Chrysalis on song with leap to £1.6m

Chrysalis, the music group that last month agreed a £107 million takeover from its larger rival BMG, today announced that profits trebled to £1.6 million in the year to the end of September.

The group said it had had an encouraging start to the new financial year with songs from its catalogue being recorded by Kanye West, Adele, Josh Groban, Justin Timberlake and Clare Maguire.

Chief executive Jeremy Lascelles said he was proud to be able to hand over ownership of the business in such "rude health".

Chris Wright, founder and chairman of Chrysalis, said he had been full of "conflicting emotions" since the takeover deal with BMG was announced last month.

"Over the past four decades, we have succeeded in creating a vibrant business, with a leading position within the independent music publishing industry," he said.