19th Feb 2014 09:54
LONDON (Alliance News) - One Media IP Group PLC Wednesday said that it expects 2014 to a progressive year for its business, as it posted higher revenues for its last financial year while profits were hit by the costs of its listing on AIM.
The digital media content provider posted a pretax profit of GBP329,889 for the year to October 31, 2013, down from GBP427,888 a year earlier, as it spent GBP196,599 on its AIM listing. The company, which was previously listed on the ICAP Securities & Derivatives Exchange, raised GBP750,000 when it floated on AIM in April last year.
Excluding the listing costs, pretax profit from continuing operations rose 22.4% to GBP523,648, as revenue rose to GBP2.6 million, from GBP2.1 million.
One Media acquires and distributes classic and vintage content on digital platforms.
During the year the company secured a deal to buy ITV PLC's 'Men & Motors' channel, which One Media is now distributing online. Men & Motors was the last remaining channel from the joint venture between British Sky Broadcasting PLC and Granada Television, now part of ITV. It was closed to make way for ITV's ITV HD channel in 2010. One Media said it was is discussions with third parties for further usage of the Men & Motors Brand.
During the period it also acquired footage from 'Alien Autopsy', 'The Adventures of Skippy', 'Skippy the Movie', and licence distribution rights for 300 hours of animal video documentaries, 'Keep Fit' videos and 'Underground Breakdance' videos. The company also secured exclusive rights to a catalogue of video programmes it was first licensed in September 2011.
"The board looks forward to enhancing both shareholder value and consumer digital experiences in 2014 and beyond, capitalising on its new listing on AIM and growing underlying value," said Chief Executive Officer Michael Infante in a statement.
Shares In One Media IP Group were trading down 0.6% at 18.15 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
One Media