REG-One Media iP Group Plc: Final Results and Notice of A.G.M <Origin Href="QuoteRef">OMIP.L</Origin>
23/03/2017 07:06
23 March 2017
One Media IP Group Plc
(“One Media” or the “Group”)
Final Results and Notice of A.G.M.
One Media iP (AIM: OMIP), the digital media content provider which exploits
intellectual digital property rights around music, video and spoken word, is
pleased to announce its Final Results for the year ended 31 October 2016.
Financial Highlights
* Revenue £2,045,652 (2015: £2,519,330);
* EBITDA £242,326 (2015: £670,804);
* Operating profit £28,959 (2015: £445,312);
* Cash balances of £335,664 at 31 October 2016 (2015: £816,249), and;
* Dividends paid in year ending 31 October 2016, totalling £100,896 (2015:
£100,647). The first on 20 November 2015 at 0.071p per share and on 22 July
2016 a further dividend of 0.071p per share.
Operational Highlights
* Pursuant to the Half-Year ending 30 April 2016, an interim dividend of
0.071p per share announced.
* Philip Miles appointed to the Main Group PLC board to spearhead TCAT and
other OMIP technical developments.
* Nigel Smethers retires and Steve Gunning is appointed Company Secretary and
Financial Controller.
* Filming of a video pilot for a new Men & Motors series to be pitched to all
major broadcasters both in the UK and on the international broadcast market.
* The Group’s You Tube channels have achieved 2 billion viewed minutes to
date.
* Exclusive long-term digital exploitation license agreement with HiBrow
Productions on TV & music content.
* Acquired the exclusive ownership to the Owl Music Catalogue on a complete
buy-out basis.
One Media CEO & Chairman, Michael Infante, commented
“Our continued fall in turnover and profitability continues to challenge the
Group. Brexit and the Sterling drop have not helped us in the year under
review.. We are improving the way we market the Group’s new activities which
have broadened over the last year, all of which are more clearly defined on
the Company’s new web sites. As our Technical Copyright Analysis Tool (TCAT)
develops we will become much more than just an audio-visual content business.
We intend this technology (TCAT) to meet the changes that we have outlined
over the last year by becoming a supplier of ‘data intel’ to the music
industry. The shifting audio market continues to take its toll on our audio
content sales but as the shift in monetising our music from downloading to
streaming gains further traction we anticipate a levelling and repositioning
looking ahead. We remain profitable with an EBITDA of £242,000 on a turnover
of £2.05m maintaining a gross margin of 44.3%. The uplift in our video
viewing on YouTube progresses and our channel management is encouraging with
approximately 2 billion minutes of video being viewed from our 25 You Tube
channels since 2013. Streaming in both video and audio is now the dominant
force with ‘subscription’ and ‘ad-funded’ revenue models. We have
entered a different world of music sales, which continues to challenge our
previous monetisation model. My confidence however is high, as this shift
comes as no surprise to the Group, as stated previously. Streaming delivers
a continued revenue source on every ‘play’ of the Group’s content. In
other words, we generate revenue every time a consumer listens to our music.
With the growth of digital stores like Spotify and Apple Music opening new
territories globally, this will be good for us in the long term. Previously,
when a track was downloaded we received a ‘one off’ payment, with
streaming we receive payment every time the recording is played, effectively a
digital pension.
The report of the auditor in the Report and Financial Statements for the year
ended 31 October 2016 is unqualified and the results announcement can be
viewed on the company’s website, http://www.onemediaip.com/, with effect
from Wednesday 23 March 2017. Notice of the Annual General Meeting, to be held
at 11.00 a.m. on Friday 21 April 2017 will be posted to shareholders on or by
Thursday 30 March 2017.
