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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| One Media Ip Group Plc | LSE:OMIP | London | Ordinary Share | GB00B1DRDZ07 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 4.25 | 4.00 | 4.50 | 4.25 | 4.25 | 4.25 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Services, Nec | 5.13M | 438k | 0.0020 | 21.25 | 9.45M |
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One Media iP Group Plc
("One Media", the "Group" or the "Company")
UNAUDITED INTERIM RESULTS
One Media iP Group Plc (AIM: OMIP), a digital media content provider that
exploits intellectual property rights around music and video, is pleased to
announce its half year results for the period ended 30 April 2017.
Highlights:
· Turnover of GBP1,147,131 (2016: GBP1,055,693); (+ 8.7%)
· Profit before tax of GBP148,781 (2016: GBP118,721); (+25.3%)
· EBITDA of GBP264,935 (2016: GBP224,143); (+18.2%)
· Cash balances of GBP228,628 at 30 April 2017 (GBP335,664 at 31 October
2016).
Michael Infante, Chairman and CEO, commented: "I am pleased to report a
steadying of the ship and early indications that we are beginning to see our
repositioned business model starting to benefit from the effect of 'digital
audio streaming' gaining traction over 'digital audio downloads'. I have
previously explained the seismic shift in our audio monetisation model and its
consequential degradation on our revenues over the last two years. The Group
has been very vocal and transparent on this and I have gone to lengths to
explain this in my previous Chairman's statements. The indication is that we
are at an inflection point and that growth is back on the horizon. Combine this
with our new initiatives in TCAT and Men & Motors, together with our core
business and we are beginning to demonstrate early momentum for our growth
strategy. We predicted that Q1 2017 would be the beginning of the 'streaming
monetisation' insurgency against 'downloads' and that we would begin to feel
the benefit of those effects moving forward. I continue to have confidence in
our market approach and our new music, video and technical related initiatives
are well positioned to retain our mission of 'IP' exploitation, growth and
continued profit."
For further information, please contact:
One Media iP Group Plc
Chairman and Chief Executive
Michael Infante Tel: +44 (0)175 378 5501
One Media iP Group Plc
Alice Dyson-Jones
Communications Tel +44 (0)175 378 5500
Cairn Financial Advisers
LLP Nominated
Adviser
Liam Murray / Jo Turner Tel: +44 (0)20 7148 7900
Panmure Gordon (UK) Limited
Broker
Karri Vuori /James Stearns Tel: +44 (0)20 7886 2500
CHAIRMAN & CHIEF EXECUTIVE'S STATEMENT
The global political upheavals serve as a reminder that change occurs faster
than markets can sometimes anticipate. With keen direction and attention to
detail the Group has taken the challenge of meeting its market expectation. The
team has focussed on embracing the audio shift and have used our expertise to
accelerate the changeover. We can't direct consumers to work within the
timescale we set for the balance to shift in monetisation of our audio
consumption, but what we can do is ensure that all our content, where possible,
is being offered on every new and existing streaming store (such as Apple
Music, Spotify, Amazon, Deezer and Google Play) as they come to market with
their expanded streaming services.
Industry revenues in the UK grew by 1.5% to GBP926m (source BPI Official Charts
Company) to December 2016. Trade revenues for recorded music are anticipated to
reach a growth rate of 5.1% and our own figures would appear to support this
swing back to growth. The increase in streaming has attracted many negative
headlines over the last few years. We have always been a supporter of the
streaming model, despite its initial adverse effect on our revenues and believe
it must be embraced not resisted (in the words of the Borg "Resistance is
Futile") One Media however deals in the world-wide market and according to the
BPI revenues have grown by 5.9% globally. Global revenues revealed by the IFPI
reports that by December 2016 there were 112m users of paid music streaming
subscriptions. The UK remained at third place in global table behind the USA
and Japan. The USA (One Media's strongest market) has grown by 7.6%. The total
world market in music is now valued at $15.6bn (US Dollars) up 5.9% from the
previous year. Global revenue data, as of December 2016, confirmed digital
sales (including downloading and streaming) were 50% of the total market at
USD$7.835 bn. Physical Sales (CDs & Vinyl formats included) 34% at $5.3278bn.
Synchronisation sales (music for advertising film & TV 2% at $0.3134bn,
Performance Rights (Concerts, Radio & TV play ) 14% at GBP$2.1938 (source BPI/
IFPI).
We have taken a consolidative view of the market whilst the buying trends
shift. We are preserving our resources regarding content acquisition until the
merry-go-round settles. I believe there will be some bargains on the horizon.
