31st Mar 2020 17:22
(Alliance News) - Shares rose in One Media IP Group PLC on Tuesday as it reported an overall positive financial year.
Shares in the digital media content company ended 13% higher at 5.075 pence on Tuesday in London.
For the year to the end of October, One Media IP reported a pretax profit of GBP547,222, up 12% from GBP486,504, on revenue that grew by 30% to GBP3.5 million from GBP2.7 million the year before.
The group attributed the revenue growth on increased consumer demand on streaming platforms and other revenue distributions from digital platforms.
As at October 31, One Media's cash balance stood at GBP860,611 from GBP5.6 million the same date the prior year.
Looking ahead, One Media said it has entered the first half of its current financial year positively, and expects to be able to capitalise on the evolving music streaming market.
In terms of the Covid-19 pandemic, One Media said its business operations can continue, due to have an income model that can lend itself to staff working remotely, as do the group's major partners.
"Having demonstrated its ability to successfully execute these types of transactions, the Group has now decided to focus on enhancing the value of its existing catalogue and on leveraging its in-house technical capabilities to build additional value and profitable revenue streams for the business. Having already made an impressive start to 2020 and with a solid pipeline of opportunities ahead, the group will continue to focus on growth and will look to maximise its potential in 2020," said Non-Executive Chair Claire Blunt.
By Dayo Laniyan; [email protected]
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