OMIP.L

One Media iP Group Plc
One Media iP Group - Half-year Report
28th June 2024, 06:00
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RNS Number : 2384U
One Media iP Group PLC
28 June 2024
 

28 June 2024

 

One Media iP Group Plc

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

 

Interim Results for the six months ended 30 April 2024

 

Revenues stable with core business of music rights continuing to deliver positive performance

 

One Media (AIM: OMIP), the digital media content owner and manager which specialises in the active monetisation of music and video intellectual property rights, together with copyright protection technology, announces its unaudited interim results for the six months ended 30 April 2024.

 

Financial Highlights

·      Increase in Group revenue to £2.8m (H1 2023: £2.7m), of which £2.6m was generated from intellectual property royalties, driven by organic growth and expert management of copyrights portfolio

·      Net revenue at £1.8m (H1 2023: £1.8m) mainly due to ongoing allocation of resources to the Group's Technical Copyright Analysis Tool software ("TCAT"), in line with Group strategy

·      14% increase in EBITDA to £0.9m (H1 2023: £0.8m), with growth largely due to management focus on cost efficiencies within TCAT business and ongoing performance of core portfolio of music copyrights

·      Notwithstanding funding of TCAT, considering that no new material additions have been made to the portfolio, the core business of copyright investments performed positively and in line with expectations, delivering an EBITDA of £1.1m

·      Debt decreased to £1.3m (H1 2023: £1.7m) with continuation of payments in line with refinancing terms reducing Coutts facility by a further £0.4m

·      Cash balance at 30 April 2024 of £0.9m (H1 2023: £2.2m)

·      Increase in EPS to 0.08p (H1 2023: 0.07p)

·      Net margin maintained at 67% (H1 2023: 67%)

·      Final dividend of 0.055p per share distributed in June 2024

 

Operational Highlights

·      Continued focus on active management of music copyrights portfolio to maximise income potential of rights under ownership

·      Entertain Me acquisition, completed in November 2023, performing well and delivering multiples in line with expectations

·      No further catalogue investments due to prioritisation of cash towards TCAT subsidiary  

·      Experimental launch of a new record label, 'The Carolean', to take advantage of the explosion in sales of vinyl record market, where a 7.1% CAGR is projected from 2024-2032

·      Efforts to establish and grow software subsidiary, TCAT, ongoing, with focus on cost efficiencies, new product launches and sales and marketing functions

 

Market and outlook

 

·      Music industry continuing to enjoy benefits of industry tailwinds, supporting strong value and revenue growth with growing opportunities to monetise music.

·      Long term impact of artificial intelligence (AI) on the music industry yet to be determined, with the potential for both positive and negative outcomes for the music industry and the Group, including the increased discoverability of its catalogues and copyright infringement, which TCAT was built to tackle. The management and Board continue to keep developments under review as part of its day to day operations.

Michael Infante, CEO said: "One Media's principal expertise is in managing and investing in music copyrights and this core part of our business continues to perform well and in line with expectations. Our capacity to grow our Group profits, however, is somewhat constrained by the continued strategic allocation of resources, including management time, towards establishing and growing our music anti-piracy technology tool, TCAT. This strategy remains under constant review and, as stated previously, we ultimately see TCAT's future lying outside of the core music group. As expected, the delivery of shareholder value continues to be the overriding priority for the management team and Board."

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 Lazzaretti

 

Tel: +44 (0)20 7213 0880

 

 

 

Cavendish Capital Markets Limited

Broker

Giles Balleny (Corporate Finance)

Michael Johnson (Sales)

 

Tel: +44 (0)20 7397 8900


 

Claire Turvey, Fourth Pillar

 

Financial PR

Tel: +44 (0)7850 548 198

 

About One Media iP Group Plc

One Media is a digital music rights acquirer, publisher and distributor with a diversified catalogue of over 400,000 music tracks. 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 and TV whilst its video content is primarily viewed on YouTube where One Media operates over 20 YouTube channels as a certified partner. Additionally, its copyright infringement and digital music audit tool software TCAT is used by major record labels and the world leading digital international distributor. Men & Motors, the Company's branded car channel, is now available via YouTube www.youtube.com/channel/UCNLiybn_9jgQaV0NZlSRwCg

One Media is listed on the AIM Market of the London Stock Exchange under the ticker 'OMIP'.