We are underpinning existing contracts by extending existing rights and
ensuring that our library of rights remains robust.
On 25 January 2017 we announced that we had renewed the exclusive rights to the
MD Production music catalogue for a recoupable advance of $18,000 (eighteen
thousand US Dollars). The MD catalogue comprises over 1,000 original recordings
from the 1960s to the 1980s. With performances from artists such as Don Fardon,
The Cockerel Chorus, Dando Shaft, Gill Scott-Heron, Greyhound, Roy Harper,
Johnny Kidd & the Pirates, Kenny and Python Lee Jackson to name just a few. The
tracks have been marketed exclusively by One Media since 2007 on a
royalty-sharing basis. MD Productions has been a long-term music provider and
has received three advances and on-going royalties from One Media throughout
the term. One Media is pleased to report that it has always fully recouped its
advances throughout the relationship.
On 30 January 2017 we started work on reorganising the Group's websites. Five
new websites were created demonstrating the Group's expanded activities.
Firstly we have the new site; One Media iP Group Plc (http://www.omip.co.uk/).
Here you will find all the investor relation information and dedicated
summaries of the Group's subsidiaries. The day-to-day activities, artist
information and social media activities of our audio and video businesses is
now housed under http://www.onemediaip.com/. Our Technical Copyright Analysis
Tool (TCAT) is at (http://www.tcat.media/). Here you will find our
informational video on the 'Software as a Service' (SaaS) technology. Men &
Motors can be found on (www.menandmotors.com) a new and exciting style for this
site showing the links to the archive of over 3400 shows and information on our
initiative for a new format of TV show still being presented to various
broadcasters. Point Classics, our classical collection of over 3000 recordings
(http://www.pointclassics.com/) is now the new home for this collection. Music
supervisors use this site to sort, search and compile classical recordings for
film and TV. We are pleased to report that all of the work in creating the new
sites was completed on time and within budget.
It is the Group's intention to expand the exploitation for the corporate brands
that it now owns and to more clearly define their individuality trade-wise in
the coming year. Men & Motors by way of example has already been registered
(albeit dormant), as a stand-alone subsidiary company in preparation for
broadcast and trading demand. The same applies for TCAT and the Group has
registered TCAT Ltd should this be required in the future.
On 1 February 2017 we announced that we had moved our banking services to
Coutts & Co ("Coutts") of 440 Strand, London. We commenced the orderly handover
from Barclays to Coutts during February 2017. The Group confirmed at the time
that it has no debt and is cash resourced. Coutts experience within media and
content with many focussed services and seminars should prove invaluable to the
Group with its expansion programme into varying media and technology
activities.
In two statements on 20 February 2017 and on 12 April 2017, the Group announced
that it had concluded its copyright complaint and litigation in the Middle
District of Tennessee with HHO Licensing Ltd, Henry Hadaway Organisation Ltd
and Henry Hadaway personally by way of an amicable resolution.
Post the half year end on 30 April 2017 the Group announced that One Media
signed an exclusive exploitation deal with Getty Images for 'clips' from the
Group's moving image library rights. The deal will involve One Media supplying
'clips' from its growing video content library to Getty Images for
representation and exploitation to Getty's worldwide client base for multiple
use in documentaries, advertising and all moving image usages. Getty Images is
one of the most esteemed sources of visual content throughout the world, with
over 200 million assets available through its industry-leading sites
www.gettyimages.com and www.istock.com. The distribution deal will see the
Group create thousands of clips from its archive to be made available to Getty
Image's clients on their web based platforms. The Group's video archive has
grown by acquisition over that last few years and we are now able to further
exploit the content via a 'clipping' service and to supply the world leader in
image hire. The Group's Creative Technicians are already trained and equipped
to perform this function in-house and have been successful in building billions
of views with the Company's content for sites like You Tube. Content from Men &
Motors, Alien Autopsy and the HiBrow film catalogue together with our cleared
music video content will spearhead the service.
On 25 May 2017 we announced that we had signed our first major music
distributor to utilise the services of the Group's Technical Copyright Analysis
Tool ("TCAT"). The global music distributor will be using the TCAT services
from June 2017 to monitor its weekly release schedules, monitor music conflicts
and potential copyright infringements. Following two years of development the
deal will see the commercialisation of TCAT on an annual contract basis.
