One Media iP Group Plc - Interim Results for the six months ended 30 April 2023

28 June 2023 - Press release

 Continued strong revenue performance with TCAT investment showing results 

 

 

One Media (AIM: OMIP), the digital media content owner and manager which specialises in the active monetisation of music and video intellectual property rights, together with copyright protection technology, announces its unaudited interim results for the six months ended 30 April 2023.

 

Financial Highlights

- 15% increase in revenue to £2.7m (H1 2022: £2.4m), of which £2.5m was generated from intellectual property royalties driven largely by organic growth and active management of portfolio of copyrights

- 14% uplift in net revenue to £1.8m (H1 2022: £1.6m)

- EBITDA of £0.8m (H1 2022: £1.0m) reduced due to allocation of resources to TCAT in line with Group strategy. Core business of copyright investments performed positively delivering an EBITDA of £1.1m

- Trials of TCAT software in the six months to 30 April 2023 generated £182,000, compared to £74,000 for H1 2022, reflecting a 147% year on year increase 

- Reduced EPS of 0.07p (H1 2022: 0.19p) as a result of strategic investment into TCAT

- Net margin maintained at 67% (H1 2022: 67%)

- Cash balance at 30 April 2023 of £2.2m (H1 2022: £2.1m) 

- Final dividend of 0.055p per share distributed in May 2023

 

Operational Highlights 

- Ongoing active management of music and video rights portfolio, with focus on maximising potential of catalogues which include recorded and/or producers' royalty rights to songs written or performed by Culture Club, Don Williams, Mungo Jerry, José Carreras, Kid Creole, Mago De Oz and Take That

- Continued growth and expansion of TCAT client base, with internationally recognised songwriters, two majors and several independents among those now either trialling or licensing TCAT's software

- New product – TCAT Insight – launched post period end with pipeline of further products to add to suite of TCAT software solutions designed to tackle digital copyright infringement

 

Outlook
Continued positive outlook for industry, with new developments bringing increasing opportunities to generate value from digital copyrights as well as requirements for protecting copyrights from illegal infringement 

Michael Infante, CEO said: "The digital rights division of our business continues to perform strongly and in line with expectations. Given our specialist skillset, the positive structural tailwinds and supportive developments in the music industry, we remain optimistic about the growth prospects for our catalogues portfolio. 

"Alongside the ongoing management of our copyright catalogues, our strategic focus has been on investing in the potential we see in TCAT against this advancing industry backdrop. We continue to invest in content with both time and resource and will, as part of our day-to-day, exploit opportunities that fall within the Company's acquisition multiple expectations. Over the past six months the TCAT team has introduced several new products, tailored to the digital copyright challenges being experienced by the industry. AI has had much press acclaim and equally has spread elements of concern within the music industry. Our commitment to staying ahead of the curve and embodying AI in both our catalogue enhancement and TCAT detection process, as well as using the technology to improve our metadata, has enabled us to differentiate ourselves from competitors and provide our customers with cutting-edge solutions that address their evolving needs. We are already seeing positive reactions as we seek to transform its potential into shareholder value."

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.