Chrysalis chairman buys after FY results

Chrysalis chairman Chris Wright has bought £390,000 worth of shares in the music and distribution firm after the group said yesterday that it has had an "extremely challenging" year.

Wright bought 750,000 shares at a price of 52p each, taking his stake up to 27.6%, while finance director Andy Mollett purchased 10,000 shares for the same price.

Yesterday, Chrysalis said pre-tax losses for the 13 months to September widened to £18.8m from a £5.97m loss posted in the 12-month period last year.

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The group has seen a number of offer talks come to nothing recently, which the group said has absorbed a lot of management time and prevented it from signing new artists.

"In addition to this, the screenwriters strike in the US reduced its ability to earn its forecast level of higher margin synchronisation income in the first half of the financial period. 2008 was also a period when we had a relatively quiet release schedule," it added.

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