Confidentiality clauses in the agreement prevents us from disclosing the
identity of our client at this time and any of the commercial terms but the
Group is very excited by having TCAT deployed as a technical resource to a
major record distributor. Whilst the revenues generated from this initial
contract will be modest, it is a significant development for the Group as it
validates and proves the technology and demonstrates its need in the market
place.
Results
The Group has continued to manage its financial position over the 6 month
period to 30 April 2017 with profitable operations and no debt.
Group consolidated turnover was GBP1,147,131 for the 6 months ended 30 April 2017
(2016: GBP1,055,693).
Profit before tax of GBP148,781 (2016: GBP118,721).
Cash balances at 30 April 2017 of GBP228,628 (2016: GBP335,664).
During the period, the Company has not issued new shares as consideration for
acquisitions and has used existing cash resources as consideration.
Litigation
The company has been informed of a pending action in the Southern District of
Florida Court USA for a claim by Kemar McGreor (KM) against Phoenix Music
International Ltd (PMI), Orchard Enterprises Ltd (OE) and One Media Ip Group
PLC (OMIP), for an alleged infringement of copyrights supplied by PMI to
both OE and OMIP. Phoenix Music International (a British company) entered into
a license agreement with Kemar McGreor for the licensing of certain music
rights on or about the 9th May 2011. PMI then entered into a deal with OE and
OMIP to act as distributors for the licensed content. The case is centered on
whether PMI had the rights to allow OE and OMIP to distribute the licensed
content. PMI have informed both OE and OMIP that they will robustly defend this
action. OMIP has a full indemnity from PMI on its distribution agreement with
PMI. PMI are meeting all the costs of the defence for OMIP and any costs or
settlements in the final outcome.
A representative from the Group will attend a mediation meeting on the 9th
October 2017 in Florida and will report the outcome of said mediation. A trial
date has been set for December 9 2017 failing mediation and/or settlement
between the parties.
Dividend
The Group continues to review the dividend policy in line with its cash
resources and requirements. No dividend is announced at this time.
News, Content Exploitation and Acquisitions
Understanding and underpinning where our revenues are generated and our
resources are best spent has been a priority. Maintaining cost controls,
motivating new and existing initiatives and resourcing the TCAT development for
exploitation is a continued project. We are recruiting more technical staff in
the second half and will build our ability not only to expect more from TCAT
but also review our internal operation in line with the skill set required. We
remain vigilant on content acquisition and as always will invest where the
Group can identify good opportunities.
Outlook
I have been transparent throughout the last two years regarding the challenging
times that the Group has faced. We still have concepts to prove. We still have
internal changes to make to meet the new demands as we advance into becoming a
more fully rounded digital group. It is an exciting time and I know that we can
meet those demands. We are here for the long run and continue to invest our
time, effort and ingenuity to make One Media a company of substance.
I would like to thank our team both in-house, contracted and my co-directors. I
would especially like to express my thanks to our newly appointed Company
Secretary and Head of Finance, Steven Gunning for so ably embracing the Group's
financial obligations and day to day running of our accounts systems.
MICHAEL INFANTE
CHAIRMAN AND CHIEF EXECUTIVE
27 June 2017
Unaudited Consolidated Statement of Comprehensive Income
For the six months ended 30 April 2017
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 April 2017 30 April 2016 31 October 2016
GBP GBP GBP
Revenue 1,147,131 1,055,693 2,045,652
Cost of sales (628,093) (601,080) (1,139,951)
_________ _________ _________
Gross profit 519,038 454,613 905,701
Administrative expenses (370,352) (336,083) (876,742)
_________ _________ _________
Operating profit 148,686 118,530 28,959
Finance income 95 191 1,060
_________ _________ _________
Profit on ordinary activities 148,781 118,721 30,019
before taxation
Tax credit / (expense) (16,573) (23,744) 32,852
_________ _________ _________
Profit for period
attributable to equity
shareholders and total
comprehensive income for the 132,208 94,977 62,871
year
========= ========= =========
Basic adjusted earnings per 0.19p 0.13p 0.09p
share
========= ========= =========
Unaudited Consolidated Statement of Financial Position
As at 30 April 2017
Unaudited Unaudited Audited
30 April 30 April 31 October 2016
2017 2016
GBP GBP GBP
Assets
Non-current assets
Intangible assets 3,394,925 3,338,237 3,394,134
Property, plant and 5,230 7,787 6,452
