10th Mar 2015 11:49
LONDON (Alliance News) - One Media IP Group PLC said it was pleased with its performance in its recently ended financial year, posting a rise in pretax profit despite what it called a "very challenging year" in its industry.
One Media owns intellectual digital property rights over music, video and spoken word content.
It posted a pretax profit of GBP642,273 for the year to end-October 2014, up from GBP329,889 in the previous year, as revenue rose to GBP2.9 million from GBP2.6 million, and in the previous year it had GBP196,559 in exceptional costs related to its listing on AIM.
Last July the company acquired the 'Points Classic' music catalogue of classical music, and it said its is currently processing the recordings, and distributing to digital stores. During the year it also acquired further music catalogues, including Irish singer Rose-Marie's back catalogue.
One Media said it was maintaining a cautious acquisition strategy, and said it plans to broaden its search for content to consider areas outside of the traditional music platforms.
"The landscape has evolved unrecognisably since the early days of the gramophone, each evolution presenting new challenges and whilst the mediums may have changed along the way, the opportunity to monetise audio and visual IP is undeniable. We remain confident in our activities and are flexible enough to move with the changes and set new horizons and opportunities for all of our content," said Chief Executive Michael Infante in a statement.
Shares in One Media are trading down 7.1% at 13.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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