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(Alliance News) - One Media IP Group PLC on Wednesday said revenue rose on organic growth and portfolio management, while increased expenses hurt its profit.
The Iver, England-based digital music rights acquirer, publisher and distributor said pretax profit in the six months to April 30 fell by 45% to GBP275,738 from GBP505,235 a year prior. This was attributed to expenses of GBP110,088 and finance costs of GBP66,411.
Revenue for the half year grew by 13% to GBP2.7 million from GBP2.4 million the year before. This was generated from intellectual property royalties driven by organic growth and active management of its copyrights portfolio, One Media explained.
Looking ahead, One Media said its outlook is positive, with new developments bringing opportunities to generate value from digital copyrights.
Chief Executive Officer Michael Infante 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."
Shares in One Media were down 3.0% at 4.88 pence each in London on Wednesday afternoon.
By Sabrina Penty, Alliance News reporter
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