REG - One Media iP Group - Final Results
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RNS Number : 7189G One Media iP Group PLC 30 April 2025
30 April 2025
One Media iP Group Plc
("One Media", "the Company" or the "Group")
Audited results for the year ended 31 October 2024
One Media iP focused on music rights investment
One Media iP (AIM: OMIP), the digital music rights acquirer, publisher and
distributor, announces its audited results for the year ended 31 October 2024.
Following the sale of TCAT Limited, the results provided are on a continuing
basis.
Post period sale of non-core assets
· On 27 November 2024, post year end, the Company announced that it
had entered into an agreement with Round Group Limited ("Round") to dispose of
its entire interest in the capital of TCAT Limited ("TCAT"), its technology
subsidiary, in exchange for a shareholding in Round.
Financial highlights (continuing operations)
· 10% increase in EBITDA to £2.0 million (2023 as restated: £1.8
million), demonstrating robust cost management.
· Total revenue decreased by 3% and net revenue (after
distribution charges, royalties, and other costs) decreased by 3% to £4.9
million (2023 as restated: £5.0 million) and £3.3 million (2023 as
restated: £3.4 million) respectively.
· Operating profit of £1.1 million (2023 as restated: £1.1
million), reflecting financial discipline throughout the year.
· Earnings per share of 0.26p (2023 as restated: 0.26p)
reinforcing shareholder value.
· IFRS NAV per share of 6p (2023: 7p), showing resilience despite
market challenges.
· £0.25 million invested in music/video license renewals and
smaller content acquisitions.
· Debt decreased by £0.4 million to £1.1 million (2023: £1.5
million) with continuation of payments in line with refinancing terms, further
reducing Coutts debt facility.
· Year end cash balance of £0.4 million (2023: £1.2 million),
reflecting proactive capital allocation.
· Post year end, the Company entered into an agreement to sell its
entire interest in the capital of TCAT, in exchange for a shareholding in
Round.
Operational and portfolio highlights
· Continued focus on active management of music copyrights
portfolio to maximise income potential of rights under ownership, while
ensuring cost efficiencies.
· Changes in Amazon Music's pricing and market strategies adversely
affected streaming revenue, but impact managed within the financial year.
· Airbnb Christmas Advert featured Point Classics' 'The
Nutcracker Suite, Op. 71a: IIb. Dance of the Sugar Plum Fairy'.
· Point Classics placements in major productions:
o The Old Man (FX, streaming on Hulu/Disney+) - String Quartet No. 13 in A
minor "Rosamunde".
o Harold and the Purple Crayon (live-action/animated film) - Für Elise.
o The Great North (Fox, streaming on Hulu) - Requiem KV 626 - Kyrie.
o American Fiction (Amazon Prime US, UK cinemas) - Milano Quartet No. 4 in
E Flat Major - Allegro Brillante.
o The Walking Dead: Dead City (AMC) - The Magic Flute - Dies Bildnis ist
bezaubernd schön.
· Successful relaunch of The Great British Channel on YouTube,
which has rapidly grown to surpass 100,000 subscribers, captivating audiences
with engaging historical colour footage of World War II and compelling
cultural documentaries. This expansion contributed to a total subscriber base
of over 770,000 across the Group's 23 YouTube channels.
· Entertain Me acquisition, completed in November 2023, continues
to perform well and delivering multiples in line with expectations.
· Experimental launch of a new record label, 'The Carolean', to
take advantage of the significant uplift in vinyl record sales, where a 7.1%
CAGR is projected from 2024-2032.
Positive outlook underpinned by supportive backdrop and newly streamlined
Group
· Continued management focus on sustainable growth, profitability
and market adaptation.
· While the long-term impact of AI on the music industry remains
uncertain, potential benefits include increased discoverability of
catalogues.
· In March 2025, MIDiA Research reported 6.5% growth in global
recorded music revenues in 2024 to $36.2 billion, compared to 7.1% in 2022,
meaning the market is now more than double (124.5%) the size it was in 2015.