For further information, please visit www.omip.co.uk and www.harmonyip.com/ 

Chairman's Statement

 

The half year results for the six months to 30 April 2024, while positive, have not delivered the same level of growth that we are used to achieving at One Media, with only a modest uplift in Group revenues and flat net revenues.


The core business of investing in and managing digital music rights is performing well and very much in line with expectations. However, the Group's ability to invest in and grow the portfolio, which focuses on evergreen tracks with a continued appeal to listeners of all ages and proven, recurring income streams, is limited at present by the level of resources required to establish and build the Group subsidiary, TCAT.

 

On 6 January 2023, we announced that an assessment of the strategic position of the TCAT business had been completed in conjunction with the Group's advisors and engagement with major shareholders.  This included a consideration of both the external and internal funding options available, given the strength of the Group's balance sheet. The review concluded that greater value could be captured by retaining TCAT within the Group and supporting TCAT in reaching its next level of growth.

 

Since then, the Group strategy has focused on supporting TCAT through the introduction of cost efficiencies and the diversion of revenues from the successful digital copyrights business towards this anti-piracy SaaS platform. Alongside the TCAT management team, we continue to keep this strategy under review to ensure that it is delivering the best possible value for shareholders and all of the options available to us continue to be explored, including the possibility of bringing on board a partner with the financial flexibility and technology expertise to bring TCAT to its next level of development.

 

Financial performance

The Group financial performance for the period was positive but also reflected the ongoing allocation of resources towards TCAT, together with changes to some of the subscription models on DSPs (Digital Service Providers), particularly Amazon which traditionally accounts for the majority of our income from streaming platforms.

More than 12 months on, the full impact of the changes implemented at Amazon Music in November 2022, whereby the entirety of its library of 100 million songs was made available to Amazon Prime members at no additional cost to the consumer but to the detriment of royalty payments to music rightsholders, has now been felt.

While the move has led to a reduction in income to the Group from the Amazon Music platform, with a full year under the new model now past, we do not, at this stage, expect there to be any further impact on Group revenues. As the media has reported, disputes between music rightsholders and digital platforms, including Amazon Music, Spotify and TikTok, are ongoing and the industry continues to push hard to ensure that music rightsholders, which include songwriters and musicians, get fairly paid for the creative works and intellectual property under their ownership.

This, alongside the strategy to divert revenues from the core business to fund TCAT, meant revenues grew only slightly to £2.8 million (H1 2023: £2.7 million). £2.6 million of this was generated from royalty payments derived from our portfolio of high quality digital music rights with a proven vintage and income performance. Net revenues were flat at £1.8 million.

Alongside the allocation of resources to TCAT, there has also been a focus on delivering cost efficiencies within the subsidiary business, which helped deliver a 14% increase in EBITDA to £0.9 million (H1 2022: £0.8 million). Excluding the TCAT investment, the core business of digital rights performed positively delivering a standalone EBITDA of £1.1 million.

Net margin has also been maintained at 67%, while EPS is also in line with the equivalent period last year, at 0.08p.

As at 30 April 2024 the Group's cash balance was £0.9 million (H1 2023: £2.2 million) and while borrowings have continued to decrease, reducing from £1.7 million at the year end to £1.3 million as at 30 April 2024.

Alongside the continued positive performance, a final dividend for the 2023 year of 0.055p per share was distributed in June 2024, which was approved by shareholders at the Company's Annual General Meeting held on 30 May 2024.

Operations and investments

The Group continues to monetise its portfolio of rights, with the highlights of the period including the launch of a new record label, 'The Carolean', to take advantage of the explosion in sales of vinyl records, which have just posted their sixteenth consecutive year of growth in the UK. A recent report from the Entertainment Retailers Association showed vinyl sales grew by 17.8% in 2023, generating £177.3 million in revenue.

One Media will use its Carolean record label to reissue some of the biggest songs and artists from its 250,000-strong catalogue. Initial reissues include collections from Mungo Jerry, whose global hit 'In the Summertime' remains the joint-third biggest selling single of all time (30 million sales), The Troggs, disco legend George McCrae and soul-reggae star Judy Boucher.

