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Music Company OMIP hits the right notes with a 25% profit leap

27th June 2017

Music Company OMIP hits the right notes with a 25% profit leap

One Media iP Group Plc (AIM: OMIP), a digital media content provider that exploits intellectual property rights around music and video, is pleased to announce its half year results for the period ended 30 April 2017.


Highlights:

·      Turnover of £1,147,131 (2016: £1,055,693); (+ 8.7%)
·      Profit before tax of £148,781 (2016: £118,721); (+25.3%)

·      EBITDA of £264,935 (2016: £224,143); (+18.2%)

·      Cash balances of £228,628 at 30 April 2017 (£335,664 at 31 October 2016).


Michael Infante, Chairman and CEO, commented:

“I am pleased to report a steadying of the ship and early indications that we are beginning to see our repositioned business model starting to benefit from the effect of ‘digital audio streaming’ gaining traction over ‘digital audio downloads’. I have previously explained the seismic shift in our audio monetisation model and its consequential degradation on our revenues over the last two years. The Group has been very vocal and transparent on this and I have gone to lengths to explain this in my previous Chairman’s statements. The indication is that we are at an inflection point and that growth is back on the horizon. Combine this with our new initiatives in TCAT and Men & Motors, together with our core business and we are beginning to demonstrate early momentum for our growth strategy. We predicted that Q1 2017 would be the beginning of the ‘streaming monetisation’ insurgency against ‘downloads’ and that we would begin to feel the benefit of those effects moving forward. I continue to have confidence in our market approach and our new music, video and technical related initiatives are well positioned to retain our mission of ‘IP’ exploitation, growth and continued profit.”

For more information please contact

One Media iP Group Plc
Chairman and Chief Executive
Michael Infante

Tel: +44 (0)175 378 5501
One Media iP Group Plc
Alice Dyson-Jones
Corporate Communications

Tel +44 (0)175 378 5500
Cairn Financial Advisers LLP
Nominated Adviser
Liam Murray / Jo Turner Tel: +44 (0)20 7148 7900

Panmure Gordon (UK) Limited
Broker
Karri Vuori /James Stearns
Tel: +44 (0)20 7886 2500

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