9th Nov 2020 11:05
(Alliance News) -Â One Media IP Group PLC on Monday said it continues to trade in line with market expectations.
Shares in One Media were up 19% at 6.72 pence in London on Monday.
One Media expects to report revenue for the financial year ended October 31 of around GBP4 million and earnings before interest, taxes, depreciation and amortisation of GBP1.4 million, an increase of 14% and 30% respectively.
"Based on the group's strong performance to date and the continued growth in music streaming, the board is confident in the outlook for the business as we remain focused on exploring further acquisition opportunities," said Chief Executive Michael Infante.
Separately, the digital music rights acquirer, publisher and distributor said it has incorporated a new subsidiary, TCAT Ltd.
TCAT is a 'Software as a Service' platform which was developed in-house at One Media to detect copyright infringement within legitimate digital music stores.
"The creation of the subsidiary is part of TCAT's next phase of development to become a leading anti-piracy service for the music industry," said One Media.
"Under the direction of a highly experienced and motivated management team, the Board has every confidence in TCAT's growth trajectory as it enters the next phase of its development. We look forward to providing further updates in due course," said Infante.
By Lucy Heming;Â [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
One Media