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One Media iP Group expects full-year revenues to rise 14% as it explores acquisition opportunities
StockMarketWire.com
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Digital music rights acquirer, publisher and distributor, One Media iP Group, has said it expects full-year revenues to be around 14% higher than 2019 revenues following continued growth in music streaming.
It said for the full year ended 31 October 2020, earnings before interest, taxes, and amortization (EBITDA) is expected to be 30% higher than in the previous year. It has an unaudited cash balance of £6.7 million 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 full-year results are expected to be released in March 2021.
Michael Infante, CEO of One Media iP, said: '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.'
At 8:20am: (LON:OMIP) One Media IP Group PLC share price was +0.73p at 6.38p
Story provided by StockMarketWire.com
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