One Media iP Group PLC (AIM:OMIP) chief executive Michael Infante, in the company’s half-year results, told investors that its core business “continues to perform well and in line with expectations”.
Results for the six months ended 30 April, confirmed the company had stable revenues, of £2.8 million compared to £2.7 million in the same period last year. Earnings (EBITDA) meanwhile rose by 14% to £0.9 million, versus £0.8 million a year ago.
The company noted improved management efficiencies within its TCAT business and the ongoing performance of the core music copyrights portfolio.
An operational highlight of the period was the acquisition of 'Entertain Me' and launched a new record label, 'The Carolean,' to capitalize on the growing vinyl record market.
The company continues to prioritize the development of its TCAT anti-piracy software subsidiary.
"One Media's principal expertise is in managing and investing in music copyrights and this core part of our business continues to perform well and in line with expectations,” Infante said in a statement.
“Our capacity to grow our group profits, however, is somewhat constrained by the continued strategic allocation of resources, including management time, towards establishing and growing our music anti-piracy technology tool, TCAT.
“This strategy remains under constant review and, as stated previously, we ultimately see TCAT's future lying outside of the core music group.
He added: “As expected, the delivery of shareholder value continues to be the overriding priority for the management team and board."
The company reported a reduction in debt, to £1.3 million from £1.7 million, and confirmed it ended the period with £0.9 million of cash.