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REG - One Media iP Group - Half-year Report

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RNS Number : 2780T  One Media iP Group PLC  31 July 2025

 

31 July 2025

 

One Media iP Group Plc

("One Media", the "Group" or the "Company")

 

Interim Results for the six months ended 30 April 2025

 

Music rights portfolio delivers robust performance with renewed management
focus on strategic direction

 

One Media iP (AIM: OMIP), the digital music rights acquirer, publisher and
distributor, announces its unaudited interim results for the six months ended
30 April 2025. Following the sale of TCAT Limited ("TCAT"), announced by the
Company on 27 November 2024, the results provided are on a continuing basis.

 

Financial Highlights

·      Group revenue at £2.5m (H1 2024 as restated: £2.6m), generated
from intellectual property royalties, driven by expert management of
copyrights portfolio as well as EBITDA  growth.

·      Stable net revenue of £1.7m (H1 2024 as restated: £1.7m) with a
11% increase in operating profit to £0.7m (H1 2024: £0.6m).

·      7% increase in EBITDA to £1.2m (H1 2024 as restated: £1.1m)
following continued management focus on cost efficiencies and robust
performance of music copyrights portfolio.

·      Increase in continuing operations EPS to 0.23p (H1 2024: 0.21p).

·      Net margin increased to 68% (H1 2024 as restated: 66%).

·      Cash balance at 30 April 2025 of £0.5m (H1 2024: £0.9m),
reflecting the final divestment in TCAT.

·      Further reduction in debt to £1.0m (H1 2024: £1.3m) with
continuation of Coutts facility payments in line with refinancing terms.

 

Operational Highlights

·      Sale of TCAT to Round Group finalised in November 2024, with the
Company retaining a 5% equity stake in Round.

·      Continuing success in revenue generating proactive rights
management with multiple Point Classics placements including:

o  Light Cavalry Overture in 'We Were Liars' (Amazon Prime, June 2025)

o  Dance of the Sugar-Plum Fairy in 'Étoile' (Amazon Prime, April 2025)

o  Rosamunde: Andante in 'The Old Man' (Disney+/Hulu, October 2024).

·      Renewed Media Attention on Unreleased 1992 Take That Track
highlights value of Group's Rights portfolio. National coverage has reignited
public interest in Falling for You Girl, an unreleased track from the original
Take That line-up, with producer royalties held by the Company identified
through its rights acquisition.

 

·      23.6% increase in Group YouTube channel's year-on-year watch
time to 4.5 million hours in the 12-month period to January 2025. Relaunch
of The Great British Channel surpassed 100,000 subscribers, contributing to
a Group-wide total of 770,000 subscribers.

 

Board changes

·      Non-Executive Director Brian Berg retired from the Board after
six years of service and will continue to support the Company in an advisory
capacity as required.

 

Market and outlook

 

·      Continued growth of global music sector provides a favourable
backdrop to the Company's model, benefitting from digital distribution,
streaming proliferation and increasing demand for music usage.

·      Goldman Sachs, in its 2025 Music in the Air report, is
forecasting a CAGR of 7.6% through to 2030 and projecting revenues to rise to
US$163.7 billion, from US$98.3 billion in 2023.

·      IFPI's Global Music Report 2025 reported that Global recorded
music revenue had reached US$29.6 billion in 2024, a year-on-year increase of
4.8% and reflecting a tenth consecutive year of growth. Paid streaming
subscriptions also grew by 9.5% on the previous year.

·      Management and Board continue to keep developments in artificial
intelligence (AI) under review as part of its day-to-day operations.

 

Michael Infante, CEO said: "Following the divestment of TCAT, we have been
working on recalibrating the Company to refocus on our portfolio of high
quality music rights to help maximise its potential and to ensure that we are
being as efficient as possible with our cost base. More recently, we are
assessing the future strategy and growth of One Media, including how we can
enhance our digital first model and develop scale.

"These robust first-half results support our mission. In the coming months, we
expect to identify and implement further opportunities that will contribute to
shareholder value."

