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One Media IP Group PLC on Friday said it expected its earnings before interest, tax, depreciation and amortisation to grow in the financial year that ended October 31 on the back of a burgeoning music industry.
The Iver, England-based digital music rights acquirer, publisher and distributor anticipates an Ebitda of around £1.8 million, 9.2% higher than £1.6 million a year prior. Further, revenue is set to increase by 16% to £5.1 million from £4.4 million.
One Media IP shares rose 4.6% to 6.80 pence each in London on Friday morning.
One Media said its core business trading is in line with expectations due to a ‘positive industry backdrop’.
Further, its anti-piracy software as a service subsidiary TCAT Ltd has signed additional industry contracts and trials for its proprietary software. Referring to its announcement in July which stated that One Media is exploring independent funding options for TCAT, it has come to the conclusion that retaining TCAT offers greater value.
‘Having come through that process and against the positive trajectory of the industry backdrop, we believe that One Media has more to gain by investing into the next stage of TCAT’s growth and exploring the strategic options available to realise value creation further down the line,’ said One Media Chief Executive Officer Michael Infante.
One Media expects to release its annual results in March.
By Tom Budszus, Alliance News reporter
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