· According to MIDiA, streaming revenue growth slowed in 2024,
increasing by 6.2% year on year to $22.2 billion, compared to a 10.3%
growth rate in 2023.
· Goldman Sachs' 2024 "Music in the Air" report projected a
compound annual growth rate (CAGR) of 7.6% for the global music market from
2024 to 2030, anticipating revenues to reach $163.7 billion by 2030, up from
$98.3 billion in 2023.
Michael Infante, CEO of One Media iP, said: "In 2024, our overriding strategic
focus was on realigning the business with our core mission and expertise of
music rights investment and management. Following the successful divestment of
our technology subsidiary TCAT, which had required significant cash allocation
to ensure its success while under our control, our attention is now fully
fixed on ensuring the sustainable growth of our music rights portfolio and
maximising its income potential. With the economic environment stabilising and
the continued positive outlook for the music industry, we are looking forward
to 2025 with renewed energy."
This announcement contains inside information for the purposes of UK Market
Abuse Regulation. The person who arranged the release of this information is
Michael Infante, Chief Executive Officer of the Company.
For further information, please contact:
One Media IP Group Plc
Michael Infante Chief Executive
Tel: +44 (0)175 378 5500
Claire Blunt Chairman
Tel: +44 (0)175 378 5500
Cairn Financial Advisers LLP Nominated Adviser
Liam Murray / Ludovico Lazzaretti / James Western Tel: +44 (0)20 7213 0880
Cavendish Capital Markets Limited Broker
Giles Balleny, (Corporate Finance) Tel: +44 (0)20 7397 8900
Michael Johnson (Sales)
Claire Turvey, Fourth Pillar Financial PR
claire@fourthpillarpr.com Tel: +44 (0)7850 548 198
About One Media iP Group Plc
One Media iP Group plc is a leading digital music rights acquirer, publisher
and distributor. The Group specialises in the acquisition and exploitation of
music and video intellectual property rights. Listed on AIM, the Group is
committed to driving value through the acquisition and management of
high-quality IP assets.
One Media is listed on the AIM Market of the London Stock Exchange under the
ticker 'OMIP'.
Chairman's Statement
Whilst in the year under review management has been focused on the successful
repositioning of the Group through the divestment of its technology subsidiary
TCAT, which secured a shareholding in Round Group Ltd ("Round"), it has
remained equally active in exploring new initiatives for the core business.
Management fully recognise that scale is a key challenge for One Media as a
micro-cap company and, accordingly, it remains a priority to continue to
assess all of the strategic opportunities available to it, including catalogue
acquisitions.
The sale of TCAT was finalised on 27 November 2024, just after the year end,
with the Company announcing that it had entered into an agreement with Round
to sell its entire interest in the capital of TCAT, in exchange for a
shareholding in Round. In the year to 31 October 2024, TCAT contributed an
operating loss of £539,845 and had net assets of £89,020.
Whilst TCAT was developing an invaluable service, the investment demanded by
its technology was impacting on Group profits and distracting from the
attractive investment case offered by music copyrights. The Board is pleased
that the future of TCAT has been secured to continue its pioneering work to
provide protection from and detection of copyright infringement, as well as
loss of due income through the illegal activities of others, to music rights
holders (including One Media) and to the creative community. I would like to
take this opportunity to thank all of those who supported us through this
transaction and helped us to bring it to a successful conclusion.
In line with its long-standing commitment to shareholder returns, the Board
has carefully considered the declaration of a final dividend for the year
ended 31 October 2024. However, the Board is mindful of the growing
uncertainty in global markets, particularly the escalation of international
trade disputes and the potential introduction of new tariffs driven by policy
developments in the United States. These external factors are creating
volatility across multiple sectors and increasing caution among businesses
globally. In this context, many companies are choosing to preserve cash
reserves to ensure flexibility and resilience until greater stability returns
to global markets. The Board considers this to be a prudent approach in the
current environment.