This announcement contains inside information for the purposes of the 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 5501

 Cairn Financial Advisers LLP                   Nominated Adviser
 Liam Murray / Jo Turner / Ludovico Lazzaretti  Tel: +44 (0)20 7213 0880

 Cavendish Capital Markets Limited              Broker
 Giles Balleny (Corporate Finance)              Tel: +44 (0)20 7397 8900

 Michael Johnson / Dale Bellis (Sales)

 Claire Turvey, Fourth Pillar                   Financial PR

                                                Tel: +44 (0)7850 548 198

 

About One Media iP Group Plc

One Media is a digital music rights acquirer, publisher and distributor with a
diversified catalogue of over 400,000 music tracks. The Group specialises in
purchasing and monetising intellectual property rights with proven, repeat
income streams.  One Media adds value to its content by maximising its
availability in over 600 digital stores globally, including Apple Music,
YouTube, Amazon and Spotify.

One Media's music is also widely used for synchronisation in film and TV
whilst its video content is primarily viewed on YouTube where One Media
operates over 20 YouTube channels as a certified partner. Men & Motors,
the Company's branded car channel, is now available via YouTube
www.youtube.com/channel/UCNLiybn_9jgQaV0NZlSRwCg
(https://www.youtube.com/channel/UCNLiybn_9jgQaV0NZlSRwCg)

One Media is listed on the AIM Market of the London Stock Exchange under the
ticker 'OMIP'.

For further information, please visit www.omip.co.uk (http://www.omip.co.uk)
 and www.harmonyip.com/ (http://www.harmonyip.com/)

Chairman's Statement

 

Strategic update

 

Following the divestment of the Group's former technology subsidiary, TCAT, at
the start of this financial year, the Company is now fully focused on growing
and managing the value of its portfolio of digital music rights.

 

The strength of the portfolio, which comprises evergreen rights in music
performed and written by some of the greatest artists in the history of music
including Culture Club, Don Williams, Mägo De Oz, Mungo Jerry and Take That,
means that the Company continues to generate regular and repeating income.

 

With our renewed focus on our portfolio of music rights, our strategy now
centres on three core pillars:

 

1.     Maximising returns from existing IP through active global
exploitation and licensing;

2.     Selective investment into new assets and partnerships, such as our
retained equity interest in Round Group following the TCAT disposal; and

3.     Exploring corporate growth opportunities, both organically and
through acquisition, that enhance our digital-first model and long-term
scalability.

 

The Board continues to assess the Group's dividend policy following the recent
divestment, recognising the importance of aligning capital allocation with the
Group's strategic focus on rebuilding and accelerating core growth. The Board
believes it is prudent to ensure that any future distribution policy supports
long-term value creation and financial resilience. A comprehensive review of
the dividend policy will form part of the Group's wider strategic and
operational review, scheduled to take place in Q4 2025, at which point a
further update will be provided to shareholders.

 

Looking forward, the Board is actively assessing strategic options for the
Group's future direction, with the clear objective of unlocking greater
scale, enhancing value and delivering improved shareholder returns. This
includes evaluating all opportunities beyond music rights that align with our
core capabilities in IP monetisation and digital content delivery.

 

We believe that this outward-looking and proactive approach, underpinned by
the team's deep expertise and experience, will help position One Media to
seize value-accretive opportunities and navigate the evolving landscape of
media and entertainment.

 

Financial performance

 

The results for the six months to 30 April 2025 reflect careful cost and asset
management, underpinned by the quality of the Company's portfolio of
catalogues. While Group and Net Revenues are stable at £2.5 million (H1 2024
restated: £2.6 million) and £1.7 million (H1 2024 restated: £1.7 million)
respectively, the management's efforts have translated this into a 7% increase
in EBITDA to £1.2 million (H1 2024 restated: £1.1 million) with an 11%
increase in operating profit to £0.7 million (H1 2024 restated: £0.6
million).

Net margins have also improved from 66% in H1 2024 to 68% in H1 2025, while
the Company continues to reduce its debt facility which has decreased to £1.0
million (H1 2024: £1.3 million).

The result is an uplift in continuing operations EPS to 0.23p (H1 2024:
0.21p).

The disciplined cost control and operational focus that has driven these
results will be maintained in this evolving digital content landscape.

 

Operations and investments

 

One Media owns or controls rights across music recordings, compositions and
producer royalties from leading legacy artists and our digital catalogues
remain active across global streaming and video platforms, underpinning a
sustainable royalty income model.

 

The highlights driving the success of our portfolio during the period include
successful music placements, marketing efforts and active exploitation of
digital platforms.

