(Alliance News) - One Media iP Group PLC on Tuesday said it expects to report a rise in earnings and revenue for its recently ended financial year, in spite of challenging market conditions.
For the year ended October 31, the Iver Heath, Buckinghamshire-based digital music rights acquirer, publisher and distributor expects earnings before interest, tax, depreciation, and amortisation to be GBP1.7 million, an 11% rise from the year before..
One Media also anticipates revenue at around GBP4.4 million, an 11% increase on the previous year.
As at the end of October, the group has an unaudited cash balance of GBP2.6 million and GBP1.9 million in structured debt.
"Our cautious acquisition program and keeping to within the board's agreed range of multiples payable will serve the business well in the longer term. The music industry remains robust, in particular in the areas where One Media has been active. We have an ongoing pipeline of profitable and cash yielding opportunities where we would invest via the Harmony IP initiative. We are confident of continued steady growth," Chief Executive Michael Infante commented.
The Harmony IP initiative allows music rights holders advanced access to the future earnings of their intellectual property by purchasing a portion of their rights upfront.
One Media expects to publish its annual earnings in March next year.
Shares in One Media were down 6.7% at 7.00 pence on Tuesday afternoon in London.
By Heather Rydings; heatherrydings@alliancenews.com
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One Media (OMIP)