Accordingly, while the Company remains financially strong and continues to
trade in line with expectations, the Board has decided to defer its decision
on the final dividend until the half year. This will allow the Company to
maintain maximum flexibility while monitoring the evolving situation. The
Board remains committed to returning value to shareholders and will update the
market on its dividend position when there is greater clarity on trading
conditions and the outlook for global markets. Music rights, which form the
core of the Group's investments, are attractive to investors because they
generate reliable, uncorrelated returns and this is where the Company's
expertise lies. We believe that the newly streamlined business better supports
the long-term interests of shareholders, and, with the Board's support,
management has been prioritising a consolidation phase aimed at growing cash
reserves to further its strategic music business objectives.
The period under review was impacted by the geo-political environment,
including uncertainty created by the ongoing conflicts in the Middle East and
Ukraine and a plethora of elections throughout the year, with our main markets
of the UK and US experiencing political and economic uncertainty resulting in
retail spend being stagnant.
However, despite this, the Company is reporting strong financial results, with
pleasing improvements to EBITDA, which reached £2.0 million (2023 as
restated: £1.8 million), and an Operating Profit of £1.1 million (2023 as
restated: £1.1 million). These numbers reflect management's strict financial
discipline during the year, while navigating the TCAT transaction.
We likewise continue to monitor any potential risks to the music industry,
including the fast-paced developments and debates around AI.
As a Board and Company, we are unwavering in our support for the protection of
music copyrights in the face of emerging AI technologies. The creative works
of composers and performers should not be mined or exploited without consent
or fair compensation. We stand firmly with the industry in advocating for
robust legal and ethical frameworks that safeguard intellectual property
rights and ensure that artists receive the recognition and remuneration they
deserve in the evolving digital landscape.
The activities of 2024 put the Group in a robust position moving into the new
financial year, where the renewed focus will be on sustainable growth,
profitability and market adaptation. I would like to thank management, for
their ongoing dedication to the Company's success, and our shareholders for
their ongoing support.
Claire Blunt
Non-Executive Chairman
Chief Executive's Statement
Discontinued operations - Sale of TCAT
At the start of the new financial year, we were pleased to report the
successful sale of our technology subsidiary, TCAT. We are very proud of what
we built, from scratch, in TCAT and of the important service it provides to
our industry in tackling piracy and rightfully protecting the assets of music
copyright owners. However, One Media is first and foremost an investor in and
manager of digital media rights - this is our primary area of expertise - and
TCAT, together with the financial resources it demanded as a technology
venture, diluted our ability to generate attractive returns through music
monetisation.
As a result of the divestment, we are now newly and better positioned in 2025
to focus on our core mission of delivering reliable, annuity like income from
our investment into proven, evergreen music compositions.
Financial performance
Following the sale of TCAT Ltd post year end, the results of this business
have been classified as discontinued operations and comparative results for
2023 have been restated for comparability.
The Group's financial performance for the year was solid given the strong
focus on cost management. As highlighted in our interim results, the results
for the full year also reflect the ongoing allocation of resources towards
TCAT, together with changes to some of the subscription models on DSPs
(Digital Service Providers), particularly Amazon Music which traditionally
accounts for the majority of our income from streaming platforms.
In November 2022, Amazon Music implemented changes whereby the entirety of its
library of 100 million songs was made available to Amazon Prime members at no
additional cost to the consumer but to the detriment of royalty payments to
music rights holders. The impact of these changes has now been fully absorbed
and, while the move has led to a reduction in income to the Group from the
Amazon Music platform, at this stage we do not expect there to be any further
material impact on Group revenues.
As the media has reported, disputes between music rights holders and digital
platforms, including Amazon Music, Spotify and TikTok, are ongoing and the
industry continues to push hard to ensure that music rights holders, which
include songwriters and musicians, get fairly remunerated for the creative
works and intellectual property under their ownership.
Continuing operations for the twelve months to 31 October 2024, delivered an
11% increase in EBITDA from to £2.0 million (2023 as restated: £1.8
million), which reflects the cost management policies that we have prioritised
throughout the year.
