One Media IP Group PLC on Monday said it expects to report higher full-year revenue, despite a drop in earnings.
The digital music rights acquirer, publisher and distributor said that in year ended October 31, it delivered total revenue of about £5.4 million, up 5.9% annually from £5.1 million. Net revenue jumped 9.1% to £3.6 million from £3.3 million.
‘This positive growth is derived from the continued strength of the group’s core business of music exploitation, resulting from the team’s deep expertise in proactive music rights management as well as the positive structural tailwinds underpinning the music industry,’ One Media said.
However, earnings before interest, tax, depreciation and amortisation are expected to fall in line with expectations to about £1.4 million, down 22% from £1.8 million.
It explained that this is a result of the redirection of cash resource towards the company’s subsidiary, TCAT Ltd.
Chief Executive Michael Infante said: ‘These numbers are very much in line with our expectations, notably the continued growth of our music rights management business and the strategy that we set out during the course of this year to reinvest into the future potential of TCAT, our proprietary anti-piracy software tool.’
One Media expects to release its full year results in March 2024.
Shares in One Media were up 2.7% to 5.39 pence each in London on Monday afternoon.
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