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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| One Media IP Group PLC | AQSE:OMIP.GB | Aquis Stock Exchange | Ordinary Share | GB00B1DRDZ07 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.00 | 3.50 | 4.50 | 4.00 | 4.00 | 4.00 | 0.00 | 06:52:58 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMOMIP
29 June 2020
One Media IP Group Plc
("One Media", the "Company" or the "Group")
Interim Results for the six-months ended 30 April 2020
One Media iP (AIM: OMIP), the digital music rights acquirer, publisher and
distributor, is pleased to announce its interim results for the six-month
period ended 30 April 2020.
Financial Highlights
* Revenue increased by 28% to GBP2,032,598 (H1 2019: GBP1,585,687)
* Operating profit increased 98% to GBP563,257 (H1 2019: GBP284,360)
* EBITDA increased 93% to GBP757,678 (H1 2019: GBP392,192)
* Cash balances of GBP1,076,134 at 30 April 2020 (H1 2019: GBP5,184,301)
Operational Highlights
* Consolidation of five acquisitions completed in 2019
* Appointment of Claire Blunt and Brian Berg to the Board as Non-Executive
Chair and Non-Executive Director, respectively, to join Michael Infante,
Alice Dyson-Jones and Steven Gunning
* Launch of Harmony IP
* Operations unimpacted by COVID-19
Michael Infante, CEO of One Media iP, commented:
"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."
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014. The person who arranged the release of this information
is Michael Infante, Chief Executive Officer of the Company.
For further information, please contact:
One Media IP Group Plc
Michael Infante Chief Executive
Tel: +44 (0)175 378 5500
Claire Blunt Chairman
Tel: +44 (0)175 378 5501
Cairn Financial Advisers LLP Nominated Adviser
Liam Murray / Jo Turner/ Ludovico Tel: +44 (0)20 7213 0880
Lazzaretti
Cenkos Securities plc Broker
Max Hartley/Max Gould/Michael Johnson Tel: +44 (0)20 7397 8900
(Sales)
Yellow Jersey PR PR and IR
Charles Goodwin/Annabel Atkins Tel: +44 (0)20 3004 9512
About One Media iP Group Plc
One Media is a digital music rights acquirer, publisher and distributor. The
Group specialises in purchasing and monetising intellectual property rights
with proven, repeat income streams. One Media adds value to its content by
maximising its availability in over 600 digital stores globally, including
Apple Music, YouTube, Amazon and Spotify.
One Media's music is also widely used for synchronisation in film, TV and
digital gaming whilst its video content is primarily viewed on YouTube where
One Media operates over 20 YouTube channels as a certified partner.
One Media is listed on the London Stock Exchange on the AIM index, under the
symbol 'OMIP'.
For further information on One Media iP: www.omip.co.uk
TCAT: www.tcat.media
Harmony IP: www.harmonyip.com
Chairman's Statement
Business and Performance Review
The Group made significant progress in H1 2020 by continuing to enhance the
value of its existing catalogue and leveraging its in-house capabilities to
grow and protect shareholder value. As outlined in the recent AGM Statement of
22 May 2020, substantial advancements have been made during the period in each
of the Company's key operational divisions, including the core business of
purchasing and monetising digital music rights, as well as its service
offerings, the Technical Copyright Analysis Tool ("TCAT") and Harmony IP.
Responding to interest from major players across the music industry, One Media
continues to examine possibilities to scale its proprietary anti-piracy
technology, TCAT, by sourcing third party interest and possible partner
initiatives for wider implementation across the sector.
Encouraging progress has also been made towards launching the Group's unique
intellectual property (IP) equity release programme, Harmony IP. The platform,
which looks to grant music rights holders with advanced access to the future
earnings of their IP by purchasing a portion of their rights upfront, has
received good levels of early interest from artists and the Group is working to
take these discussions forward. Harmony IP will enable One Media to diversify
its portfolio and acquire music rights with recurring income streams at
favourable multiples.