Total revenue for continuing operations decreased by 3% and net revenue
(after distribution charges, royalties, and other costs) decreased by 3% to
£4.9 million (2023 as restated: £5.0 million) and £3.3 million (2023 as
restated: £3.4 million) respectively. Operating profit was £1.1 million
(2023 as restated: £1.1 million), again reflecting management's financial
discipline.
Earnings per share was consistent at 0.26p (2023 as restated: 0.26p) and IFRS
NAV per share was resilient at 6p (2023: 7p).
We were able to reduce debt to £1.1 million (2023: £1.5 million), with the
continuation of payments in line with refinancing terms reducing the Coutts
facility by a further £0.4 million.
At year end our cash balance was £0.4 million (2023: £1.2 million),
reflecting proactive capital allocation.
Portfolio management & operational update
During the year, £0.53 million was allocated to TCAT
operations (capitalised development costs) and £0.25 million was invested in
One Media for music/video license renewals and smaller content acquisitions.
A major asset management highlight during the year was the placement of Point
Classics' 'The Nutcracker Suite, Op. 71a: IIb. Dance of the Sugar Plum Fairy'
in the Airbnb Christmas advert.
Further Point Classics placements in major productions included:
o The Old Man (FX, streaming on Hulu/Disney+) - String Quartet No. 13 in A
minor "Rosamunde".
o Harold and the Purple Crayon (live-action/animated film) - Für Elise.
o The Great North (Fox, streaming on Hulu) - Requiem KV 626 - Kyrie.
o American Fiction (Amazon Prime US, UK cinemas) - Milano Quartet No. 4 in
E Flat Major - Allegro Brillante.
o The Walking Dead: Dead City (AMC) - The Magic Flute - Dies Bildnis ist
bezaubernd schön.
Expansion on YouTube: growth of The Great British Channel
The Group successfully relaunched The Great British Channel on YouTube, which
has quickly grown to surpass 100,000 subscribers, gaining a recognition award
from YouTube by engaging audiences with historical colour footage of World War
II and compelling cultural documentaries.
This expansion contributed to a total subscriber base of over 770,000 across
the Group's 23 YouTube channels. From January 2024 to January 2025, these
channels collectively achieved more than 4.5 million hours of watch time,
marking a 23.63% increase compared to the previous period (January 2023 to
January 2024).
This sustained growth highlights the strong and increasing demand for the
Group's content and reinforces the success of our strategy of expanding our
digital presence.
Exploring New Opportunities: The Carolean Record Label
As reported at the half year, we launched The Carolean, a new record label
aimed at tapping into the continued resurgence of vinyl records, which have
now enjoyed 16 consecutive years of growth in the UK. With vinyl sales rising
by 17.8% in 2023, generating £177.3 million in revenue (Entertainment
Retailers Association), we see strong potential in this market.
The Carolean is being developed as a platform to reintroduce timeless music
from our 250,000-strong catalogue, with initial reissues including collections
from Mungo Jerry (In the Summertime, one of the top three best-selling singles
of all time with 30 million sales), The Troggs, disco legend George McCrae,
and soul-reggae star Judy Boucher.
While still in its early stages, the label presents a potentially exciting
opportunity to capitalise on the growing demand for physical formats. As we
refine our strategy, we will explore further releases and partnerships to
maximise the potential of The Carolean in a rapidly evolving market.
The strategic focus on TCAT in 2024 limited management's ability to invest in
new catalogues to build out the portfolio of rights. The most recent notable
acquisition, completed in September 2023 and comprising the licensor's income
share of the 'Entertain Me' catalogue of rights on an in-perpetuity basis, has
performed well and the returns multiple has been fully in line with
expectations.
Our current portfolio includes different types of copyrights associated with
high profile artists, including producer's royalties from certain recordings
by Take That, Culture Club, Heatwave, and Kid Creole. We also own master
rights (recordings) and writers' royalties (compositions) for Don Williams,
Mago De Oz, Philip Wesley, as well as thousands of other income producing
royalties derived from our global exploitation of music via our many
distribution partners in both audio and video.
