Chrysalis gives FY revenue above market view
BANGALORE (Reuters) - British music publisher Chrysalis Group Plc (CHS.L) forecast full-year revenue above market estimates, helped by success of new releases from Bat for Lashes and the Yeah Yeah Yeahs, and a promising release schedule for the second half, two top executives said.
For the full year, the company expects to post revenue of 55 million pounds ($86.90 million), Group Finance Director Andy Mollett said.
Of the total revenue, it expects 20 million pounds from Lasgo Chrysalis, a wholesale distributor of CDs, DVDs and books, and 35 million pounds from independent publisher Chrysalis Music, he said.
"We are looking at the second half of the year with some confidence, and of course, the current success continues to make right contribution to our numbers," Chief Executive Jeremy Lascelles told Reuters.
Four analysts on average were expecting revenue of 52.6 million pounds, according to Reuters Estimates.
The company said it had high hopes for new upcoming releases from artists including the Gossip, the Horrors, Brendan Benson, Cee Lo Green, Athlete and the Cribs.
CEO Lascelles said Chrysalis, which had terminated all talks related to a possible offer in December, was not receiving offers any more.
Shares of the company rose as much as 6.8 percent, but pared some of their gains and were trading up 3.4 percent at 53.25 pence at 0950 GMT (10:50 a.m. British time)on the London Stock Exchange.
(Editing by Gopakumar Warrier)