 

Multiple Point Classics placements aired on major streaming platforms
including Light Cavalry Overture in 'We Were Liars' (Amazon Prime, June
2025); Dance of the Sugar-Plum Fairy in 'Étoile' (Amazon Prime, April 2025);
Rosamunde: Andante in 'The Old Man' (Disney+/Hulu, October 2024).

 

Take That Producer Royalties and Unreleased Track Opportunity - as announced
via RNS on 18 January 2021, the Company acquired the producer royalties for a
selection of Take That recordings. The Company currently collects royalties on
the released tracks within that catalogue and has actively pursued the
potential release of an unreleased track featuring all five original members
of the band.

 

On 25 May 2025, national media coverage in The Sun reignited public interest
in the Take That archive, drawing particular attention to Falling for You
Girl, an unreleased 1992 track identified through our rights acquisition. The
Company continues to engage with Sony Music and the broader fan community to
support efforts towards an official release, which the Company believes would
generate significant media attention and commercial opportunity.

 

Take That remains one of the UK's most successful pop acts, with 28 Top 40
singles and 17 Top 5 hits in the UK, including 12 Number One singles such as
Back for Good and Greatest Day. The band has also achieved 8 Number One albums
on the UK Albums Chart. Internationally, they have secured 56 Number One
singles and 39 Number One albums, and have been recognised with 8 BRIT Awards
and an Ivor Novello Award.

 

The relaunch of The Great British Channel You Tube channel, supporting our
expansion on what is now the biggest streaming service in the world, led to
significant subscriber growth which surpassed 100,000. This strategic activity
has contributed to a Group-wide total of 770,000 subscribers and over 4.5
million hours of watch time in the 12-month period to January 2025,
reflecting a 23.6% increase year-on-year, contributing to marketability and
revenues.

The Group's work in Artificial Intelligence remains experimental at this
stage. We continue to explore and subscribe to emerging AI tools including
SORA (OpenAI), VEO3 (Google), and the voice synthesis platform Eleven Labs.
These technologies are being developed and tested by our Creative Technicians,
with applications focused on AI-generated video and audio content for
demonstration purposes. The Group is aware of the broader industry concerns
regarding the use of AI in music and video production and confirms that its AI
initiatives are strictly limited to enhancing content from its own catalogue,
comprising copyrights that are owned or controlled by the Group.

Current demo projects include reimagined content such as The Tortoise and the
Hare for children's programming, Alien Autopsy, and speculative history such
as What If the Library of Alexandria Had Not Burned Down. We are also using
AI to enhance and upscale our existing archive, notably our Men and
Motors programming.

These and other AI-generated works are in development ahead of any
commercialisation. Demos will be available for viewing on our website from
August 2025 onwards.

Following the divestment of TCAT, which was finalised in November 2024, we
retain a 5% equity stake in the digital marketing and technology specialist,
Round Group. This allows us to refocus on our music core while gaining
exposure to creator-driven growth through Round's analytics tools and content
services.

 

Board and Governance

 

On behalf of the Board, management and shareholders, I would like to thank
Brian Berg for his dedication to the Company during his six years as a
Non-Executive Director. Brian retired from the Board at the end of March 2025
and, as a long standing executive in the music industry, has been an extremely
valuable source of knowledge, advice and perspective, playing a key role in
shaping the Group's strategic direction. As such, we are pleased that he has
agreed to continue to support the Company in an advisory capacity as required.

 

The Board remains fully committed to high standards of governance, rigorous
oversight, and ensuring the business is equipped for long-term growth. With a
streamlined structure and a strong IP foundation, the Company is entering a
new phase of strategic focus.

 

Outlook

 

The global music sector continues to grow thanks to structural tailwinds, with
Goldman Sachs forecasting a CAGR of 7.6% through to 2030 and projecting
revenues to rise to $163.7 billion, from $98.3 billion in 2023. This provides
a favourable backdrop to our model, which benefits from digital distribution,
streaming proliferation and evergreen music demand.

In addition, the IFPI's 2025 Global Music Report indicated that Global
recorded music revenue reached US$29.6 billion in 2024, a year-on-year
increase of 4.8% and reflecting a tenth consecutive year of growth. Paid
streaming subscriptions also grew by 9.5% on the previous year, with demand
for music and music usage across an expanding selection of platforms -
including on demand streaming and user generated content (UGC) platforms -
increasing.

