Chrysalis says it is faring better than its peers
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Media group Chrysalis has warned that conditions in its key radio advertising market are "challenging", despite reporting a doubling of annual profits.
The Heart radio owner made a profit of �5.8m in the year to 31 August, although revenues fell 1.3% to �132m.
It said its radio division saw flat revenues from advertising, while the overall radio market fell 4%.
But Chrysalis shares slumped 10% after it gave a downbeat assessment of the advertising market in the current year.
It warned revenues at its radio unit were down 12% since August, although it forecast they would recover to end up flat for the year as a whole.
Chrysalis said its music publishing business produced a profit of �5.6m last year, up from �3.5m the year before, thanks to chart successes from artists including Gnarls Barkley, Will Young, The Dixie Chicks and Christina Aguilera.
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