huntingford.