29th Jun 2020 14:46
(Alliance News) - One Media IP Group PLC on Monday said its profit more than doubled in the first half of its financial year as revenue jumped by a quarter.
Shares in One Media were up 21% at 8.44 pence in London in afternoon trading.
The digital music rights acquirer, publisher and distributor posted a pretax profit of GBP399,236 for the six months ended April 30, more than twice the prior year's GBP143,738 profit.
This resulted from the Iver Heath-headquartered company's revenue rising 25% to GBP2.0 million from GBP1.6 million.
One Media declared an interim dividend of 0.55p per share, having reinstated its dividend policy.
Chief Executive Michael Infante said: As the world adjusts to life under Covid-19, we continue to observe changing habits in both music consumption and genres being streamed as a result of the dramatic changes to people's daily routines. Coinciding with this, we have also seen an uplift in streaming of children's, classical and ambient music, all of which favour One Media's diverse catalogue.
"I am very pleased with our staff's fortitude in decamping from our offices at Pinewood Studios and working efficiently on a remote basis, which is a tribute to both technology and team effort. This 'new normal' lends itself to our continuing operations and we have successfully proven our robust business model in the first six months of 2020."
By Anna Farley; [email protected]
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