One Media iP Group Plc - Interim Results for the six months ended 30 April 2022

19 July 2022 - Press release

One Media iP Group Plc ("One Media", the "Group” or the “Company") Interim Results for the six months ended 30 April 2022

Strong first half performance with double digit revenue and earnings growth

One Media iP (AIM: OMIP), the digital media content provider which specialises in the active exploitation of music and video intellectual property rights together with copyright infringement technology, announces its unaudited interim results for the six months ending 30 April 2022.

Financial Highlights
• 13% increase in revenue to £2.4m (H1 2021: £2.1m), driven by contribution from new acquisitions, organic growth and active management of portfolio
• 39% uplift in EBITDA to £1.0m (H1 2021: £0.7m), notwithstanding addition of TCAT overhead expenses
• 20% uplift in net revenue to £1.6m (H1 2021: £1.3m)
• EPS up 24% to 0.19p (H1 2021: 0.15p)
• Net margin increased to 67% (H1 2021: 63%)
• Cash balances at 30 April 2022 of £2.1m (H1 2021: £6.4m)
• Operative NAV per Ordinary Share of 17p*
• Final dividend of 0.055p per share distributed in June 2022

Operational Highlights
• Acquisition of the licensor's share of the royalties to the Orbital Digital Ltd/Rapier Music catalogue of rights comprising over 40 branded record labels and several thousand diversified recordings with proven revenue streams from artists including Joe Strummer, Chic, Kool & The Gang, Sid Vicious and the Irish Tenor Trio
• TCAT business plan progressing, with software operating across 178 territories and trials with three major record labels expected to translate into long term contracts

Outlook
• Ongoing supportive market backdrop with music industry growth projections continuing to accelerate and increasing opportunities to generate royalty income through digital platforms
• Positive industry developments, including Copyright Royalty Board ruling in July 2022 increasing headline royalty rate in the US from 10.5% to 15.1%

Michael Infante, CEO said: “We are very pleased with the results delivered for the first half of this year, building on the positive progress we made in 2021. Our core strategic focus on diversified catalogues of songs that have proven their value over many years continues to deliver, with our specialist teams helping to maximise their revenue potential alongside our other investments. Against a strengthening industry backdrop, our expertise in driving royalty income from digital recordings and disciplined approach to acquisitions have enabled us to deliver significant growth that positions us well for the remainder of the year.”

* 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.

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.