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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 0.0% 7.25 7.00 7.50 7.25 7.25 7.25 107,464 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 4.0 0.7 0.4 17.3 16

One Media iP Group PLC Half-year Report

20/07/2021 7:00am

UK Regulatory (RNS & others)


One Media Ip (LSE:OMIP)
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RNS Number : 7415F

One Media iP Group PLC

20 July 2021

One Media iP Group Plc

("One Media", the "Group" or the "Company")

Interim Results for the six-months ended 30 April 2021

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 2021.

Financial Highlights

   --      Revenue increased by 3.5% to GBP2,102,848 (H1 2020: GBP2,032,598) 
   --      Gross profit increased 6.7% to GBP1,066,650 (H1 2020: GBP999,848) 

-- Gross profit (excluding Amortisation) increased 5.2% to GBP1,329,786 (H1 2020: GBP1,264,359)

-- Cash balances of GBP6,373,525 at 30 April 2021 (H1 2020: GBP1,076,134, Year End 2020: GBP6,766,424)

Operational Highlights

   --      Formation of TCAT Ltd as a separate subsidiary 
   --      Acquisition of Take That producer royalties 
   --      Launch of Men & Motors TV channel 
   --      Acquisition of 21 Vision catalogue royalties 
   --      Dividend Declaration 

Post half year end

   --      Acquisition of Kid Creole and the Coconuts producer royalties 

-- Acquisition of Steve Levine Producer's Royalties of music performed by Culture Club, Louise, 911 and the Honeyz

-- Acquisition of Barry Blues producer Royalties of music performed by Heatwave including Boogie Nights and Always and Forever

   --      Acquisition of certain composition and recordings rights in over 200 Don Williams tracks 

-- Blended NPS (Net Publisher Share) multiple of 11.73 and deploying GBP4m (four million pounds - USD$5.5m) on the six acquisitions to date

Michael Infante, CEO of One Media iP, commented:

"We are far from 'business as normal' as a country, as the world's press reports and given these extraordinary times I am very pleased with our half year results. Streaming has now replaced nearly all aspects of downloading and with iTunes discontinuing its downloading store, we are set to continue delivering our content with our expert team of Creative Technicians fully experienced in the digital environment now for over a decade. Who would have imagined that vinyl would outlive downloads? We did! We have been talking of streams and the shifting market now for many years.

We have seen our acquisition program via Harmony IP gain traction and press acclaim and can report 'face to face' meetings with targets have now resumed.

It is a refreshing 'reboot' and many of us will be happy not to see the 'kitchens' and 'lounges' displayed via online conferencing. I have become an expert in interior design!

During the period under review the trade and assets of TCAT were transferred into a newly incorporated subsidiary - TCAT Ltd. TCAT's new team is now in place to expand its software offering to the music industry at large.

Further information on TCAT can be expected throughout the year.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation. 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 
  Lazzaretti                          0880 
 
 Cenkos Securities plc               Broker 
 Max Gould/Giles Balleny/Michael     Tel: +44 (0)20 7397 
  Johnson (Sales)                     8900 
 
 PPR Publicity                       Tel: +44 (0)7930 304301 
 

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 delivered pleasing results in H1 2021 and has continued to execute its strategic plans in that period with further acquisitions enhancing the value of its existing catalogue. The six acquisitions made so far this year are delivering a blended NPS (Net Publisher Share) multiple of 11.73 and deploying circa GBP4m of the Company's cash resource to date. Due to the timing of these acquisitions, they have not contributed to the H1 2021 results yet but will do so in the coming financial periods.

Financial pressure from the weaker USD Dollar against GBP has impacted revenues but the underlying growth remains strong. The impact of COVID-19 has continued to present challenges in terms of the rate of acquisitions but the Group has been able to continue to fully employ all its staff and to work efficiently on a remote and hybrid working basis.