While music rights remain core to our strategy, we are also
evaluating broader strategic acquisitions and growth areas where our
monetisation skillset can be applied. We remain mindful of the dual
opportunity and threat posed by artificial intelligence. We are active in
discussions on protecting rights, while also exploring how AI can enhance
value across metadata, licensing and discovery.

 

The second half of the financial year presents opportunities to build on our
progress. With a focused management team and an ambitious outlook, we believe
the Group is well placed to capitalise on both internal growth initiatives and
external strategic opportunities.

On behalf of the Board, I thank all shareholders, staff, and partners for
their ongoing support.

 

 

Claire Blunt

Chairman

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited Consolidated Statement of Comprehensive Income

For the six months ended 30 April 2025

 

 

                                                                                  Unaudited       Unaudited       Audited
                                                                                  6 months ended  6 months ended  12 months

                                                                                  30 April 2025   30 April 2024   ended

                                                                                                                  31 October 2024
                                                                                  £               £               £
                                                                                                  Restated

 Revenue                                                                          2,505,381       2,607,955       4,882,349

 Distribution charges                                                             (517,015)       (570,789)       (1,117,041)
 Royalty costs                                                                    (200,480)       (227,609)       (396,382)
 Other costs                                                                      (84,461)        (77,978)        (116,193)
                                                                                  _________       _________       _________
 Net revenue                                                                      1,703,426       1,731,579       3,252,733

 Amortisation of catalogues                                                       (420,532)       (416,432)       (833,526)
 Administration expenses                                                          (582,404)       (716,115)       (1,243,262)
 FOREX gains / (losses)                                                           3,773           34,365          (42,931)
                                                                                  _________       _________       _________
 Operating profit                                                                 704,263         633,398         1,133,014

 Finance costs                                                                    (45,333)        (63,553)        (356,776)
 Finance income                                                                   2,834           -               -
                                                                                  _________       _________       _________

 Profit on ordinary activities before taxation                                    661,765         569,846         776,238

 Tax expense                                                                      (140,809)       (103,328)       (198,410)
                                                                                  _________       _________       _________

 Profit for period attributable to equity shareholders and total comprehensive    520,956         466,518
 income for the period for continuing operations

                                                                                                                  577,828

 Asset impairment from discontinued operations                                    -               -               (197,739)

 Loss for the period from discontinued operations                                 (330,317)       (283,283)       (2,675,281)

 Profit / (loss) for period attributable to equity shareholders and total         190,639         183,235
 comprehensive income for the period

                                                                                                                  (2,295,192)
                                                                                  =========       =========       =========
 Basic earnings per share continuing operations                                   0.23p           0.21p           0.26p
                                                                                  =========       =========       =========

 

 Basic earnings per share    0.09p      0.08p      (1.03p)
                             =========  =========  =========

Unaudited Consolidated Statement of Financial Position

As at 30 April 2025

 

                                                   Unaudited           Unaudited           Audited
                                                      30 April 2025       30 April 2024    31 October 2024
                                                   £                   £                   £
 Assets
 Non-current assets
 Intangible assets                                 11,966,916          15,651,830          12,338,934
 Investments                                       627,982             -                   -
 Property, plant and equipment                     17,511              24,902              43,960
                                                   _________           _________           _________
                                                   12,612,409          15,676,732          12,382,894
                                                   _________           _________           _________
 Current assets
 Trade and other receivables                       1,778,565           1,810,328           1,516,768
 Assets held for sale                              -                   -                   801,470
 Cash and cash equivalents                         512,583             850,044             415,865
                                                   _________           _________           _________
 Total current assets                              2,291,148           2,660,372           2,734,103
                                                   _________           _________           _________
 Total assets                                      14,903,557          18,337,104          15,116,997
                                                   =========           =========           =========

 Liabilities
 Current liabilities

 Trade and other payables                          1,039,004           1,464,968           1,187,164
 Liabilities held for sale                         -                   -                   84,468
 Deferred tax                                      13,500              236,468             13,500
                                                   _________           _________           _________
                                                   1,052,504           1,701,436           1,285,132

 Borrowings                                        952,041             1,326,521           1,123,490
                                                   _________           _________           _________

 Total liabilities                                 2,004,545           3,027,957           2,408,622
                                                   _________           _________           _________
 Equity