For further information, please contact:
One Media IP Group Plc
Michael Infante Chairman and Chief Executive Tel: +44 (0)175 378 5500
Alice Dyson-Jones Corporate Communications Tel: +44 (0)175 378 5501
Cairn Financial Advisers LLP Nominated Adviser
Liam Murray / Jo Turner Tel: +44 (0)20 7213 0880
Panmure Gordon (UK) Ltd Broker
Karri Vuori Tel: +44 (0)20 7886 2500
CEO & Chairman’s Statement
If I am in danger of beginning to sound like a worn out record that is being
played at 45 rpm to 33 rpm then I fully admit maybe I am. No CEO & Chairman
can take pleasure in reporting negative growth and receding profit especially
one so invested. This is a storm. And not one for the faint-hearted investor
that wants instant results. But continue to invest I do. My time, money and my
enthusiasm.
So why the drop?
I have spoken in my previous statements about the ‘long term’. Who is in
charge of the ‘long term’ and how can I speed up the change and what do I
mean by ‘long term’. The definition of ‘long-term’ according to an
online dictionary is “evolving, maturing after, or being in effect for a
long term” it does not state a period of time. A long-term mortgage can be
greater than 25 years, a long-term marriage can suffer an ‘itch’ after 7
years! I am pleased to say that my long-term plans reflect neither of these
two time scales.
The drop was expected and predicted and indeed outlined by a Panmure
Gordon’s ‘brokers note’ at the beginning of the year under review.
Unfortunately, currency issues and Brexit have added to our pain, as we do
after all pay royalties on a US Dollar basis. Currency is a big part of our
world as dealing in over 120 territories globally everything ends up getting
converted to US dollars and then back to British Sterling, even our UK sales.
Our royalty Advance-recouping process (monies received in US dollars from our
US based distributor) has contributed largely to us incurring a foreign
exchange loss of £59,081. In addition, we have made cautious provisions for
some non-material bad debts and carried the expense of employee change with
the associated costs.
At the end of calendar year 2016 the music industry proudly announced that it
was on the mend. Global figures stated by the British Phonographic Industry
(BPI) saw a rise to $15bn in global sales. Let’s not forget that back in
2002 (pre digital monetisation) this was $42bn. Of course this figure was
entirely based on the physical medium of CD and cassettes being manufactured
and distributed for every track of music sold. Now digital sales are
outselling physical for the first time with 55% of UK sales in digital format.
Physical sales have been given a boost by the occasional flash back to
nostalgic vinyl LPs in which you are being led to believe is a ‘new musical
coming’. I will believe that when I see a record player in every new Tesla
sold.
My market overview below will provide a greater in-depth look at the state of
the global music market.
Our acquisition program has definitely slowed by design. We have signed
several new deals and renewed certain exclusive licenses that have come up for
review. We are renewing deals in line with digital store policy to meet the
ever-increasing quality assurance store guidelines as laid down by our primary
retail partners. The Group is well equipped to meet the meticulous
‘meta-data’ requirements carried out by our team of Creative Technicians
with whom the Group trains in all the best practices of digital ingestion. We
maintain our corporate YouTube partner accreditation for which our team
participate in an annual exam to remain current and accredited.
On YouTube, our content has exceeded 2 billion minutes of all time viewing.
This (ad-funded) business model continues to grow for the Group. Our Creative
Technicians are all trained in YouTube best practices to grow this emerging
content exploitation and monetisation.
Being based at Pinewood Studios we continue to focus on exploiting our music
on both TV and film. In the year under review our music has featured in TV
shows such as ‘Mozart of the Jungle’, ‘Agents of Shield’,
‘Sleepy Hollow’, ‘The Discovery’, ‘Code Black’, ‘Nashville’,
‘Pure Genius’, ‘Falling Water’ and ‘Westworld’ to name just a few.
