CHS Chrysalis

 

TIDMCHS 
 
RNS Number : 3038H 
Chrysalis PLC 
18 February 2010 
 

 
18 February 2010 
                                  Chrysalis PLC 
                          Interim Management Statement 
 
Chrysalis PLC today announces its Interim Management Statement in respect of the 
period from 1 October 2009 to date. 
 
The overall financial performance of Chrysalis was in line with the Board's 
expectations.  In the three months to 31 December 2009, consolidated NPS was up 
9% on the comparative period.  This financial quarter typically accounts for 
only approximately 15% of the full year NPS and we continue to target a 
year-on-year increase in Consolidated NPS for the 2010 financial year. 
 
Music Publishing:  NPS is consistent with the comparative period, with the 
continuing success of a number of records released in the second half of 2009, 
including those by Robbie Williams, Jay-Z, JLS and Snow Patrol.  Robbie 
Williams' recent single "You Know Me" was co-written with our writers Soul 
Mekanik and was a UK no. 1 airplay hit.  There have also been a number of high 
profile synchronizations of songs from our catalogues, including "It Must Be 
Love" (Labi Siffre) in commercials for DirectGov and LoveFilm, "Dominos" (The 
Big Pink) for X-Box, "The Sea" (Morcheeba) for Thomas Cook and "Run" (Gnarls 
Barkley) for Vauxhall Corsa. 
The Richard Marx catalogue acquired in June 2009 is performing in line with 
expectations and income from our share of classic Michael Jackson songs in the 
first quarter of the 2009/2010 financial year was three times higher than in the 
comparative period.  The release schedule for the rest of the year is also 
promising with album releases due from Laura Marling, Pendulum, Estelle, Cee-Lo 
Green and Broken Bells - the new project from the other half of Gnarls Barkley, 
Dangermouse (Brian Burton). 
 
Non-Publishing:  Chrysalis Copyrights is outperforming expectations and, boosted 
by the success of the re-mastered Beatles albums released in October 2009, 
generated incremental NPS of GBP0.2m in the quarter.  We expect this to be 
significantly higher at the full year.  The Echo Label and Flatiron Management 
are performing in line with expectations. 
 
Lasgo Chrysalis:  Lasgo Chrysalis is performing in line with expectations but, 
as expected, down on the comparative period.  The Board is mindful that Lasgo 
Chrysalis trades in the volatile entertainment product retail market, which 
continues to be very sensitive to the prevailing economic climate. 
 
Corporate:  We remain focused on minimising our corporate overhead.  The Group 
can draw on an unused facility of GBP32.4m to fund acquisitions of NPS-enhancing 
catalogues on 10 March 2010 and 10 September 2010 and we are actively 
considering a number of acquisitions.  Net debt at 31 December 2009 was 
consistent with the September 2009 position at GBP16.6m. 
 
[1] Net Publishers Share (NPS) is the revenue received by a music publisher, 
less any royalties that have to be paid to writers, performers and others 
receiving a share of royalties. 
 
Commenting on the results, Jeremy Lascelles, Chief Executive, said: 
"The first quarter has been pleasing.  Amidst continuing volatility in the 
record industry, we have been able to demonstrate the breadth and quality of our 
catalogue and our roster of writers and artists, with so many of them 
contributing to our performance.  We are currently reviewing a number of 
potential catalogue acquisitions and this, coupled with the ongoing strict 
management of our cost base, remains the focus of the Board in delivering 
long-term value for our shareholders." 
 
Enquiries: 
 
+-------------------------------------+-------------------------------------+ 
| Chrysalis PLC                       |                                     | 
+-------------------------------------+-------------------------------------+ 
| Jeremy Lascelles, Group Chief       | 020 7465 6170                       | 
| Executive                           |                                     | 
+-------------------------------------+-------------------------------------+ 
| Andy Mollett, Group Finance         | 020 7465 6321                       | 
| Director                            |                                     | 
+-------------------------------------+-------------------------------------+ 
|                                     |                                     | 
+-------------------------------------+-------------------------------------+ 
| Brunswick                           |                                     | 
+-------------------------------------+-------------------------------------+ 
| Tim Burt/Dania Saidam               | 020 7404 5959                       | 
+-------------------------------------+-------------------------------------+ 
 
 
 
 
 
 
ABOUT CHRYSALIS PLC 
 
Chrysalis PLC is an independent music company. The Group's principal areas of 
business comprise: Chrysalis Music Publishing which includes the Group's 
international network of music publishing companies, whose purpose it is to 
exploit and grow Chrysalis's rich catalogue of music copyrights; Chrysalis Non 
Music Publishing, which is made up of The Echo Label, a copyright exploitation 
company; Chrysalis Copyrights, the owner of certain Master recordings and 
Flatiron Management, an artist management company. Chrysalis PLC also owns Lasgo 
Chrysalis, a UK-based wholesale entertainment product distribution business 
which serves both domestic and overseas wholesale, retail and entertainment 
markets with CD, DVD and book products. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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