Finally, the Group remains focused on enhancing the value of its existing
catalogue and is committed to ensuring its content is fully optimised to
maximise discoverability across global markets. Synchronisation deals offer One
Media an additional avenue through which to generate income, and during the
period a number of the Group's owned tracks were used in TV series, such as
American drama series, 'Dare Me', and films, such as Netflix's original film,
'Coffee & Kareem'.
COVID-19
Notwithstanding the challenging macro-economic environment presented by
COVID-19, One Media retains a healthy cash position and continues to trade in
line with expectations. The safety and well-being of employees is paramount and
the Group adheres to government and Public Health England guidance at all
times. The Group's staff remain fully employed in its businesses and continue
to work efficiently on a remote basis, effectively liaising with customers and
suppliers to ensure business continuity.
Financial Overview
The Group has continued to manage its financial position over the six-month
period to 30 April 2020 with profitable operations. Group consolidated revenue
was GBP2,032,598 for the six-months ended 30 April 2020 (30 April 2019: GBP
1,585,687).
Profit before tax amounted to GBP399,236 (30 April 2019: GBP143,738) and EBITDA
increased 93% to GBP757,678 (2019: GBP392,192).
During the period, the Company has not issued new shares as consideration for
acquisitions and has used existing cash resources as consideration. Cash
balances at 30 April 2020 were GBP1,076,134 (30 April 2019: GBP5,184,301).
Dividend
On 6 May 2020 One Media was delighted to inform the market of a return to its
dividend policy. The Group declared an interim dividend of 0.055p per ordinary
share, which was paid earlier this month. The Board had considered its policy
regarding dividends and has established that the objective of its Dividend
Distribution Policy is to maintain an equilibrium between retention of profit
to finance long-term growth plans whilst rewarding shareholders for their
support.
Industry
Despite significant uncertainty caused by COVID-19, the global recorded music
market has demonstrated resilience, with music-streaming platforms such as
Spotify recording an increase in paid subscribers. Global online music
streaming subscriptions grew 32% year-on-year (YoY) reaching 358 million
subscriptions in CY 2019, according to the latest findings from 'Counterpoint
Research'. This is driven by the availability of content like podcasts, that
attracted people towards the platform and eventually turned them as
subscribers. Additionally, promotional activities such as price cuts in
subscriptions in emerging markets and bundled offers from telcos added to the
growth. It is expected that online music streaming subscriptions will grow more
than 25% YoY to exceed 450 million subscriptions by the end of 2020. The latest
figures published by the International Federation of the Phonographic Industry
(IFPI) for 2019 show that streaming now accounts for over half of global
revenues, and this number is expected to grow as streaming devices become
increasingly accessible and global audiences continue to expand.
Outlook
With its highly scalable business model, One Media enters H2 2020 in a strong
position to expand its geographical footprint, exploit its new product
offerings and capitalise on the growth of streaming globally. Its track record
of acquiring low-risk content with proven, recurring income streams further
supports the Group's position as it looks for opportunities to enhance
shareholder value within this growth market.
The Board looks forward to updating shareholders on progress in due course.
