Business
Full Year Results and Notification of AGM
Full Year Results and Notification of AGM.
About this update from One Media Ip Group Plc
[{"type":"text","content":"\n \nOne Media IP Group Plc(\"One Media\" or the \"Group or the Company\")\n\nFull Year Results and Notification of AGM\n\nOne Media iP (AIM: OMIP), the digital media content provider which exploits intellectual digital property rights around music, video and copyright technology, announces its Full Year Results for the 12 month period ended 31 October 2017.\n\nFinancial Highlights\n\n\n\nRevenue increased to £2,337,624, up 14% compared to equivalent period last year (2016: £2,045,652);\n\n\n\nEBITDA increased to £535,678, up 121% compared to equivalent period last year (2016: £242,326);\n\n\n\nOperating profit increased to £297,416, up 927% compared to equivalent period last year (2016: £28,959);\n\n\n\nCash at 31 October 2017 was £383,051 compared with 31 October 2016: £335,664 up 14%\n\nOperational Highlights\n\n\n\nGrowth primarily due to increased demand for Group’s recordings resulting from uplift in consumers streaming music\n\n\n\nMiki Dallon catalogue of music rights renewed\n\n\n\nLaunch of five new Group websites\n\n\n\nTCAT (Technical Copyright Analysis Tool) signs its first client\n\n\n\nBanking facilities moved to Coutts & Co\n\n\n\nAll USA reported copyright claims successfully closed and settled\n\n\n\nOne Media CEO & Chairman, Michael Infante, commented\n\n“A year ago I reiterated my confidence in streaming and that of the music industry at large, this has proven to be key in our corporate financial turnaround. We have weathered the worst of the drop, as consumers transitioned from downloading to streaming and as predicted by me, it has now reflected in growth. Revenues up from £2.0m (2016) to £2.3m up 14% and the profit increasing in line with market expectation to £0.3m and gross margins remaining stable at 45%. Our EBITDA reflects this recovery at over £0.5m and cash balances have improved to just under £0.4m and have further increased post period end. As consumers continue to change their music buying habits, and embrace the streaming services provided by the major streaming sites such as Apple Music, Spotify and Amazon, like the Dodo, no new downloading sites are emerging. Devices like the Amazon Echo (Alexa) or Google’s Home, provide a brand new experience in daily audio consumption and serves to provide another rapid paradigm shift in subscription funded listening. &n...