The transaction market for music rights is healthy and growing and, as such,
will enable the Company to continue to assess opportunities to build on its
existing portfolio of high performing assets and enhance returns.
Strategy and outlook
Our strategic priority for the year ahead is on ensuring sustainable growth
and profitability, while remaining agile against an ever-evolving music
market.
Technological change continues to move at a fast pace, driving significant
benefits to music rights investors, including the democratisation of access to
music and its discoverability around the world. However, we are deeply tuned
into the political and cultural debates around the impact of AI on copyright
holders, with a constant eye on the potential risks as well as the benefits of
this technological advancement.
The tailwinds driving music industry growth continue to be favourable to our
business. Goldman Sachs' 2024 "Music in the Air" report projected a compound
annual growth rate (CAGR) of 7.6% for the global music market from 2024 to
2030, anticipating revenues to reach $163.7 billion by 2030, up from $98.3
billion in 2023.
As we refocus the newly streamlined business, we are energised by the
opportunity to explore new strategic opportunities across both music copyright
and broader corporate acquisitions. While music rights acquisition remains a
key part of our DNA, we recognise that it may not be the sole pathway for our
future growth. With that in mind, we will actively assess opportunities not
only within music companies, but also in adjacent sectors where our core
expertise can be fully leveraged. This broader perspective allows us to remain
agile and ambitious, ensuring we build long-term value by aligning our
capabilities with the most promising areas of the evolving music industry
landscape.
With our renewed focus on monetising music copyrights, we are well placed to
benefit from the expected growth and the structural trends that continue to
drive the industry's expansion, including the ongoing success of the live
music sector, streaming price increases, emerging market growth and the
increasing opportunities to license music and grow royalties.
We are very much looking forward to the year ahead and once again pay credit
to our colleagues, Board and advisors, as well as to our shareholders, as we
remain committed to working diligently on their behalf to create value.
Michael Infante
Chief Executive and Founder
Consolidated Statement of Comprehensive Income
For the year ended 31 October 2024
As restated
Year ended Year ended
31 October 2024 31 October 2023
Continuing operations £ £
Revenue 4,882,349 5,027,137
Distribution charges (1,117,041) (1,134,118)
Royalty costs (396,382) (420,736)
Other costs (116,193) (111,012)
Net revenue 3,252,733 3,361,271
Amortisation of catalogues (833,526) (767,864)
Administration expenses (1,243,262) (1,505,720)
Foreign exchange losses (42,931) (22,916)
Operating profit 1,133,014 1,064,771
Share based payments - (68,634)
Finance costs (356,776) (139,996)
Finance income - -
Profit on ordinary activities before taxation 776,238 856,141
Tax expense (198,410) (276,035)
Profit for period attributable to equity shareholders and total comprehensive 577,828 580,106
income for the year for continuing operations
Asset impairment from discontinued operations (197,739) -
Loss for the year from discontinued operations (2,675,281) (475,195)
(Loss)/profit for period attributable to equity shareholders and total (2,295,192) 104,911
comprehensive income for the year
Continuing operations
- Basic earnings per share 0.26p 0.26p
- Diluted earnings per share 0.22p 0.22p
Discontinued operations
- Basic earnings per share (1.35)p (0.21)p
- Diluted earnings per share (1.16)p (0.18)p
The Consolidated Statement of Comprehensive Income has been prepared on the
basis that all operations are continuing activities.
