One Media iP Group Plc - Final Results22 April 2022 - Press release
One Media iP Group Plc ("One Media", "the Company" or the "Group")
Final Results for the year ended 31 October 2021 and Posting of Accounts
Another year of double-digit earnings growth and investment into complementary Group platforms
One Media iP (AIM:OMIP), the digital media content provider which exploits intellectual digital property rights around music, video and copyright technology, announces its Final Results for the 12-month period ended 31 October 2021.
- 10% increase in total revenue and 11% uplift in EBITDA to £4,389,581 (2020: £4,005,385) and £1,648,598 (2020: £1,485,645) respectively, driven by organic growth and active management of portfolio in line with strategy to maximise commercialisation of rights under ownership
- Organic revenue growth in the year of 4.5%
- 10% average organic revenue growth over the last five years, reflecting the inherent potential of the portfolio before commercialisation
- 13% uplift in net revenue to £2,780,526 (2020: £2,439,352)
- Operating profit increased 5.5% to £1,075,958 (2020: £1,019,884)
- Cash at 31 October 2021 of £2,565,813 (2020: £6,766,424) following investment into TCAT Ltd and providing flexibility for investment into accretive opportunities
- Catalogue valuation of £34.8m, conducted by independent valuers
- IFRS NAV per Ordinary Share increased to 7p (2020: 6p)
- Operative NAV per Ordinary Share 17p (Operative NAV is calculated by using the IFRS NAV, adjusting for the revaluation of catalogues assets to fair value and then adding back the catalogue amortisation)
- Final dividend declared of 0.055p per share
Operational and Post-Period Highlights
- £4.3m of investment across nine acquisitions at an average blended 11.2 multiple, including the producer's income royalties to Take That's 'A Million Love Songs', 'Could It Be Magic' and 'I Found Heaven', all from Take That's 1992 debut studio album, Take That & Party
- Largest acquisition undertaken by the Company to date, comprising the composition rights to over 200 tracks by country music star Don Williams
- All acquisitions in 2021 undertaken via Harmony IP business division, further diversifying Group revenue streams and generating additional strategic partnerships
- £0.8m of capex deployed into software development subsidiary TCAT Limited ("TCAT")
- Board and management team appointed to further progress TCAT business plan
- Fundraise underway to support next phase of growth for TCAT directly into the limited company subsidiary
- Positive early trials for TCAT with two major labels, the world's largest digital aggregator and music trade body, the BPI
- Ongoing supportive market backdrop with music industry growth projections accelerating
- Technology advances delivering increasing opportunities to place content and grow royalties
Michael Infante, CEO said: "2021 has been active year for One Media, delivering another strong set of results, driven largely by our independently valued £34.8 million content catalogue. We welcomed some high-profile names to our stable, including some of Take That's highest profile hits through the acquisition of their producer's royalties, as well as music by Kid Creole, Culture Club and, in our largest acquisition to date, country music star Don Williams. These income accretive investments are in line with our strategy of acquiring proven assets that we know can enhance our recurring revenues, while also providing opportunity to add further value and grow income. This is supported by our complementary business ventures – Harmony IP and TCAT – which will both help us diversify and further improve our revenue.
"The outlook for our industry is extremely encouraging, with growth accelerating and technology advances providing more and more opportunities for us to place our assets and maximise royalties. Against this and with a strong balance sheet we're looking to the future with great optimism."
This announcement contains inside information for the purposes of UK Market Abuse Regulation. The person who arranged the release of this information is Michael Infante, Chief Executive Officer of the Company.