During the year under review TCAT (Technical Copyright Analysis Tool) has seen
us continue investment in developing the ‘Software as a Service’ (SAAS)
tool. It has been presented to a careful selection of major record labels and
trials continue. The evolution of this software is gradual and the Group is
now dedicating further financial resource and personnel to its continued
development. We have identified initial client requirements during the last
year, working with and testing TCAT with a few chosen major labels. We have
made significant advances in TCATs ability to ‘crawl’ music sites and
handle millions of lines of data, which is expanding its role as a tool for
the music industry. We have produced a trade video for the purpose of
demonstration, which outlines the many facets that TCAT can offer. The TCAT
service is we believe, both unique and a first. Copyright control on
legitimate digital stores has been widely overlooked by the industry with all
eyes on global piracy, which is an ever-moving target. We have chosen to
create a tool that focuses on content policing and auditing on the most
popular legitimate stores such as iTunes, Apple Music and Spotify. During 2017
& 2018 the Group will continue with its chosen major label partners to test
TCAT’s services. I will keep you informed as to further developments as the
Group pioneers ground breaking data research to further TCAT’s future as a
copyright control and audio exploitation analysis tool. Full details of this
service can be found at http://www.tcat.media/.
Financial Overview
This has been, as predicted, a difficult year for us and as a consequence we
have seen our revenue fall with a final reported figure of £2,045,652, a
decrease of 18.8% on the £2,519,330 from last year, but in line with market
expectation. Despite the decline in revenue we have been able to hold our
gross margins at 44.3%, 7.0% behind 2015. Operating profit before tax is
reported at £28,959, compared to the equivalent 2015 figure of £445,312.
Aware of the fall in revenue we have kept strict control of our overheads,
reporting at £876,742 and achieving a minimal increase of £29,925 on the
£846,817 reported for 2015. This was achieved despite incurring a foreign
exchange loss of £59,081 down £36,527 on the 2015 figure of £95,608. This
demonstrates the operational leverage within our business whilst maintaining
tight control of administrative costs.
A profit after tax attributable to equity shareholders of £62,871 is reported
for the financial year. Down from the £356,738 in 2015 and due to the
combined effects of the revenue fall and reduced margin. The corporation tax
credit of £32,852 in the period (2015: charge of £92,031) is mainly as a
result of the Research and Development allowances available to the Group
(£38,812 prior year and £43,200 current year) and fixed asset timing
differences, meaning a deferred tax liability of £5,960 has been recognised.
EBITDA, calculated on profit from continuing activities before interest, tax,
depreciation and amortisation is £242,326 (2015: £670,804).
At the end of the year our cash position is reported at £335,664 (2015:
£816,249). Due to the uncertainties in our business, mentioned elsewhere in
this report, we have been careful over the investment in content and rights
with this year showing a spend of only £280,176, reduced from the £325,568
for 2015. However, we maintained our dividend policy with total dividends
virtually unchanged at £100,896 (2015: £100,647).
We continue to operate a steady, considered approach with our acquisition
programme. We will broaden our search for IP content and technical
development, considering forums, avenues and methods of exploitation outside
of the traditional music platforms.
Content Update and Rights Acquisition
We continue to make content acquisitions and strategic distribution deals. As
we have in the audio business we look to acquire legacy content in the video
market. This is a ‘fit’ with our growing YouTube channel initiative.
On the 15 March 2016 we entered an exclusive digital exploitation agreement
with the "Associated Rediffusion Television, Archive footage of 1954 to
1968” controlled by Archbuild Ltd. The distribution agreement includes
thousands of hours of television footage, broadcast by Rediffusion from the
1950s through to the 1960s. Many of the programs have not been seen for over
50 years but will prove to be of great historical importance as this archive
reflects the development of independent television which revolutionised TV
broadcast as we know it today. Programs include TV classics such as: The Frost
Program, This Week (over 500 hours of international current affairs from the
era covering the post war changes across the world), Various Popular TV Quiz
Shows from the period, Children's of Other Lands, Half Hour Story, Intertel,
The Levin Interviews, Man of our Times, Peace Keepers, No Hiding Place (crime
dramas), Play of the Week, Something to Say (interviews with the great leaders
and celebrities of the time) Do Not Adjust your set, At last the 1948 Show,
World of Crime series and over a hundred of 'one-off' documentaries from the
time period including, the Ideal Home, The Queens Speech, Harrods a Shopping
Guide, The Harlem Globetrotters, British Communism, The Derby in the 60's, The
Budget 1962 and the British Academy Awards to name just a few selected titles.