equipment
_________ _________ _________
3,400,155 3,346,024 3,400,586
_________ _________ _________
Current assets
Trade and other 447,690 478,174 463,574
receivables
Cash and cash equivalents 228,628 549,888 335,664
_________ _________ _________
Total current assets 676,318 1,028,062 799,238
_________ _________ _________
Total assets 4,076,473 4,374,086 4,199,824
========= ========= =========
Liabilities
Current liabilities
Trade and other payables 468,318 869,999 756,988
Deferred tax 22,532 - 5,960
_________ _________ _________
_________ _________ _________
Total liabilities 490,850 869,999 762,948
_________ _________ _________
Equity
Called up share capital 355,268 355,268 355,268
Share redemption reserve 239,546 239,546 239,546
Share premium account 1,457,645 1,457,645 1,457,645
Share based payment 90,979 59,097 74,440
reserve
Retained earnings 1,442,185 1,392,531 1,309,977
_________ _________ _________
Total equity 3,585,623 3,504,087 3,436,876
_________ _________ _________
_________ _________ _________
Total equity and 4,076,473 4,374,086 4,199,824
liabilities
========= ========= =========
Unaudited Consolidated Statement of Changes in Equity
For the six months ended 30 April 2017
Share based
Share payment
Share redemption Share reserve Retained
capital reserve premium earnings Total
equity
GBP GBP GBP GBP GBP GBP
At 1 November 355,268 239,546 1,457,645 43,497 1,348,002 3,443,958
2015
Profit for the
six months to
30 April 2016 - - - - 94,977 94,977
Share option
charge - - - 15,600 - 15,600
Dividends - - - - (50,448) (50,448)
________ _________ _________ _________ _________ _________
At 30 April 355,268 239,546 1,457,645 59,097 1,392,531 3,504,087
2016
Profit for the
six months to
31 October 2016 - - - - (32,106) (32,106)
Share based
payment charge
- - - 15,343 - 15,343
Dividends - - - - (50,448) (50,448)
________ _________ _________ _________ _________ _________
At 31 October 355,268 239,546 1,457,645 74,440 1,309,977 3,436,876
2016
Profit for the
six months to
30 April 2017 - - - - 132,208 132,208
Share option - - - 16,539 - 16,539
charge
________ _________ _________ _________ _________ _________
Balance at 30 355,268 239,546 1,457,645 90,979 1,442,185 3,585,623
April 2017
======== ========= ========= ========= ========= =========
There has been no issue of shares in the six months ended 30 April 2017.
Unaudited Consolidated Cash Flow Statement
For the six months ended 30 April 2017
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 April 2017 30 April 2016 31 October 2016
GBP GBP GBP
Cash flows from operating
activities
Profit before taxation 148,781 118,721 30,019
Amortisation 112,998 103,633 209,365
Depreciation 1,222 1,980 4,002
Share based payments 16,539 15,600 30,943
Finance income (95) (191) (1,060)
(Increase)/decrease in 15,884 (37,922) (23,320)
receivables
(Decrease)/increase in payables (288,670) (297,628) (290,186)
Corporation tax paid - - (57,900)
_________ _________ _________
Net cash inflow from operating 6,659 (95,807) (98,137)
activities
_________ _________ _________
Cash flows from investing
activities
Investment in copyrights (113,790) (118,547) (280,176)
Investment in fixed assets - (1,750) (2,436)
Finance income 95 191 1,060
_________ _________ _________
Net cash used in investing (113,695) (120,106) (281,552)
activities
_________ _________ _________
Cash flow from financing
activities
Dividend paid - (50,448) (100,896)
_________ _________ _________
Net cash outflow from financing - (50,448) (100,896)
activities
_________ _________ _________
Net change in cash and cash (107,036) (266,361) (480,585)
equivalents
Cash at the beginning of the 335,664 816,249 816,249
period
_________ _________ _________
Cash at end of the period 228,628 549,888 335,664
========= ========= =========
Notes to the Interim Report
For the six months ended 30 April 2017
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 2016 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 2017. 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 2016.
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 2017 and the audited twelve months figures for the year
ended 31 October 2016.
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 share 6 months 6 months 12 months ended
ended ended 31 October 2016
30 April 2017 30 April 2016
Profit for period 132,208 94,977 62,871
attributable to equity
shareholders
Weighted average number 71,053,698 71,053,698 71,053,698
of shares in issue at
period end
_________ _________ _________
Basic earnings per share 0.19p 0.13p 0.09p
========= ========= =========
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 2016 31 October 2016
2017
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
71,053,698 ordinary shares of 0.5p
each 355,268 355,268 355,268
========== ========== ==========
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 27, 2017 02:00 ET (06:00 GMT)
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