Consolidated Statement of Changes in Equity
For the year ended 31 October 2024
Share Capital Share redemption reserve Share premium Share based payment reserve Retained earnings Total Non-controlling interests Total
£ £ £ £ £ £ £ £
At 1 November 2022 1,112,231 239,546 9,484,577 504,399 3,758,770 15,099,523 (24,811) 15,074,712
Share based payment adjustment - - - (144,826) 144,826 - - -
Share based payment charge - - - 68,634 - 68,634 - 68,634
Profit for the year - - - - 142,927 142,927 (38,016) 104,911
Dividends paid - - - - (122,345) (122,345) - (122,345)
At 1 November 2023 1,112,231 239,546 9,484,577 428,207 3,924,178 15,188,739 (62,827) 15,125,912
Share based payment adjustment - - - - - - - -
Share based payment charge - - - - - - - -
Loss for the year - - - - (2,266,326) (2,266,326) (28,866) (2,295,192)
Dividends paid - - - - (122,345) (122,345) - (122,345)
At 31 October 2024 1,112,231 239,546 9,484,577 428,207 1,535,507 12,800,068 (91,693) 12,708,375
Consolidated Statement of Financial Position
At 31 October 2024
At At
31 October 2024 31 October 2023
£ £
Assets
Non-current assets
Intangible assets 12,338,934 15,723,653
Property, plant and equipment 43,960 55,650
12,382,894 15,779,303
Current assets
Trade and other receivables 1,516,768 1,614,573
Assets held for sale 801,470 -
Cash and cash equivalents 415,865 1,243,445
Total current assets 2,734,103 2,858,018
Total assets 15,116,997 18,637,321
Liabilities
Current liabilities
Trade and other payables 1,187,164 1,662,034
Liabilities held for sale 84,468 -
Borrowings 380,000 380,000
Deferred tax 13,500 236,468
Total current liabilities 1,665,132 2,278,502
Non-current liabilities
Borrowings 743,490 1,117,970
Other payables - 114,937
Total non-current liabilities 743,490 1,232,907
Total liabilities 2,408,622 3,511,409
Equity
Called up share capital 1,112,231 1,112,231
Share redemption reserve 239,546 239,546
Share premium account 9,484,577 9,484,577
Share based payment reserve 428,207 428,207
Retained earnings 1,535,507 3,924,178
Capital and reserves attributable to equity holders of the Company 12,800,068 15,188,739
Non-controlling interests (91,693) (62,827)
Total equity 12,708,375 15,125,912
Total equity and liabilities 15,116,997 18,637,321
Consolidated and Company Cash Flow Statement
For the year ended 31 October 2024
Year ended Year ended Year ended Year ended
31 October 2024 31 October 2023 31 October 2024 31 October 2023
Group Group Company Company
As restated
£ £ £ £
Cash flows from operating activities
Operating (loss)/profit before tax 776,237 856,141 (565,512) 125,012
Amortisation 833,526 767,864 197,739 -
Depreciation 57,388 59,486 - -
Share based payments - 68,634 (25,726) 68,634
Finance costs 120,456 139,996 - -
161,017 (88,809) (98,416) (490,654)
Increase receivables
Increase/(decrease) in payables (751,482) 723,273 33,788 (33,835)
Corporation tax paid (176,248) (144,866) - -
Loss from discontinued operations (539,845) (566,633) - -
Net operating cash flows used by discontinued operations 129,149 82,120 - -
Net cash inflow/(outflow) from operating activities 610,198 1,897,206 (458,127) (330,843)
Cash flows from investing activities
Investment in intellectual property rights - continuing (245,989) (1,464,058) - -
Investment in property, plant and equipment - continuing (43,744) (67,950) - -
Investment in intellectual property - discontinued (527,188) (674,778) - -
Investment in property, plant and equipment - discontinued (2,932) - - -
Net cash used in investing activities (819,853) (2,206,786) - -
Cash flows from financing activities
Finance cost paid (121,100) (125,813) - -
Loan notes repayment (374,480) (374,480) (374,480) (374,480)
Dividend paid (122,345) (122,345) (122,345) (122,345)
Net cash outflow from financing activities (617,925) (622,638) (496,825) (496,825)
Net change in cash and cash equivalents (827,580) (932,218) (954,952) (827,668)
Cash at the beginning of the year 1,243,445 2,175,663 1,050,845 1,878,513
Cash at the end of the year 415,865 1,243,445 95,893 1,050,845
Notes to the Preliminary Results
1. Basis of preparation
The Company is a public limited company incorporated and domiciled in England
under the Companies Act 2006. The Board has adopted and complied with
International Financial Reporting Standards (IFRS) as adopted by the European
Union. The Company's shares were admitted for trading on the AIM market of the
London Stock Exchange on 18 April 2013.
