10 January 2025
One Media iP Group
plc
("One Media"
or the "Company")
Trading
Update
One Media iP Group plc (AIM: OMIP),
the digital music rights acquirer, publisher and distributor,
provides the following trading update for the financial year ended
31 October 2024.
Post
period disposal of non-core assets
On 27 November 2024, post year end,
the Company announced that it had entered into an agreement with
Round Group Limited ("Round") to dispose of its entire interest in
the capital of TCAT Limited ("TCAT"), its technology subsidiary, in
exchange for a shareholding in Round. In the twelve months to
31 October 2023, TCAT contributed an operating loss of £566,632 to
One Media's overall operating profit of £498,138. As of 31 October
2023, TCAT had net assets of £258,008.
The completion of this transaction
fully aligns with the Group's long-term strategy to prioritise its
core expertise of acquiring and monetising digital music rights and
music and video affiliated business activities, while the
divestment has also enabled a further streamlining of operations.
The Company and its management are now in a stronger position to
enhance shareholder value, with the immediate priority being the
implementation of a consolidation phase aimed at growing cash
reserves to further its strategic music business
objectives.
Full
Year 2024 performance
For the twelve months to 31 October
2024, the Group expects to deliver total revenue from continuing
operations of circa £5.0 million (FY2023: £5.0 million) and net
revenue of approximately £3.4 million (FY2023: £3.4 million).
EBITDA from continuing operations is expected to be circa £2.1
million (FY2023: £1.8 million), reflecting a 15% increase, with the
increase underpinned by active cost management. Cash reserves at
the year-end were £0.5 million (FY2023: £1.2 million).
Michael Infante, CEO of One Media iP 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."
The Board looks forward to providing
further updates in due course alongside the release of the Group's
full year results.
ENDS
This announcement contains inside
information for the purposes of the UK Market Abuse Regulation. The
person who arranged the release of this information is Michael
Infante, Chief Executive Officer of the Company.
For
further information, please contact:
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One
Media IP Group Plc
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Michael Infante JP
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Chief
Executive
Tel: +44 (0)175 378
5500
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Claire Blunt
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Chairman
Tel: +44 (0)175 378
5501
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Cairn
Financial Advisers LLP
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Nominated Adviser
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Liam Murray / Ludovico
Lazzaretti
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Tel: +44 (0)20 7213
0880
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Cavendish
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Broker
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Charlie Coombe / Giles Balleny
(Corporate Finance)
Michael Johnson Dale Bellis
(sales)
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Tel: +44 (0)20 7397
8900
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Claire Turvey, Fourth Pillar
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Financial PR
Tel: +44 (0)7850 548
198
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About
One Media iP Group plc
One Media iP Group plc is a leading
digital music rights acquirer, publisher and distributor. The Group
specialises in the acquisition and exploitation of music and video
intellectual property rights. Listed on AIM, the Group is committed
to driving value through the acquisition and management of
high-quality IP assets.
One Media is listed on the AIM Market
of the London Stock Exchange under the ticker 'OMIP'.