It is a vast historic collection of TV history memorabilia. The library is
archived with the British Film Institute (BFI) and we have been in active
discussions as to how we best digitally transpose this most historical
collection from their original format into a digital format for distribution.
On the 28 June 2016 we entered an exclusive long-term digital exploitation
license agreement with HiBrow Production's TV & music catalogue for an Advance
of £21,000 ($26,000 USD) recoupable against future royalties. The film
director Don Boyd founded Hibrow Productions in 2008. It gathered a wide
eclectic range of prestigious professionals from within the international arts
industries (the Hibrow 'Curators') in order to create high quality arts
content. The company's experienced film-making teams have produced over 200
hours of original 'high-definition' broadcast quality digital videos featuring
numerous internationally acclaimed artists, authors, Hollywood actors,
dancers, choreographers, conductors, musicians, directors and designers. It
has enjoyed successful associations and partnerships with broadcasters
including the BBC and Sky Arts where its content was regularly broadcast.
One Media will further exploit the Hibrow content primarily via its digital
audio and video routes to market such as YouTube, Amazon and its 600 digital
stores such as iTunes, Spotify, Deezer and Google Play.
On the 24 August 2016 we acquired the exclusive rights and ownership to the
Owl Music Catalogue on a complete buy-out basis for €21,000 (twenty one
thousand Euros). The Owl catalogue comprises of over 1,100 original Irish folk
and Celtic music recordings. The tracks have been marketed by One Media since
2008 on a royalty sharing basis. Owl Records, was established in 1997. It
developed a diverse catalogue of over 90 albums, mainly in the Celtic folk,
traditional and new age genres. Original percussive arrangements of best-loved
classical compositions are also included in the catalogue. There is
additionally a varied range of Christmas albums. Unique to the catalogue is
the 'Counties of Ireland' series, a 350 strong collection of songs drawn from
the 32 counties of Ireland. Dagda's four Celtic new age albums spent over 100
weeks in the American New Age radio charts and provided the trailer sound
track for an Oscar winning film. Their only dance album is 'Raverdance
Celtic Clubland'. Rob Strong, father of Commitments star Andrew Strong has
two albums in the catalogue which also includes some childrens' story
collections. Each of Owl's six Mystical Ireland albums reached gold or
platinum status in Ireland. Artists include Owl's founder and director Reg
Keating, who is also the man behind Dagda, soul singer Rob Strong, popular
Irish crooner Sonny Knowles, New Ireland Orchestra and balladeer/troubadour
Tom Donovan. All Owl recordings were produced in its own studio in Ireland.
Synchronisation, the placing of music in films, TV shows and video, has seen
an increasing number of ‘tune placings’ over the last year. We have been
successful in placing music from our own library, and that of our strategic
partners, in some high profile broadcast opportunities, including adverts for
BMW and Toyota. From the world of TV and Film, we have had placings in the
Minions Movie, a track in the American series ‘Nashville’, ‘The
Messengers’, ‘The Originals’, ‘Flash’, ‘Stereotypically You’,
‘Anitra's Dance’, ‘Looking’ and a show on Fox/FX Networks called
‘Wayward Pines’ among many others. Monetising music through Film & TV is a
strong way to get our content noticed and it assists in our digital
exploitation opportunities via music stores, especially if the tracks are
relatively unknown.
The Men and Motors TV content that we acquired from Granada/ITV has continued
to be exploited via YouTube and some minor third party licensing. During the
year under review the Group invested a further £25,000 in the preparation of
a new TV format trailer. In October 2016, we attended the Mip Com exhibition
to present our newly formatted vision for a new Men & Motors TV show to
broadcasters. Continued interest is expressed and any deals will be announced
as they occur. Additionally we continue to offer the 3,400 archived shows to
potential broadcast partners running legacy channels. Men & Motors now has
over 70,000 subscribers and receives circa 500,000 views a week on its
dedicated YouTube channel operated by the Group and is monetised via ad-funded
revenues. We remain positive that the brand has value and will suit broadcast
in the future.
