One Media iP Group Plc - Trading update

18 December 2023 - Press release

One Media iP Group Plc

("One Media", the "Group" or the "Company")

 Trading update and change of name of broker 

Core business of digital music rights management delivering positively, in line with expectations

 

One Media iP (AIM: OMIP), the digital media content provider that specialises in the active monetisation of music and video intellectual property rights together with copyright protection technology, provides the following update for the year ended 31 October 2023.

The Group expects to deliver total revenue of circa £5.4 million, reflecting a 5% uplift on the year to 31 October 2023 (FY 2022: £5.1 million), while net revenues are expected to increase significantly by approximately 10% to £3.6 million (FY 2022: £3.3 million). This positive growth is derived from the continued strength of the Group's core business of music exploitation, resulting from the team's deep expertise in proactive music rights management as well as the positive structural tailwinds underpinning the music industry.

EBITDA and cash are to reduce in line with expectations to circa £1.4 million (FY 2022: £1.8 million) and £1.2 million (FY 2022: £2.2 million) respectively, as a result of the redirection of cash resource towards the Group's subsidiary, TCAT Ltd ("TCAT"), as per the Company's stated strategy.

Michael Infante, CEO of One Media iP said: "These numbers are very much in line with our expectations, notably the continued growth of our music rights management business and the strategy that we set out during the course of this year to reinvest into the future potential of TCAT, our proprietary anti-piracy software tool. We look forward to presenting our year end results in full in due course."

The Group's full year results for the year ended 31 October 2023 are expected to be announced in March 2024.

 

Change of Name of Broker
The Company also announces that, following the completion of the all-share merger between Cavendish Securities plc (previously named Cenkos Securities plc) and Cavendish Financial plc (previously named finnCap Group plc), and as a consequence of internal reorganisation within the Cavendish Group, the Company has changed its Broker from Cavendish Securities plc to Cavendish Capital Markets Limited.