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One Media IP Group PLC - Iver, England-based digital music rights acquirer, publisher and distributor - Posts higher interim profit in the six months to April 30. Pretax profit rises 41% to £505,235 from £359,117 a year ago. Revenue grows 13% to £2.4 million from £2.1 million a year ago. Earnings before interest, tax, depreciation and amortisation jump 39% to £1.0 million from £700,000.
Cash balance falls to £2.1 million at April 30 from £6.4 million a year ago.
‘Ongoing supportive market backdrop with music industry growth projections continuing to accelerate and increasing opportunities to generate royalty income through digital platforms,’ firm says.
‘Against a strengthening industry backdrop, our expertise in driving royalty income from digital recordings and disciplined approach to acquisitions have enabled us to deliver significant growth that positions us well for the remainder of the year,’ comments Chief Executive Officer Michael Infante.
Current stock price: 7.50 pence, up 11% on Tuesday
12-month change: down 9.1%
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