Market Overview
The British Phonographic Industry (BPI) stated that underlining the growing
ascendancy of streams as the format of choice for many fans, December 2016
witnessed the key milestone of one billion UK based audio streams taking place
for the first time in a single week. To set this growth in context, weekly
streams totalled less than 200 million at the start of 2014. As a result of
this dramatic increase, audio streaming now accounts for well over a third
(36.4 per cent) of all UK music consumption. Downloaded albums and singles
continued their downward trend as streaming takes over as the main digital
platform, now accounting for just over a fifth (22.6 per cent) of music
consumption volume in the UK.
The International Federation of the Phonographic Industry (IFPI) reported that
digital sales now contribute 45 per cent of the global industry revenue, this
has overtaken physical's 39 per cent market share. Streaming revenues globally
are up 45.2 per cent, helping to drive 3.2 per cent global growth. The global
music market achieved a key milestone in 2015 when digital became the primary
revenue stream for recorded music, overtaking sales of physical formats for
the first time. This growth of 3.2 percent led to the industry's first
significant year-on-year growth in nearly two decades, taking revenue to US$
15.0 billion. Digital revenues now account for more than half the recorded
music consumed in 19 markets. However, The IFPI reports that there is a
fundamental weakness underlying this recovery. Music is being consumed at
record levels, but this explosion in consumption is not returning a fair
remuneration to artists and record labels at this time. This is because of a
market distortion resulting in a "value gap" which is depriving artists and
labels of a fair return for their work. Streaming remains the industry's
fastest-growing revenue source. Helped by the spread of smartphones, increased
availability of high-quality subscription services and connected fans
migrating onto licensed music services, streaming has grown to represent 19
per cent of global industry revenues, up from 14 per cent in 2014. Streaming
now accounts for 43 per cent of digital revenues and is close to overtaking
downloads (45 per cent) to become the industry's primary digital revenue
stream. Premium subscription services have seen a dramatic expansion in recent
years with an estimated 68 million people now paying a music subscription
where available. This figure is up from 41 million in 2014 and just eight
million when data was first compiled in 2010.
So when I talk of the long-term, we are amidst the change that will see a
return to value moving forward as the market continues to shift to streaming.
This is a global market with currently over 3.2 billion people now using the
Internet via all routes of connection whether mobile or static according to
the United Nations agency that oversees international communications.
Employees
Our headcount as of 31 October 2016 was 13 including all executive and
non-executive directors (Group and Subsidiaries) and one technical consultant.
The Group would like to thank all the directors and staff for their hard work
during the year under review. The board will be undertaking a strategic review
to ensure that the correct skill sets are in place in line with the changing
trends of the market.
Litigation
In May 2015 the Group announced it had filed proceedings in the USA pursuant
to its belief that its music rights had been exploited without authorisation.
The Nashville Court ruled in the Group’s favour with regard to the actions
by HHO Licensing Ltd, Henry Hadaway Organisation Ltd and Henry Hadaway
personally. One Media announced that this litigation was concluded. On 17
September 2015 the Federal Court in Nashville Tennessee issued a judgment in
the sum of $781,846 USD against Henry Hadaway, HHO Licensing Ltd and Henry
Hadaway Organisation Ltd (which includes costs of $9,929 USD) for the wilful
infringement of 1,466 recordings from the Point Classics catalogue owned
exclusively by One Media. On the 7 February 2017 after an application from the
Hadaway defendants the Group was informed that the Nashville Court had
retracted its jurisdiction over the Hadaway defendants and vacated its
judgement. The Group has therefore decided to return the monies received to
date from the original Nashville judgement to HHO Licensing Ltd, Henry
Hadaway Organisation Ltd and Henry Hadaway pending an appeal. The Group will
consider its position and issue a statement once it has further reviewed the
situation.