In addition to the Carolean launch, 'The Magic Flute - Dies Bildnis ist bezaubernd schön' from the Point Classics catalogue has been placed in the highly acclaimed, American post-apocalyptic drama The Walking Dead: Dead City, S1EP06. The episode aired 23 July 2023 on AMC.

The strategic focus on TCAT has restricted management's ability to invest in new catalogues to build out the portfolio of rights. The most recent acquisition, completed in September 2023 and comprising the licensor's income share of the 'Entertain Me' catalogue of rights on an in-perpetuity basis, has performed well and the returns multiple has been fully in line with expectations.

 

Alongside the successful catalogues business, efforts to establish and grow TCAT as the go to software platform to protect rightsholders from copyright infringement have focused largely on enforcing cost efficiencies across the business; investment in expanding its product offer to the industry; and supporting the sales and marketing function.

 

The technology landscape is moving at a rapid pace, particularly now with the acceleration in AI capabilities and corresponding growth in specialist music technology companies, whose singular mission is often well funded. The rapid growth of this change is making the development of TCAT more challenging, given the current restrictions in funding. The strategy for the business remains under review, including the possibility of combining with a partner whose sole expertise lies in AI driven music technology, in light of the Board and management's primary duty to its shareholder base.

 

Environmental, social and governance

ESG continues to form a fundamental part of our corporate strategy. We fully recognise the importance of environmental stewardship, social responsibility and good governance as custodians of your company and best practice business operators.

As ever, we remain committed to upholding the highest standards of corporate governance, transparency and ethical business practices. Our Board of Directors and management team work within a strong governance framework, ensuring that we operate with integrity and, at all times, in the best interests of our shareholders.

We actively engage with local communities on an ongoing basis through various philanthropic activities and volunteering efforts. This includes our voluntary contribution to the BPI; The Tring Park School of Performing Arts; placements for undergraduates and apprentices within our Creative Technician team; and offering assistance to artists within the One Media digital distribution arena to help them to better understand their royalty reporting income with one-to-one engagement.

Market backdrop and outlook

 

As outlined in the 2023 annual results, the outlook for the music industry is positive, boding well for the investment proposition of our core business.

 

We are confident in the quality of our portfolio, supported by the ability of the experts we have within the One Media team, is very well positioned to benefit from these structural tailwinds and the growing popularity and longevity of artists and music with an older vintage.

 

 

Finally, I would like to express gratitude to the management team for their hard work and of course to our shareholders for their ongoing support.

 

Claire Blunt

Chairman

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Unaudited Consolidated Statement of Comprehensive Income

For the six months ended 30 April 2024

 

 

Unaudited

Unaudited

Audited

6 months ended

30 April 2024

6 months ended

30 April 2023

12 months ended               31 October 2023

£

£

£

Revenue

2,755,829

2,731,644

5,363,434


Distribution charges

(570,789)

(572,920)

(1,134,118)

Royalty costs

(227,609)

(227,917)

(420,736)

Other costs

(117,946)

(110,088)

(314,523)

_________

_________

_________

Net revenue

1,839,485

1,820,719

3,494,057

Amortisation of catalogues

(507,691)

(408,353)

(853,215)

Administration expenses

(995,609)

(1,094,913)

(2,111,708)

FOREX gains

13,930

24,696

(30,996)

_________

_________

_________

Operating profit

350,115

342,149

498,138


Share based payments

-

-

(68,634)

Finance costs

(63,552)

(66,411)

(139,996)

Finance income

-

-

-

_________

_________

_________

Profit on ordinary activities before taxation

286,563

275,738

289,508


Tax expense

(103,328)

(110,033)

(184,597)

_________

_________

_________

Profit for period attributable to equity shareholders and total comprehensive income for the period

183,235

165,705

 

 

 

104,911

=========

=========

=========

Basic earnings per share

0.08p

0.07p

0.05p

=========

=========

=========

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited Consolidated Statement of Financial Position

As at 30 April 2024

 