2. Discontinued operations
On 27 November 2024, TCAT Ltd, a subsidiary undertaking in the Group, was sold
and has been classified as an asset held for sale.
The loss relating to this subsidiary in the year was as follows:
2024 2023
Income statement £ £
Revenue 267,534 336,297
Other costs (80,168) (203,511)
Net revenue 187,366 132,786
Amortisation (182,519) (85,351)
Administration expenses (543,032) (605,988)
Foreign exchange gains (1,660) (8,079)
Operating loss (539,845) (566,632)
Loss before taxation (539,845) (566,632)
Tax expense - 91,437
Asset disposal / impairment (2,135,436) -
Loss from discontinued operations (2,675,281) (475,195)
Cash flows generated by TCAT Ltd for the reporting periods under review was as
follows:
2024 2023
£ £
Operating activities (410,696) (484,513)
Investing activities (530,119) (674,778)
Financing activities 929,967 1,189,026
Cash flows from discontinued operations (10,848) 29,735
At 31 October 2024, the assets and liabilities of TCAT Ltd (stated before
intra Group adjustments), were as follows:
£
Non-current assets
Intangible assets 109,072
Property, plant and equipment 1,873
Total non-current assets 111,045
Current assets
Trade and other receivables 115,400
Cash and cash equivalents 32,506
Total current assets 147,906
Total assets 258,951
Current liabilities
Trade and other payables 84,468
Total current liabilities 84,468
Total liabilities 84,468
Net assets 174,483
3. Geographical information
Revenue is the amount attributable to the Group's principal activity
undertaken in the United Kingdom. The geographic split of Group revenue is as
follows:
Year ended Year ended
31 October 2024 31 October 2023
Revenue (as restated)
£ £
United Kingdom 404,815 279,272
North America & rest of world 3,829,792 3,884,270
Europe 647,742 863,595
4,882,349 5,027,137
Included in revenues for the year ended 31 October 2024 it is estimated that
£493,000 (2023: £783,000) is from its largest ultimate customer and
£311,000 (2023: £330,000) from its second largest ultimate customer.
Together these represent 16% (2023: 21%) of the total Group revenue for the
year. In addition, the Company relies on a distribution aggregator (The
Orchard) who channels approximately 51% (2023: 51%) of the Group's turnover.
4. Taxation
Year ended Year ended
31 October 2024 31 October 2023
£ £
Analysis of the charge for the year
UK corporation tax charge 230,349 222,915
Deferred tax (31,939) 53,120
198,410 276,035
The standard rate of tax for the year, based on the UK standard rate of
corporation tax is 25% (2023: 22.14%). The actual tax charge for the periods
is different than the standard rate for the reasons set out in the following
reconciliation:
Reconciliation of current tax charge Year ended Year ended
31 October 2024 31 October 2023
£ £
Profit on ordinary activities before tax 776,238 856,141
Tax on profit on ordinary activities at 25% (2023: 22.14%) 194,060 189,550
Effects of:
Non-deductible expenses 4,232 36,225
Adjustments to tax charge in respect of previous periods
- 17,117
Fixed asset timing differences (14,435) 39,944
Depreciation in excess of capital allowances
14,553 (1,412)
Research and development - (5,389)
Total tax charge 198,410 276,035
5. Employee information
Year ended Year ended
31 October 2024 31 October 2023
(as restated)
£ £
Directors' emoluments - excluding applicable share option and pension charges 421,891 538,347
Loss of office - 104,325
Fees paid to directors 111,959 79,200
Share option charge - 68,634
Wages and salaries 202,507 174,259
Social security 63,298 73,969
Pension 31,824 29,420
831,479 1,068,154
The average monthly number of Group employees (excluding non-executive
directors) during the year was as follows:
Year ended Year ended
31 October 2024 31 October 2023
(as restated)
Technical, creative technicians and management 12 12
6. Earnings per share
The weighted average number of shares in issue for the basic earnings per
share calculations is 222,446,249 (2023: 222,446,249) and for the diluted
earnings per share assuming the exercise of all warrants and share options is
258,279,582 (2023: 261,079,582).
