logo-loader
viewOne Media IP Group

One Media iP shares dance higher on interim results beat

“We have also seen an uplift in streaming of children’s, classical and ambient music, all of which favour One Media’s diverse catalogue,” said chief executive Michael Infante

One Media IP Group -

One Media IP Group PLC (LON:OMIP) has reported a 93% increase in underlying profits in the half-year to the end of April and said its operations have remained “unimpacted” by the coronavirus pandemic.

The half-year period, which was characterised by the group as a period of consolidation after completing five acquisitions in 2019, saw revenue increase 28% to £2.03mln and the company said it continues to trade in line with expectations.

WATCH: One Media's Michael Infante hails 'robust model' as first half profits rise

Underlying profits (EBITDA) increased to £757,678 from £392,192 and pre-tax profits were up 177% to £399,236.

Bank balances ended April at £1.1mln, versus £0.86mln at the end of October and £5.2mln a year ago as cash was used for acquisitions instead of equity.

The company said in May that it was returning to paying a dividend, with an interim paymnt of 0.055p per share that was paid earlier this month. 

“As the world adjusts to life under COVID-19, we continue to observe changing habits in both music consumption and genres being streamed as a result of the dramatic changes to people’s daily routines,” said chief executive Michael Infante.

“Coinciding with this, we have also seen an uplift in streaming of children’s, classical and ambient music, all of which favour One Media’s diverse catalogue.”

With staff now working remotely, Infante added: “This ‘new normal’ lends itself to our continuing operations and we have successfully proven our robust business model in the first six months of 2020.”

The half-year has seen interest from the music industry for the company’s proprietary TCAT anti-piracy technology, as stated in its recent trading update, and its unique intellectual property equity release programme, Harmony IP.

On the outlook, chair Claire Blunt said the group's highly scalable business model put it in a strong position to expand its geographical footprint in the second half of the year, as well as push its new product offerings and capitalise on the growth of streaming globally. 

Shares in the company rose 13% to 7.9p in early trading on Monday, an 18-month high.

Quick facts: One Media IP Group

Price: 7.75 GBX

AIM:OMIP
Market: AIM
Market Cap: £10.51 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of One Media IP Group named herein, including the promotion by the Company of One Media IP Group in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Morning Report: FTSE 100 lower as US infections continue to rise

Headlines from the Proactive UK newsroom. The FTSE 100 headed lower in an uncertain start to the week as investors worried over the surge in US COVID-19 infections. The blue-chip index dipped 24 to 6,135. Deliveroo’s boss has warned that restaurants are 'hurting' due to the coronavirus...

2 weeks, 1 day ago

2 min read