CHS Chrysalis

 

TIDMCHS 
 
RNS Number : 4125U 
Chrysalis PLC 
15 October 2010 
 

15 October 2010 
Chrysalis PLC 
                            Pre-Close Trading Update 
 
Chrysalis PLC ("Chrysalis" or "the Group"), the leading independent music 
publisher, today announces its   pre-close period update ahead of its 
preliminary results for the year ended 30 September 2010. 
 
Since the Interim Management Statement on 19 August 2010, Chrysalis has 
performed in line with the Board's expectations.  In the second half there were 
good chart performances by Pendulum in the UK and Ray LaMontagne in the US.  Our 
writers also enjoyed chart success through their contributions to albums by 
Kylie Minogue, Tom Jones and Robbie Williams, and two Chrysalis acts - Laura 
Marling and I am Kloot - were nominated in the Mercury Music Prize for album of 
the year.  These contributions built on the high profile synchronisations of the 
first half, with songs featured in films such as Sex and the City 2 and 
commercials for the Apple iPad and Halifax Building Society.  This, coupled with 
the excellent first half performance from Chrysalis Copyrights following the 
release of the remastered Beatles catalogue, will result in Consolidated NPS 
growth on both a reported and constant currency basis for the full year. 
 
The integration of Chrysalis One (formerly FSMG) is nearly complete, and we will 
deliver normalised operating profit broadly in line with the Board's 
expectations for the year. 
 
Lasgo Chrysalis, our internationally recognised distribution business, has again 
shown admirable resilience in the face of changing market trends, and has 
delivered results well ahead of the Board's expectations. 
 
We also successfully negotiated an extension to the revolving period of our 
securitisation loan in September 2010.  This defers capital repayments on the 
loan to March 2012 and allows us to draw a further GBP20.1m in the interim 
period. 
 
Chrysalis has remained focused on minimising its corporate overhead and made 
progress in reducing future overhead costs through the sale of the Chrysalis 
Building in March and by exiting an onerous lease. 
 
With a strong autumn/winter release schedule, the Board is hopeful that we will 
build on the good current year performance and once again grow our Consolidated 
NPS next year.  These releases include albums by Cee-Lo Green (whose single 
"F**k You" is currently number one in the singles chart in the UK), Rumer, Fleet 
Foxes and White Lies, as well as contributions from our writers on releases from 
Kanye West, Adele, Josh Groban,Justin Timberlake and Clare Maguire. 
 
Commenting on the results, Jeremy Lascelles, Chief Executive, said: 
"Although the market remains challenging, our performance continues to be on 
track.  We have a very exciting release schedule ahead of us both for 
established artists such as Fleet Foxes and White Lies and new artists such as 
Rumer, and our expanding roster of writers such as Fraser T Smith, Dan Wilson, 
Nerina Pallot and Matt Morris continue to get their songs cut by a number of 
big-name recording artists." 
 
Chrysalis will announce its preliminary results on 16 December 2010. 
+------------+-----------------+-----------------+----------------+ 
| Enquiries: |                 |                 |                | 
+------------+-----------------+-----------------+----------------+ 
|            |                 |                 |                | 
+------------+-----------------+-----------------+----------------+ 
| Chrysalis  | Jeremy          | Chief Executive | 020 7465 6179  | 
| PLC        | Lascelles       | Officer         |                | 
+------------+-----------------+-----------------+----------------+ 
|            | Andy Mollett    | Group Finance   | 020 7465 6321  | 
|            |                 | Director        |                | 
+------------+-----------------+-----------------+----------------+ 
|            |                 |                 |                | 
+------------+-----------------+-----------------+----------------+ 
| Brunswick  | Tim Burt/Dania  |                 | 020 7404 5959  | 
|            | Saidam          |                 |                | 
+------------+-----------------+-----------------+----------------+ 
 
 
 
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 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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