The Group's subsidiary, TCAT Limited, continues to operate successfully in further developing its anti-piracy tool, with a team of 7 staff and has received HMRC approval for VCT/EIS funding facilitating TCAT Limited to seek new sources of funding.

COVID-19

The ongoing global disruption caused by Covid-19 is continually monitored and the Group is confident that business will continue as normal and that our services will remain uninterrupted. The business has a robust recurring income model that lends itself to remote working, much like its major partners. As a result of a planned disaster recovery process all of the Group's business operations continue as normal. However, the Group understands that it cannot control the effects on third parties and their business operations. In the event of a material drop in revenue the Group has significant cash reserves that enables it to continue to operate during this period without any adverse impact on the business. The directors have reviewed the Group's assets and believe this current event will not require any impairment, this is based on a review of the performance of the Group's historical catalogue as well as the detailed due diligence on the income profile of recent acquisitions.

Financial Overview

The Group has continued to manage its financial position over the six-month period to 30 April 2021 with profitable operations. Group consolidated revenue was GBP2,102,848 for the six-months ended 30 April 2021 (30 April 2020: GBP2,032,598).

Profit before tax amounted to GBP359,117 (30 April 2020: GBP399,236) with an EBITDA figure of GBP722,761 (2020: GBP757,678). Gross profit increased by 6.7% to GBP1,066,650 (2020: GBP999,848) and Gross Profit (excluding Amortisation) increased by 5.2% to GBP1,329,786 (2020: GBP1,264,359).

The Group receives the majority of its income in US Dollars. Recent movements in exchange rates have been unfavourable however the Board carefully monitors exchange rates to ensure the Company can seek to take advantage of the best exchange rates available. One Media deals in a worldwide market and needs to convert its digital income from the many territories' currencies in which it operates on a monthly basis. All of these local currencies are converted to US Dollars which ultimately are reported in Pounds Sterling.

The USD performance of the Company's main distributors (c. 80% of the income) has shown a positive Year on Year increase of 9%.

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 2021 were GBP6,373,525 (30 April 2020: GBP1,076,134).

Dividend

On 31 March 2021 the Group declared a final dividend of 0.055p per ordinary share, which was paid in May 2021. The Board continues to review its policy regarding dividends and has established that the objective of its Dividend Distribution Policy continues to maintain an equilibrium between retention of profit to finance long-term growth plans whilst rewarding shareholders for their support.

Industry and Outlook

Despite significant uncertainty caused by COVID-19, the global recorded music market has demonstrated resilience and a recent report from Goldman Sachs predicts the global market to grow from $20.5bln to $37bln in 2030. The Group is confident that with its scalable business model, its track record of acquiring assets with recurring revenue streams it will continue to capitalise on the growth of global streaming and deliver increasing shareholder value.

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 2021

 
                               Unaudited     Unaudited             Audited 
                                6 months      6 months           12 months 
                                   ended         ended    ended 31 October 
                                30 April      30 April                2020 
                                    2021          2020 
                                     GBP           GBP                 GBP 
 
 Revenue                       2,102,848     2,032,598           4,005,385 
 Cost of sales               (1,036,198)   (1,032,750)         (2,069,203) 
                               _________     _________           _________ 
 Gross profit                  1,066,650       999,848           1,936,182 
 
 Administrative expenses       (584,452)     (436,591)           (916,298) 
                               _________     _________           _________ 
 Operating profit                482,198       563,257           1,019,884 
 
 Share based payments           (30,125)      (73,570)            (62,465) 
 Finance costs                  (92,956)      (90,459)           (223,384) 
 Finance income                        -             8                   8 
                               _________     _________           _________ 
 Profit on ordinary 
  activities before 
  taxation                       359,117       399,236             734,043 
 Tax expense                    (61,780)      (69,078)           (103,846) 
                               _________     _________           _________ 
 Profit for period 
  attributable to equity 
  shareholders and total 
  comprehensive income 
  for the year                   297,337       330,158             630,197 
                               =========     =========           ========= 
 Basic earnings per 
  share                            0.15p         0.24p               0.42p 
                               =========     =========           ========= 
 

