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One Media Ip Group PLC (OMIP)
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One Media IP sees annual earnings growth despite flat revenue
(Alliance News) - One Media IP Group PLC on Friday said it saw a growth in earnings for 2024, while the disposal of a loss-making business boosts its outlook for 2025.
The Buckinghamshire, England-based digital music rights acquirer, publisher and distributor said it expects to deliver flat year-on-year total revenue of GBP5.0 million for the 12 months that ended October 31.
Earnings before interest, tax, depreciation and amortisation, however, are expected to be at around GBP2.1 million, up 15% from GBP1.8 million last year.
The firm said this was "underpinned by active cost management."
Since the end of the year, One Media IP expects to deliver further expense reduction with the disposal of its technology subsidiary, TCAT Ltd, to Round Group Ltd in November.
TCAT had contributed an operating loss of GBP566,632 during One Media IP's 2023 financial year, on a group operating profit of GBP498,138.
Chief Executive Officer Michael Infante said: "Despite a challenging market backdrop, we delivered robust revenues and achieved a significant improvement in Ebitda during last year, underlining our ability to extract value from our music rights portfolio while carefully managing costs.
"The strategic disposal of TCAT puts us in a much stronger position for 2025, as we refocus the business on our core expertise of music rights management. To this end, our immediate priority will be to restore our cash reserves while we continue to assess opportunities to enhance the portfolio and deliver value for shareholders."
Shares in One Media IP were flat at 4.25 pence each in London on Friday morning. Its shares fell 22% over the 12-month period.
By Emily Parsons, Alliance News reporter
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