One Media iP Group Plc (AIM: OMIP), the digital music rights acquirer, publisher and distributor, is pleased to provide the following update on trading for the full year ended 31 October 2020.
Countering the ongoing wider macro challenges, the Company continues to trade in line with market expectations and expects to report revenues for year of circa £4m and EBITDA of £1.4m, an increase of 14% and 30% respectively on the prior year. One Media retains a healthy cash position with an unaudited cash balance of £6.7m as at 31 October 2020.
Following the recent successful fundraising in August 2020, the Company continues to evaluate acquisition opportunities to be executed primarily through its Harmony IP asset release programme and full catalogue acquisitions.
The Company’s full year results are expected to be released in March 2021.
Michael Infante, CEO of One Media iP, commented: “Based on the Group’s strong performance to date and the continued growth in music streaming, the Board is confident in the outlook for the business as we remain focused on exploring further acquisition opportunities.
“We are also encouraged to observe that the sector continues to attract significant investment from outside of the industry, which we believe will help to build further interest in our business and strategy. We look forward to keeping the market updated as we continue to deliver on our growth strategy.”