Unaudited Consolidated Statement of Financial Position

As at 30 April 2021

 
                                Unaudited    Unaudited      Audited 
                                 30 April     30 April   31 October 
                                     2021         2020         2020 
                                      GBP          GBP          GBP 
 Assets 
 Non-current assets 
 Intangible assets              8,432,165    8,788,257    8,884,158 
 Investments                      971,679            -            - 
 Property, plant 
  and equipment                    86,849        4,166       91,260 
                                _________    _________    _________ 
                                9,490,693    8,792,823    8,975,418 
                                _________    _________    _________ 
 Current assets 
 Trade and other 
  receivables                   1,385,946    1,095,899    1,141,555 
 Cash and cash equivalents      6,373,525    1,076,134    6,766,424 
                                _________    _________    _________ 
 Total current assets           7,759,471    2,172,033    7,907,979 
                                _________    _________    _________ 
 Total assets                  17,250,164   10,964,856   16,883,397 
                                =========    =========    ========= 
 
 Liabilities 
 Current liabilities 
 
 Trade and other 
  payables                        821,704      820,622      823,151 
 Deferred tax                     117,356       83,128      117,356 
                                _________    _________    _________ 
                                  939,060      903,750      940,507 
 
 Borrowings                     1,724,243    1,637,848    1,697,241 
                                _________    _________    _________ 
 
 Total liabilities              2,663,303    2,541,598    2,637,748 
                                _________    _________    _________ 
 Equity 
 
 Called up share 
  capital                       1,112,231      678,018    1,109,731 
 Share redemption 
  reserve                         239,546      239,546      239,546 
 Share premium account          9,484,577    4,314,220    9,473,327 
 Share based payment 
  reserve                         457,346      438,326      427,221 
 Retained earnings              3,293,161    2,753,148    2,995,824 
                                _________    _________    _________ 
 Total equity                  14,586,861    8,423,258   14,245,649 
                                _________    _________    _________ 
 
                                _________    _________    _________ 
 Total equity and 
  liabilities                  17,250,164   10,964,856   16,883,397 
                                =========    =========    ========= 
 
 
 

Unaudited Consolidated Statement of Changes in Equity

For the six months ended 30 April 2021

 
                        Share         Share       Share       Share    Retained        Total 
                      capital    redemption     premium       based    earnings       equity 
                                    reserve                 payment 
                                                            reserve 
                          GBP           GBP         GBP         GBP         GBP          GBP 
 At 1 November 
  2019                678,018       239,546   4,314,220     364,756   2,440,209    8,036,749 
 Profit for 
  the six months 
  to 
  30 April 
  2020                      -             -           -           -     330,158      330,158 
 Share based 
  payment charge            -             -           -      73,570           -       73,570 
                     ________     _________   _________   _________   _________    _________ 
 At 30 April 
  2020                678,018       239,546   4,314,220     438,326   2,770,367    8,440,477 
 Proceeds 
  from the 
  issue of 
  new shares          431,713             -   5,159,107           -           -    5,590,820 
 Dividends 
  paid                      -             -           -           -    (74,582)     (74,582) 
 Profit for 
  the six months 
  to 
  31 October 
  2020                      -             -           -           -     300,039      300,039 
 Share based 
  payment charge            -             -           -    (11,105)           -     (11,105) 
                     ________     _________   _________   _________   _________    _________ 
 At 31 October 
  2020              1,109,731       239,546   9,473,327     427,221   2,995,824   14,245,649 
 Proceeds 
  from the 
  issue of 
  new shares            2,500             -      11,250           -           -       13,750 
 Profit for 
  the six months 
  to 
  30 April 
  2021                      -             -           -           -     297,337      297,337 
 Share based 
  payment charge            -             -           -      30,125           -       30,125 
                     ________     _________   _________   _________   _________    _________ 
 Balance at 
  30 April 
  2021              1,112,231       239,546   9,484,577     457,346   3,293,161   14,586,861 
                     ========     =========   =========   =========   =========    ========= 
 