Unaudited

Unaudited

Audited

   30 April 2024

   30 April 2023

31 October 2023

£

£

£

Assets

Non-current assets

Intangible assets

15,651,830

14,384,649

15,723,653

Property, plant and equipment

24,902

25,940

55,650

_________

_________

_________

15,676,732

14,410,589

15,779,303

_________

_________

_________

Current assets

Trade and other receivables

1,810,328

1,546,820

1,614,573

Cash and cash equivalents

850,044

2,157,169

1,243,445

_________

_________

_________

Total current assets

2,660,372

3,703,989

2,858,018

_________

_________

_________

Total assets

18,337,104

18,114,578

18,637,321

=========

=========

=========

Liabilities

Current liabilities

Trade and other payables

1,464,968

1,030,698

1,776,971

Deferred tax

236,468

158,253

236,468

_________

_________

_________

1,701,436

1,188,951

2,013,439

Borrowings

1,326,521

1,685,210

1,497,970

_________

_________

_________

Total liabilities

3,027,957

2,874,161

3,511,409

_________

_________

_________

Equity

Called up share capital

1,112,231

1,112,231

1,112,231

Share redemption reserve

239,546

239,546

239,546

Share premium account

9,484,577

9,484,577

9,484,577

Share based payment reserve

428,207

504,399

428,207

Retained earnings

4,044,586

3,899,664

3,861,351

_________

_________

_________

Total equity

15,309,147

15,240,417

15,125,912

_________

_________

_________

_________

_________

_________

Total equity and liabilities

18,337,104

18,114,578

18,637,321

=========

=========

=========

Unaudited Consolidated Statement of Changes in Equity

For the six months ended 30 April 2024

 

Share capital

Share redemption reserve

Share premium

Share based payment reserve

Retained earnings

Total equity

£

£

£

£

£

£

At 1 November 2022

1,112,231

239,546

9,484,577

504,399

3,733,959

15,074,712

Proceeds from the issue of new shares

-

-

-

-

-

-

Profit for the six months to

30 April 2023

-

-

-

-

165,705

165,705

Share based payment charge

-

-

-

-

-

-

________

_________

_________

________

_________

_________

At 30 April 2023

1,112,231

239,546

9,484,577

504,399

3,899,664

15,240,417

Share based payment adjustment

-

-

-

(144,826)

144,826

-

Dividends paid

-

-

-

-

(122,345)

(122,345)

Profit for the six months to

31 October 2023

-

-

-

-

(60,794)

(60,794)

Share based payment charge

-

-

-

68,634

-

68,634

________

_________

_________

________

_________

_________

At 31 October 2023

1,112,231

239,546

9,484,577

428,207

3,861,351

15,125,912

Proceeds from the issue of new shares

-

-

-

-

-

-

Profit for the six months to

30 April 2024

-

-

-

-

183,235

183,235

Share based payment charge

-

-

-

-

-

-

________

_________

_________

________

_________

_________

Balance at 30 April 2024

1,112,231

239,546

9,484,577

428,207

4,044,586

15,309,147

========

=========

=========

========

=========

========

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited Consolidated Cash Flow Statement

For the six months ended 30 April 2024

 

Unaudited

Unaudited

Audited

6 months

ended  

   30 April 2024

6 months

ended  

   30 April 2023

12 months ended

31 October 2023

£

£

£

Cash flows from operating activities

Profit before taxation

286,564

275,738

289,508

Amortisation

507,691

408,353

853,215

Depreciation

27,496

25,571

59,568

Share based payments

-

-

68,634

Finance income

-

-

-

Finance costs

63,552

66,411

139,996

(Increase)/decrease in receivables

(195,756)

(74,451)

(152,021)

(Decrease)/increase in payables

(395,813)

(72,802)

783,172

Corporation tax paid

-

(6,108)

(144,866)

_________

_________

_________

Net cash inflow from operating activities

293,734

622,712

1,897,206

_________

_________

_________

Cash flows from investing activities

Investment in copyrights / licenses

(206,805)

(72,791)

(1,385,329)

TCAT development

(225,811)

(282,181)

(753,507)

Investment in fixed assets

-

(38,512)

(67,950)

Finance income

-

-

-

_________

_________

_________

Net cash used in investing activities

(432,616)

(393,484)

(2,206,786)

_________

_________

_________

Cash flow from financing activities

Finance cost paid

(64,519)

(57,722)

(125,813)

Bank loan

-

-

-

Loan notes repayment

(190,000)

(190,000)

(374,480)

Loan notes

-

-

-

Dividend paid

-

-

(122,345)

_________

_________

_________

Net cash (outflow) from financing activities

(254,519)

(247,722)

(622,638)

_________

_________

_________

Net change in cash and cash equivalents

(393,401)

(18,494)

(932,218)

Cash at the beginning of the period

1,243,445

2,175,663

2,175,663

_________

_________

_________

Cash at end of the period

850,044

2,157,169

1,243,445

=========

=========

=========

Notes to the Interim Report

For the six months ended 30 April 2024

 

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 2023 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 2024. 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 2023.

