CHRYSALIS (CHS).

Investors Chronicle, February, 2006

Chrysalis told shareholders at its annual meeting that it outperformed the radio market in the five months to end-January, even though like-for-like revenues fell 2 per cent. Some analysts believe that the wider market decline in that period was up to 7 per cent. The company's Heart 106.2 station in London has also performed well in the fourth-quarter audience ratings, while Chrysalis Music "continues to perform strongly".

But, despite Chrysalis's improved operational performance, the radio advertising market is still extremely tough. We advised selling the shares at 147p (1 July 2005). So, at 158p, the shares remain a sell.