Unaudited Consolidated Cash Flow Statement

For the six months ended 30 April 2021

 
                               Unaudited   Unaudited       Audited 
                                6 months    6 months     12 months 
                                   ended       ended         ended 
                                30 April    30 April    31 October 
                                    2021        2020          2020 
                                     GBP         GBP           GBP 
 Cash flows from operating 
  activities 
 
 Profit before taxation          386,118     399,236       734,043 
 Amortisation                    240,411     245,018       523,170 
 Depreciation                      7,552       3,372        18,504 
 Share based payments             30,125      73,570        62,465 
 Finance income                        -         (8)           (8) 
 Finance costs                    92,455      90,459       223,384 
 (Increase)/decrease in 
  receivables                  (252,240)    (95,304)     (162,150) 
 (Decrease)/increase in 
  payables                      (94,780)   (276,957)     (238,909) 
 Corporation tax paid                  -    (59,433)     (127,735) 
                               _________   _________     _________ 
 Net cash inflow from 
  operating activities           409,641     379,953     1,032,764 
                               _________   _________     _________ 
 
 Cash flows from investing 
  activities 
 
 Investment in copyrights 
  / licenses                   (303,733)   (133,154)     (506,919) 
 TCAT Funding                  (456,362)           -             - 
 Investment in fixed assets      (3,141)           -     (102,117) 
 Finance income                        -           8             8 
                               _________   _________     _________ 
 Net cash used in investing 
  activities                   (763,236)   (133,146)     (609,028) 
                               _________   _________     _________ 
 
 Cash flow from financing 
  activities 
 
 Proceeds from the issue 
  of new shares                   13,750           -     5,590,820 
 Finance cost paid              (53,054)    (55,790)     (109,136) 
 Loan notes                            -      24,506        74,975 
 Dividend paid                         -           -      (74,582) 
                               _________   _________     _________ 
 Net cash inflow from 
  financing activities          (39,304)    (31,284)     5,482,077 
                               _________   _________     _________ 
 
 Net change in cash and 
  cash equivalents             (392,899)     215,523     5,905,813 
 Cash at the beginning 
  of the period                6,766,424     860,611       860,611 
                               _________   _________     _________ 
 Cash at end of the period     6,373,524   1,076,134     6,766,424 
                               =========   =========     ========= 
 

Notes to the Interim Report

For the six months ended 30 April 2021

   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 2020 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 2021. 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 2020.

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 2021 and the audited twelve months figures for the year ended 31 October 2020.

   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          6 months ended   6 months ended     12 months 
  per share               30 April 2021    30 April 2020         ended 
                                                            31 October 
                                                                  2020 
 
 Profit for period 
  attributable to 
  equity shareholders           297,337          330,158       630,197 
 Weighted average 
  number of shares 
  in issue at period 
  end                       192,069,005      135,603,699   149,252,562 
                              _________        _________     _________ 
 Basic earnings 
  per share                       0.15p            0.24p         0.42p 
                              =========        =========     ========= 
 

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 
                                             2021         2020         2020 
 Group and company                            GBP          GBP          GBP 
 
 Authorised: 
 
 200,000,000 ordinary shares 
  of 0.5p each                          1,000,000    1,000,000    1,000,000 
                                       ==========   ==========   ========== 
 
 Issued: 
 
 Ordinary shares of 0.5p 
  each 
 
 222,449,249 (H1 2020: 135,603,699, 
  FY 2020: 221,946,249) ordinary 
  shares of 0.5p each                   1,112,231      678,018    1,109,731 
                                       ==========   ==========   ========== 
 
   5.   Interim statement 

Copies of this statement are available from the Group's registered Office at:

623 East Props Building, Goldfinger Avenue, Pinewood Road, Iver Heath, Buckinghamshire, SL0 0NH.

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