One Media iP Group PLC (AIM:OMIP), the digital music rights acquirer, publisher and distributor, continues to trade in line with expectations.
The company expects to report revenues for the year ending 31 October 2021 of around £4.4mln and underlying earnings (EBITDA) of £1.65mln, which would represent year-on-year increases of 10% and 11% respectively, despite unfavourable foreign exchange movements.
The cash position remains healthy with the group sitting on around £2.6mln, with around £1.9mln in structured debt on the balance sheet.
“Our cautious acquisition programme and keeping to within the board's agreed range of multiples payable will serve the business well in the longer term,” declared Michael Infante, the chief executive officer of One Media iP.
“The music industry remains robust, in particular in the areas where One Media has been active. We have an ongoing pipeline of profitable and cash yielding opportunities where we would invest via the Harmony Ip initiative. We are confident of continued steady growth,” Infante said.