7th Mar 2016 10:50
LONDON (Alliance News) - One Media IP Group PLC on Monday said it was "disappointed" with a fall in profitability and revenue in its recently ended financial year.
The digital media content provider reported a pretax profit of GBP448,769 for the year to end-October 2015, down from GBP642,623 a year before, as revenue declined to GBP2.5 million from GBP2.9 million the year before.
The company noted that it has been awarded USD781,846 by a Nashville Court over infringements of its intellectual property, but said this award was not recognised in its financial 2015 results as there is uncertainty as to when the monies will be received.
"I am obviously disappointed with a fall in revenues and profitability. The group had predicted a disruptive process whilst the digital markets realign, and this will continue whilst the change from downloading to streaming continues," said Chief Executive Officer and Chairman Michael Infante in a statement.
"The streaming world is a slow burn for revenues as it matures for us all, but that genie is out of the bottle and will not go back. So your group will do what it does best and meet the challenges of getting ahead of the digital curve," Infante added.
Shares in One Media IP were down 8.1% at 4.25 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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