(Alliance News) - Hipgnosis Songs Fund Ltd on Wednesday declared a 1.25 pence per share interim dividend and said its outlook remains positive in spite of Covid-19's potential damage to performance and commercial licencing revenue.
The 1.25p per share dividend has a payment date of May 27 and is fully covered by the song and musical intellectual property rights investor's distributable income, it said. The dividend covering the January to March quarter is unchanged from what was paid for the three months to December.
"Our outlook is positive, despite the impact Covid-19 may have on live performance and commercial licensing revenues," said Hipgnosis.
"The continued growth in streamed consumption of our existing music portfolio, our focus on improved revenue efficiencies and increased earnings in the US as a result of the copyright board ruling combined with a strong pipeline of new catalogue acquisition opportunities gives us continued confidence in our model and our ability to execute well," the company added.
Shares in Hipgnosis were up 1.0% at 101.50 pence in London in morning trading.
By Anna Farley; annafarley@alliancenews.com
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Hipgnosis Song. (SONG)