The calculation of basic earnings per share for continuing operations is based
on the profit for the period of £577,828 (2023: £580,106). Based on the
weighted average number of shares in issue during the year of 222,446,249
(2023: 222,446,249) the basic earnings per share is 0.26p (2023: 0.26p). The
diluted earnings per share is based on 258,279,582 shares (2023: 261,079,582)
and is 0.22p (2023: 0.22p).
The calculation of basic earnings per share for discontinued operations is
based on the loss for the period of £2,993,020 (2023: £475,195). Based on
the weighted average number of shares in issue during the year of 222,446,249
(2023: 222,446,249) the basic earnings per share is (1.35)p (2023: (0.21)p).
The diluted earnings per share is based on 258,279,582 shares (2023:
261,079,582) and is (1.16)p (2023: (0.18)p).
7. Intangible assets - Group
Licenses and other intangibles Total Intangible
assets
TCAT
£ £ £
Cost
At 1 November 2022 16,784,683 1,388,931 18,173,614
Additions 1,464,058 674,778 2,138,836
Adjustments (971,679) 971,679 -
At 31 October 2023 17,277,062 3,035,388 20,312,450
Additions 245,989 527,188 773,177
Adjustments (78,729) - (78,729)
Disposals - (2,709,064) (2,709,064)
Reclassified to asset held for sale - (853,512) (853,512)
At 31 October 2024 17,444,322 - 17,444,322
Amortisation
At 1 November 2022 3,604,336 131,247 3,735,583
Charge for the year 767,864 85,351 853,215
Adjustments (100,339) 100,339 -
At 31 October 2023 4,271,861 316,937 4,588,798
Charge for the year 833,527 182,519 1,016,046
Disposals - 244,885 244,885
Reclassified to asset held for sale - (744,341) (744,341)
At 31 October 2024 5,105,388 - 5,105,388
Net book value
At 31 October 2024 12,338,934 - 12,338,934
At 31 October 2023 13,005,201 2,718,452 15,723,653
8. Property, plant and equipment - Group
Office Fixtures and Right of Use assets Total
equipment fittings
£ £ £ £
Cost
At 1 November 2022 83,405 11,294 98,692 193,391
Additions 6,482 7,751 87,986 102,219
Disposals - - (132,961) (132,961)
At 31 October 2023 89,887 19,045 53,717 162,649
Additions 732 - 47,816 48,548
Reclassified to asset held for sale (2,932) - - (2,932)
Disposals - - (44,684) (44,684)
At 31 October 2024 87,687 19,045 56,849 163,581
Depreciation
At 1 November 2022 73,264 11,294 95,835 180,393
Charge for the year 6,051 1,077 52,440 59,568
Disposals - - (132,962) (132,962)
At 31 October 2023 79,315 12,372 15,312 106,999
Charge for the year 5,799 2,583 49,963 58,365
Reclassified to asset held for sale (1,059) - - (1,059)
Disposals - - (44,684) (44,684)
At 31 October 2024 84,055 14,955 20,591 119,621
Net book value
At 31 October 2024 3,632 4,090 36,238 43,960
At 31 October 2023 10,572 6,673 38,405 55,650
Directors' responsibilities
The Annual Report, including the financial information contained therein, is
the responsibility of, and was approved by the directors on 29 April 2025.
Availability of Report and Accounts
Copies of the Company's Report and Accounts will be posted to shareholders
shortly. Copies of the Company's Report and Accounts will also be available at
the registered office of the Company and can be viewed on the Company's
website, www.omip.co.uk (http://www.omip.co.uk) .
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities.
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