Claire Blunt
Chair of One Media
Unaudited Consolidated Statement of Comprehensive Income
For the six months ended 30 April 2020
Unaudited Unaudited Audited
6 months 6 months ended 12 months
ended 30 April 2019 ended
30 April 31
2020 October 2019
GBP GBP GBP
Revenue 2,032,598 1,585,687 3,508,891
Cost of sales (1,032,750) (843,177) (1,756,464)
_________ _________ _________
Gross profit 999,848 742,510 1,752,427
Administrative expenses (436,591) (458,150) (873,513)
_________ _________ _________
Operating profit 563,257 284,360 878,914
Share based payments (73,570) (39,728) (142,497)
Finance costs (90,459) (100,970) (189,322)
Finance income 8 76 8
_________ _________ _________
Profit on ordinary 399,236 143,738 547,222
activities before
taxation
Tax expense (69,078) (24,436) (88,778)
_________ _________ _________
Profit for period 330,158 119,302 458,444
attributable to equity
shareholders and total
comprehensive income for
the year
========= ========= =========
Basic earnings per share 0.24p 0.09p 0.34p
========= ========= =========
Unaudited Consolidated Statement of Financial Position
As at 30 April 2020
Unaudited Unaudited Audited
30 April 30 April 31 October
2020 2019 2019
GBP GBP GBP
Assets
Non-current assets
Intangible assets 8,788,257 4,684,070 8,900,413
Property, plant and 4,166 11,844 7,647
equipment
_________ _________ _________
8,792,823 4,695,914 8,908,060
_________ _________ _________
Current assets
Trade and other 1,095,899 804,944 1,000,595
receivables
Cash and cash 1,076,134 5,184,301 860,611
equivalents
_________ _________ _________
Total current assets 2,172,033 5,989,245 1,861,206
_________ _________ _________
Total assets 10,964,856 10,685,159 10,769,266
========= ========= =========
Liabilities
Current liabilities
Trade and other 820,622 1,431,255 1,053,266
payables
Deferred tax 83,128 58,133 83,128
_________ _________ _________
903,750 1,489,358 1,136,394
Borrowings 1,637,848 1,600,963 1,613,342
_________ _________ _________
Total liabilities 2,541,598 3,090,321 2,749,736
_________ _________ _________
Equity
Called up share 678,018 678,018 678,018
capital
Share redemption 239,546 239,546 239,546
reserve
Share premium account 4,314,220 4,314,220 4,314,220
Share based payment 438,326 261,987 364,756
reserve
Retained earnings 2,753,148 2,101,067 2,422,990
_________ _________ _________
Total equity 8,423,258 7,594,838 8,019,530
_________ _________ _________
_________ _________ _________
Total equity and 10,964,856 10,685,159 10,769,266
liabilities
========= ========= =========
Unaudited Consolidated Statement of Changes in Equity
For the six months ended 30 April 2020
Share Share Share Share Retained Total
capital redemption premium based earnings equity
reserve payment
reserve
GBP GBP GBP GBP GBP GBP
At 1 November 678,018 239,546 4,314,220 222,259 1,981,765 7,435,808
2018
Profit for - - - - 119,302 119,302
the six
months to
30 April 2019
Share based - - - 39,728 - 39,728
payment
charge
________ _________ _________ _________ _________ _________
At 30 April 678,018 239,546 4,314,220 261,987 2,101,067 7,594,838
2019
Proceeds from - - - - - -
the issue of
new shares
Fund raise - - - - - -
costs
Profit for - - - - 321,923 321,923
the six
months to
31 October
2019
- - - 102,769 - 102,769
Share based
payment
charge
________ _________ _________ _________ _________ _________
At 31 October 678,018 239,546 4,314,220 364,756 2,422,990 8,019,530
2019
Profit for - - - - 330,158 330,158
the six
months to
30 April 2020
Share based - - - 73,570 - 73,570
payment
charge
________ _________ _________ _________ _________ _________
Balance at 30 678,018 239,546 4,314,220 438,326 2,753,148 8,423,258
April 2020
======== ========= ========= ========= ========= =========
Unaudited Consolidated Cash Flow Statement
For the six months ended 30 April 2020
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 April 30 April 31 October
2020 2019 2019
GBP GBP GBP
Cash flows from operating
activities
Profit before taxation 399,236 143,738 547,222
Amortisation 245,018 128,315 332,423
Depreciation 3,372 3,579 7,885
Share based payments 73,570 39,728 142,497
Finance income (8) (76) (127)
Finance costs 90,459 100,970 189,322