 Called up share capital                           1,112,231           1,112,231           1,112,231
 Share redemption reserve                          239,546             239,546             239,546
 Share premium account                             9,484,577           9,484,577           9,484,577
 Share based payment reserve                       428,207             428,207             428,207
 Retained earnings                                 1,634,452           4,044,586           1,443,814
                                                   _________           _________           _________
 Total equity                                      12,899,013          15,309,147          12,708,375
                                                   _________           _________           _________

                                                   _________           _________           _________
 Total equity and liabilities                      14,903,557          18,337,104          15,116,997
                                                   =========           =========           =========

 

Unaudited Consolidated Statement of Changes in Equity

For the six months ended 30 April 2025

 

                                        Share capital  Share redemption reserve  Share premium  Share based payment reserve  Retained earnings  Total equity
                                        £              £                         £              £                            £                  £
 At 1 November 2023                     1,112,231      239,546                   9,484,577      428,207                      3,861,351          15,125,912
 Proceeds from the issue of new shares  -              -                         -              -                            -                  -
 Profit for the six months to           -              -                         -              -                            183,235            183,235

 30 April 2024
 Share based payment charge             -              -                         -              -                            -                  -
                                        ________       _________                 _________      ________                     _________          _________
 At 30 April 2024                       1,112,231      239,546                   9,484,577      428,207                      4,044,586          15,309,147
 Share based payment adjustment         -              -                         -              -                            -                  -
 Dividends paid                         -              -                         -              -                            (122,345)          (122,345)
 Loss for the six months to             -              -                         -              -                            (2,478,427)        (2,478,427)

 31 October 2024
 Share based payment charge             -              -                         -              -                            -                  -
                                        ________       _________                 _________      ________                     _________          _________
 At 31 October 2024                     1,112,231      239,546                   9,484,577      428,207                      1,443,814          12,708,375
 Proceeds from the issue of new shares  -              -                         -              -                            -                  -
 Profit for the six months to           -              -                         -              -                            190,639            190,639

 30 April 2025
 Share based payment charge             -              -                         -              -                            -                  -
                                        ________       _________                 _________      ________                     _________          _________
 Balance at 30 April 2025               1,112,231      239,546                   9,484,577      428,207                      1,634,452          12,899,013
                                        ========       =========                 =========      ========                     =========          ========

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited Consolidated Cash Flow Statement

For the six months ended 30 April 2025

 

                                                           Unaudited            Unaudited            Audited
                                                           6 months             6 months             12 months ended

                                                           ended                ended                31 October 2024

                                                              30 April 2025        30 April 2024
                                                           £                    £                    £
 Cash flows from operating activities

 Profit before taxation                                    661,765              569,846              776,237
 Amortisation                                              420,532              416,432              833,526
 Depreciation                                              26,642               25,786               57,388
 Share based payments                                      -                    -                    -
 Finance income                                            (2,834)              -                    -
 Finance costs                                             45,333               63,553               120,456
 (Increase)/decrease in receivables                        (96,793)             (158,207)            161,017
 Decrease in payables                                      (67,559)             (338,143)            (751,482)
 Corporation tax paid                                      (161,170)            -                    (176,248)
 Loss from discontinued operations                         (241,295)            (283,283)            (539,845)
 Net operating cash flows used by discontinued operations  (47,013)             (2,250)              129,149
                                                           _________            _________            _________
 Net cash inflow from operating activities                 537,608              293,734              610,198
                                                           _________            _________            _________

 Cash flows from investing activities

 Investment in intellectual property rights - continuing   (45,873)             (206,805)            (245,989)
 Investment in fixed assets - continuing                   -                    -                    (43,744)
 Investment in intellectual property - discontinued        -                    (225,811)            (527,188)
 Investment in fixed assets - discontinued                 -                    -                    (2,932)
                                                           _________            _________            _________
 Net cash used in investing activities                     (45,873)             (432,616)            (819,853)
                                                           _________            _________            _________

 Cash flow from financing activities

 Finance cost paid                                         (45,413)             (64,519)             (121,100)
 Finance income received                                   2,834                -                    -
 Loan notes repayment                                      (190,000)            (190,000)            (374,480)
 Loan                                                      (162,438)            -                    -
 Dividend paid                                             -                    -                    (122,345)
                                                           _________            _________            _________
 Net cash outflow from financing activities                (395,017)            (254,519)            (617,925)
                                                           _________            _________            _________

 Net change in cash and cash equivalents                   96,718               (393,401)            (827,580)
 Cash at the beginning of the period                       415,865              1,243,445            1,243,445
                                                           _________            _________            _________
 Cash at end of the period                                 512,583              850,044              415,865
                                                           =========            =========            =========

 

 

Notes to the Interim Report

For the six months ended 30 April 2025

 

1.    Nature of operations and general information

 

One Media iP Group Plc and its subsidiaries' ("the Group") principal
activities are the acquisition and licensing of audio-visual intellectual
copyrights and publishing for distribution through the digital medium and to a
lesser extent through traditional media outlets.

