CHS Chrysalis

 

TIDMCHS 
 
RNS Number : 2898R 
Chrysalis PLC 
19 August 2010 
 

19 August 2010 
                                  Chrysalis PLC 
                          Interim Management Statement 
 
Chrysalis PLC ("Chrysalis" or the "Group") today announces its Interim 
Management Statement in respect of the period from 1 April 2010 to date. 
 
The overall financial performance of Chrysalis was in line with the Board's 
expectations.  In the nine months to 30 June 2010, we grew Consolidated NPS1 by 
15.6% on the comparative period (constant currency 15.6% increase).  Earnings 
are generally weighted towards the final financial quarter and management 
expects a year-on-year increase in Consolidated NPS for the year ending 30 
September 2010. 
 
Music Publishing:  NPS increased by 5.2% on the comparative period, with the 
continuing success of a number of releases since the interim results published 
on 26 May 2010, including a UK number one album, "Immersion" from Pendulum, two 
of our writers - Nerina Pallot and Fraser T Smith - featuring on a number of 
tracks on the number one Kylie Minogue album, "Aphrodite", and four songs by our 
writer Ethan Johns on the number two album by Tom Jones, "Praise and Blame". 
There have also been a number of high profile synchronisations of songs from our 
catalogue, including "Rapture" by Blondie in the film "Sex and The City II", 
"Gold Lion" by the Yeah Yeah Yeahs in an Apple i-Pad commercial, "Lucky You" by 
The Lightning Seeds in the latest Halifax Building Society TV campaign, and 
"Trouble" by Ray LaMontagne for Travelers, a US insurance company.  We won two 
Ivor Novello awards with Bat for Lashes for Best Contemporary Song with 
"Daniel", and Johnny Marr who picked up the prestigious Ivors Inspiration Award. 
We also have two nominations for this years' Mercury Prize for Album of the Year 
- Laura Marling for "I Speak Because I Can" and I Am Kloot for "Northern Skies". 
The release schedule for the rest of the year is promising with a new album due 
from Ray LaMontagne and the recently- released  Sheryl Crow album "100 Miles 
from Memphis", which has charted in the Top 3 in the USA. 
 
The First State acquisition, rebranded as "Chrysalis One" is on track to deliver 
results in line with Board expectations, and last year's Richard Marx 
acquisition continues to perform to plan. 
 
Non-Publishing:  Chrysalis Copyrights is outperforming expectations as a result 
of the success of the re-mastered Beatles albums released in October 2009, 
generating incremental NPS of GBP0.1m in the quarter.  The year to date 
incremental NPS is GBP0.9m, a significant improvement on the prior period.  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, slightly down on the exceptionally strong performance in 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 GBP22.4m to fund acquisitions of NPS-enhancing 
catalogues and we are actively considering a number of acquisitions. We are 
close to extending the revolving period on our securitisation loan, giving us 
three further drawdown opportunities in September 2010, March 2011 and September 
2011, before repayments commence on 10 March 2012.  Net debt at 30 June 2010 of 
GBP18.7m was higher than the interim position due to the acquisition of First 
State Media Group on 1 April 2010 for a consideration of GBP11m. 
 
 
 Commenting on the results, Jeremy Lascelles, Chief Executive, said: 
 
"I am pleased that our performance in the year to date continues to be on track. 
 And I am especially delighted with the two Ivor Novello awards, which recognise 
both a breakthrough act in Bat for Lashes and an established artist, Johnny 
Marr.  Chrysalis continues to outperform the market, and to defy wider music 
industry turmoil." 
 
Enquiries: 
 
Chrysalis PLC 
Andy Mollett, Group Finance Director 
020 7465 6321 
 
Brunswick 
Tim Burt/Dania Saidam 
         020 7404 5959 
 
 
 
 
 
1 Net Publisher's 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. 
 
 
 
 
 
ABOUT CHRYSALIS PLC 
Chrysalis PLC is an independent music company. The Groups principal areas of 
business comprise: Chrysalis Music Publishing which includes the Groups 
international network of music publishing companies, whose purpose it is to 
exploit and grow Chrysaliss 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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