(Increase)/decrease in (95,304) (123,985) (306,094)
receivables
(Decrease)/increase in (276,957) 816,442 333,210
payables
Corporation tax paid (59,433) (2,272) -
Finance cost paid (55,790) - (99,404)
_________ _________ _________
Net cash inflow from 324,163 1,106,439 1,146,934
operating activities
_________ _________ _________
Cash flows from investing
activities
Investment in copyrights / (133,154) (1,461,080) (5,881,529)
TCAT
Investment in fixed assets - (3,201) (3,310)
Finance income 8 76 127
_________ _________ _________
Net cash used in investing (133,146) (1,464,205) (5,884,712)
activities
_________ _________ _________
Cash flow from financing
activities
Proceeds from the issue of - - -
new shares
Share issue costs - (35,017) -
Loan notes 24,506 705 22,010
_________ _________ _________
Net cash inflow from 24,506 (34,312) 22,010
financing activities
_________ _________ _________
Net change in cash and cash 215,523 (392,078) (4,715,768)
equivalents
Cash at the beginning of the 860,611 5,576,379 5,576,379
period
_________ _________ _________
Cash at end of the period 1,076,134 5,184,301 860,611
========= ========= =========
Notes to the Interim Report
For the six months ended 30 April 2020
1. Nature of operations and general information
One Media iP Group Plc and its subsidiaries' ("the Group") principal activities
are the acquisition and licensing of audio-visual intellectual copyrights and
publishing for distribution through the digital medium and to a lesser extent
through traditional media outlets.
One Media iP Group Plc is the Group's ultimate parent company incorporated
under the Companies Act in England and Wales. The address of One Media iP Group
Plc registered office is 623 East Props Building, Goldfinger Avenue, Pinewood
Road, Iver Heath, Buckinghamshire, SL0 0NH.
The financial information set out in this Interim Report does not constitute
statutory accounts. The Group's statutory financial statements for the year
ended 31 October 2019 are available from the Group's website. The auditor's
report on those financial statements was unqualified.
2. Accounting Policies
Basis of Preparation
These interim consolidated financial statements are for the six months ended 30
April 2020. They have been prepared following the recognition and measurement
principles of IFRS. They do not include all the information required for full
annual statements, and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 31 October 2019.
This unaudited interim statement has not been subject to a review by the
Group's auditors James Cowper Kreston.
Comparatives
The comparative periods represent the unaudited results for the six months
period ended 30 April 2020 and the audited twelve months figures for the year
ended 31 October 2019.
3. Earnings per share
The calculation of the earnings per share is based on the profit for the
financial period divided by the weighted average number of shares in issue
during the period.
Unaudited Unaudited Audited
Basic earnings per 6 months ended 6 months ended 12 months
share 30 April 2020 30 April 2019 ended
31 October
2019
Profit for period 330,158 119,302 458,444
attributable to
equity shareholders
Weighted average 135,603,699 135,603,699 135,603,699
number of shares in
issue at period end
_________ _________ _________
Basic earnings per 0.24p 0.09p 0.34p
share
========= ========= =========
The diluted earnings per share would be lower than the basic profit per share
as the exercise of warrants and options would be dilutive.
4. Share capital
Unaudited Unaudited Audited
30 April 30 April 31 October
2020 2019 2019
Group and company GBP GBP GBP
Authorised:
200,000,000 ordinary shares of 1,000,000 1,000,000 1,000,000
0.5p each
========== ========== ==========
Issued:
Ordinary shares of 0.5p each
135,603,699 (2019:
135,603,699) ordinary shares 678,018 678,018 678,018
of 0.5p each
========== ========== ==========
5. Interim statement
Copies of this statement are available from Group's registered Office at:
623 East Props Building, Goldfinger Avenue, Pinewood Road, Iver Heath,
Buckinghamshire, SL0 0NH.
END
(END) Dow Jones Newswires
June 29, 2020 02:00 ET (06:00 GMT)
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