One Media Share News (OMIP)

(Sharecast News) - Digital music rights acquirer One Media IP Group said on Tuesday that it continues to trade in line with expectations despite "general economic turbulence" and wider shifts in the music industry.
One Media stated it now expects to report full-year revenues of roughly £4.4m and underlying earnings of £1.65m for the 12 months ended 31 October, a year-on-year increase of 10% and 11%, respectively.

However, One Media acknowledged that unfavourable foreign exchange rate movements had impacted its underlying earnings performance when compared to the previous trading year.

The AIM-listed group also highlighted that it retains "a healthy cash position", with an unaudited cash balance of £2.6m and with £1.9m in structured debt as of 31 October 2021.

Chief executive Michael Infante said: "Our cautious acquisition program and keeping to within the board's agreed range of multiples payable will serve the business well in the longer term. The music industry remains robust, in particular in the areas where One Media has been active. We have an ongoing pipeline of profitable and cash yielding opportunities where we would invest via the Harmony IP initiative. We are confident of continued steady growth."

As of 1550 GMT, One Media shares were down 6.67% at 7.0p.