One 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.
- Revenue increased to £2,337,624, up 14% compared to equivalent period last year (2016: £2,045,652);
- EBITDA increased to £535,678, up 121% compared to equivalent period last year (2016: £242,326);
- Operating profit increased to £297,416, up 927% compared to equivalent period last year (2016: £28,959);
- Cash at 31 October 2017 was £383,051 compared with 31 October 2016: £335,664 up 14%Operational Highlights
- Growth primarily due to increased demand for Group’s recordings resulting from uplift in consumers streaming music
- Miki Dallon catalogue of music rights renewed
- Launch of five new Group websites
- TCAT (Technical Copyright Analysis Tool) signs its first client
- Banking facilities moved to Coutts & Co
- All USA reported copyright claims successfully closed and settled
One Media CEO & Chairman, Michael Infante, commented
“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. No keyboards, monitors or complicated sign in procedures acting as a barrier to use, these devices completely liberate your music libraries and integrate them into your surroundings and away from your mobile device, making music once again an amplified sound-sharing exchange, as opposed to a personal headphone experience. Both hardware and ingenious software, empowering voice recognition, it is the music industry, hand in hand with technology leading the way. Once again, we are on the verge of a whole new market for consuming audio-visual entertainment. The continuing evolution, that is today’s music market, can only serve to ensure the industry will reap the benefits by enjoying the sustained long-term growth that will come with this advance. This amplifies our mission statement that ‘content is still king’and that device ingenuity and creativity requires a mixed offering of content (nostalgic and contemporary) to provide to its exacting and varied consumers of all demographics.
TCAT signed its first major record industry distributor during the period under review and has completed a successful trial period and continues to serve this client. The service is still in its early days and development continues on this unique software music copyright discovery tool. The Group has resourced its technical team with additional in-house software developers to underpin the growth of the program. Post year-end we were pleased to announce that TCAT had signed an additional international major record label and that the service has now commenced. Men and Motors, post year-end has entered a deal with an American production and distribution company (Global Genesis Group) to seek out broadcasters and sponsored funding to create a new series in North America. Finally, and to positive media coverage resulting in share price endorsement, I cannot fail to mention the proposed appointments of investors Lord Michael Grade and Ivan Dunleavy to our board of directors. Both bring with them a wealth of experience and City support. I said last year that 2018/9 was going to be a turnaround year for the Group, I can say that as the repositioning of the Group continues, the real corporate initiatives are only just beginning. One might say, “phase one is complete, bring on phase two.”
The report of the auditor in the Report and Financial Statements for the year ended 31 October 2017 is unqualified and the results announcement can be viewed on the company’s website, www.omip.co.uk with effect from Monday 26 February 2018. Notice of the Annual General Meeting, to be held at 11.00 a.m. on Tuesday 27th March 2018 at Panmure Gordon One New Change, London EC4M 9AF will be posted to shareholders on or by 28th February 2018.
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