 

One Media iP Group Plc is the Group's ultimate parent company incorporated
under the Companies Act in England and Wales. The address of One Media iP
Group Plc registered office is 623 East Props Building, Goldfinger Avenue,
Pinewood Road, Iver Heath, Buckinghamshire, SL0 0NH.

 

The financial information set out in this Interim Report does not constitute
statutory accounts. The Group's statutory financial statements for the year
ended 31 October 2024 are available from the Group's website. The auditor's
report on those financial statements was unqualified.

 

2.    Accounting Policies

 

Basis of Preparation

 

These interim consolidated financial statements are for the six months ended
30 April 2025. They have been prepared following the recognition and
measurement principles of IFRS. They do not include all the information
required for full annual statements, and should be read in conjunction with
the consolidated financial statements of the Group for the year ended 31
October 2024.

 

This unaudited interim statement has not been subject to a review by the
Group's auditors James Cowper Kreston.

 

Comparatives

 

The comparative periods represent the unaudited results for the six months
period ended 30 April 2024 and the audited twelve months figures for the year
ended 31 October 2024.

 

Following the sale of TCAT Ltd, the results of this business have been
classified as discontinued operations and comparative results for 2024 have
been restated for comparability.

 

3.   Discontinued operations

 

On 27 November 2024, TCAT Ltd, a subsidiary undertaking in the Group, was sold
and has been classified as a discontinued operation.

 

The loss relating to this subsidiary in the period was as follows:

                                      30 April 2025  31 October 2024

 Income statement                     £              £
 Revenue                              15,197         267,534
 Other costs                          -              (80,168)
 Net revenue                          15,197         187,366

 Amortisation                         (6,073)        (182,519)
 Administration expenses              (250,755)      (543,032)
 Foreign exchange gains/(loss)        336            (1,660)

 Operating loss                       (241,295)      (539,845)

 Loss before taxation                 (241,295)      (539,845)

 Tax expense                          -              -

 Asset disposal / impairment          (89,022)       (2,135,436)

 Loss from discontinued operations    (330,317)      (2,675,281)

 

Cash flows generated by TCAT Ltd for the reporting periods under review was as
follows:

 

                                                                30 April 2025     31 October 2024

                                                                £                 £
 Operating activities                                           (288,308)         (410,696)
 Investing activities                                           -                 (530,119)
 Financing activities                                           294,833           929,967

 Cash flows from discontinued operations                        6,525             (10,848)

 

4.   Earnings per share

 

The calculation of the earnings per share is based on the profit for the
financial period divided by the weighted average number of shares in issue
during the period.

 

                                                               Unaudited       Unaudited       Audited
 Basic earnings per share                                      6 months ended  6 months ended  12 months ended

                                                               30 April 2025   30 April 2024   31 October 2024

 Profit/(loss) for period attributable to equity shareholders  190,639         183,235         (2,295,192)
 Weighted average number of shares in issue at period end      222,446,249     222,446,249     222,446,249
                                                               _________       _________       _________
 Basic earnings per share                                      0.09p           0.08p           (1.03p)
                                                               =========       =========       =========

 

The diluted earnings per share would be lower than the basic profit per share
as the exercise of warrants and options would be dilutive.

 

5.   Share capital

 

 

                                           Unaudited           Unaudited      Audited
                                              30 April 2025    30 April 2024  31 October 2024
 Group and company                         £                   £              £

 Issued:

 Ordinary shares of 0.5p each

 222,446,249 ordinary shares of 0.5p each  1,112,231           1,112,231      1,112,231
                                           ==========          ==========     ==========

 

 

6.   Interim statement

 

Copies of this statement are available from the Group's registered Office at:

 

623 East Props Building, Goldfinger Avenue, Pinewood Road, Iver Heath,
Buckinghamshire, SL0 0NH.

 

 

 

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. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

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rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

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