 

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 2023 and the audited twelve months figures for the year ended 31 October 2023.

 

3.   Segmental Analysis

 

IFRS 8 'Operating Segments' requires the Group's segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker to allocate resources to the segments and to assess their performance. The Chief Operating Decision Maker is considered to be the Chief Executive Officer of One Media IP Group Plc.

 

The Chief Operating Decision Maker receives and reviews segmental operating profit. Certain central administrative costs including Group Directors' salaries are included within the Group's Licenses result. This is consistent with the results as reported to the Chief Operating Decision Maker.

 

Each segment is shown net of intercompany transactions and balances within that segment. The eliminations remove intercompany transactions and balances between the different segment which primarily relate to the net draw down of loans and short-term working capital funding provided by One Media IP Group Plc to the other company in the Group. Inter-segment transactions are undertaken in the ordinary course of business on arm's length terms.

 

 

 

 

 

Information regarding the Group's reportable operating segments for the period ended 30 April 2024 is shown below:

 

 

Income statement

Licenses

£

TCAT

£

Total

£




 

Revenue

2,607,955

147,874

2,755,829

Distribution charges

(570,789)

-

(570,789)

Royalty costs

(227,609)

-

(227,609)

Other costs

(77,979)

(39,967)

(117,946)

Net revenue

1,731,578

107,907

1,839,485




 

Amortisation

(415,943)

(91,748)

(507,691)

Administration expenses

(696,859)

(298,750)

(995,609)

Foreign exchange gains

15,109

(1,179)

13,930




 

Operating profit

633,885

(283,770)

350,115




 

Finance costs

(63,552)

-

(63,552)




 

Profit / (loss) before taxation

570,333

(283,770)

286,563




 

Tax expense



(103,328)




 

Profit for the period



183,235

 

 

 

 

Total assets and liabilities

Licenses

£

TCAT

£

Eliminations

£

Total

£

Total assets

18,345,625

3,346,802

(3,355,323)

18,337,104

Total liabilities

(3,010,797)

(3,372,483)

3,355,323

(3,027,957)

Total segment net assets/ (liabilities)

15,334,828

(25,681)

-

15,309,147

 

 

Revenue by segment

 

The Group considers it has two business segments with its Profit from the acquisition and exploitation of mixed media intellectual property rights for distribution and a SAAS platform, ultimately earned from its sole activity in the United Kingdom.

 

 

 

 

 

 

 

Unaudited 30 April 2024

 

Unaudited 30 April 2023

 

Year ended

 31 October 2023

 

 

 

£

 

£

 

£

 

 

 

 

 

 

 

 

Licenses and other media intellectual property

 

 

 

2,607,955


 

2,550,124

 

5,027,137

TCAT

 

 

147,874


181,520

 

336,297


 

 




 



 

 

2,755,829


2,731,644

 

5,363,434

 

4.    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 ended

30 April 2024

6 months ended

30 April 2023

12 months ended

31 October 2023

Profit for period attributable to equity shareholders

183,235

165,705

104,911

Weighted average number of shares in issue at period end

222,446,249

222,446,249

222,446,249

_________

_________

_________

Basic earnings per share

0.08p

0.07p

0.05p

=========

=========

=========

 

The diluted earnings per share would be lower than the basic profit per share as the exercise of warrants and options would be dilutive.

 

5.   Share capital

 

 

Unaudited

Unaudited

Audited

   30 April 2024

30 April 2023

31 October 2023

Group and company

£

£

£

Issued:

Ordinary shares of 0.5p each

222,446,249 ordinary shares of 0.5p each

1,112,231

1,112,231

1,112,231

==========

==========

==========

 

 

6.   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.

 

 

 

Caution regarding forward looking statements

 

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

 

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