27th Jun 2016 10:48
LONDON (Alliance News) - One Media IP Group PLC on Monday maintained its interim dividend, as it reported a fall in pretax profit for the first half of its financial year.
The digital media content rights company proposed an interim dividend of 0.71 pence for the half year to end-April, held steady versus the comparative period a year before.
One Media reported a pretax profit of GBP118,721 for the half year, compared to GBP270,454 the year before, on revenue of GBP1.1 million, down from GBP1.5 million.
One Media said its long-term view is that repositioning its content in a "changing" digital marketplace will bring new areas of monetisation to the company, highlighting the shift in popularity towards streaming rather than downloading music.
One Media said that, whilst its core business, along with the rest of the music industry, is set to go on hiatus due to this shift, recovery is expected to start in the first quarter of 2017.
"We continue to have confidence in our market approach and our new music and video and technical related initiatives are well positioned to regain our mission of IP exploitation, growth and continued profit," said Chairman and Chief Executive Michael Infante in a statement.
Shares in One Media were down 12% at 3.65 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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