CHRIS WRIGHT, chairman of Chrysalis, yesterday gave an upbeat assessment of progress at the radio business as the recession continues to lift.

The company, which earns two thirds of its profits from radio, said that revenues had risen 19 per cent in the five months from September.

Mr Wright told shareholders that the outlook continued to improve and that 90 per cent of expected revenues for February had been booked.

Chrysalis said that “exceptional” revenues at Heart and LBC had prompted the company to bolster its marketing of the stations.

Despite the impressive radio figures and encouraging remarks about the “progress” of Chrysalis Books since restructuring, the company’s shares fell 1¼p to 243¾p.

Mr Wright’s comments came as the rival Capital Radio issued a buoyant update for the final quarter of the financial year. David Mansfield, chief executive, said that trading reflected “the improving trend” in the advertising market. Capital’s revenue rose 5 per cent compared with the same quarter last year.

He said that London Capital FM had recaptured its position as the leader in commercial radio, with 2.3 million listeners, and a 7.8 per cent share of commercial hours. Xfm, its alternative music station, attracted 500,000 listeners for the second quarter in succession.

Capital expects only modest growth for February and March, but this would represent nine months of year-on-year growth.