Outlook
We have a continued period of change ahead of us as the remodelling from
downloading to streaming revenues fully matures. I look forward to us
developing our new technical initiatives and monetising them. In addition,
I believe that the market will begin to perceive us as more than just an audio
distribution content business. Our video, brands and technical creativeness
will be playing a greater role for the Group in the future. They say you have
to move with the times, our challenge is to move ahead of the times. This we
can do. We will be strengthening, investing and marketing certain Group
activities during 2017. This is to align us with the changing landscape and to
make the Group better understood within the space that we occupy. My team of
directors and I remain committed to delivering value and will continue to meet
the challenges that our industry faces. Thank you for your continued support.
Michael Infante JP
Chairman and CEO
23 March 2017
Consolidated Statement of Comprehensive Income
For the year ended 31 October 2016
Year ended 31 October 2016 Year ended 31 October 2015
£ £
Revenue 2,045,652 2,519,330
Cost of sales (1,139,951) (1,227,201)
Gross profit 905,701 1,292,129
Administration expenses (876,742) (846,817)
Operating profit 28,959 445,312
Finance income 1,060 3,457
Profit on ordinary activities before taxation 30,019 448,769
Tax credit / (expense) 32,852 (92,031)
Profit for period attributable to equity shareholders and total comprehensive income for the year 62,871 356,738
Basic earnings per share 0.09p 0.50p
Diluted earnings per share 0.08p 0.47p
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 2016
Share Capital Share redemption reserve Share premium Share based payment reserve Retained earnings Total equity
£ £ £ £ £ £
At 1 November 2014 353,518 239,546 1,452,895 21,215 1,091,911 3,159,085
Proceeds from the issue of new shares 1,750 - 4,750 - - 6,500
Share based payment charge - - - 22,282 - 22,282
Profit for the year - - - - 356,738 356,738
Dividends - - - - (100,647) (100,647)
At 1 November 2015 355,268 239,546 1,457,645 43,497 1,348,002 3,443,958
Share based payment charge - - - 30,943 - 30,943
Profit for the year - - - - 62,871 62,871
Dividends - - - - (100,896) (100,896)
At 31 October 2016 355,268 239,546 1,457,645 74,440 1,309,977 3,436,876
As detailed in note 15 Share capital the following transactions were
undertaken:
For the year ending 31 October 2015:
* On 12 May 2015 one employee exercised options on 100,000 ordinary shares of
0.5p each at 2.75p per share. The difference between the total consideration
received of £2,750 and the nominal value of the shares issued of £500 has
been transferred to the share premium account.
* On 27 July 2015 an employee exercised their right to convert 250,000 1.5p
warrants in ordinary shares of 0.5p each. The difference between the amount
raised of £3,750 and the nominal value of the shares issued of £1,250 has
been transferred to the share premium account.
Consolidated Statement of Financial Position at 31 October 2016
At 31 October 2016 At 31 October 2015
£ £
Assets
Non-current assets
Intangible assets 3,394,134 3,323,323
Property, plant and equipment 6,452 8,017
3,400,586 3,331,340
Current assets
Trade and other receivables 463,574 440,252
Cash and cash equivalents 335,664 816,249
Total current assets 799,238 1,256,501
Total assets 4,199,824 4,587,841
Liabilities
Current liabilities
Trade and other payables 756,988 1,143,883
Deferred tax 5,960 -
Total liabilities 762,948 1,143,883
Equity
Called up share capital 355,268 355,268
Share redemption reserve 239,546 239,546
Share premium account 1,457,645 1,457,645
Share based payment reserve 74,440 43,497
Retained earnings 1,309,977 1,348,002
Total equity 3,436,876 3,443,958
Total equity and liabilities 4,199,824 4,587,841
Consolidated Cash Flow Statement
For the year ended at 31 October 2016
Year ended 31 October 2016 Group Year ended 31 October 2015 Group Year ended 31 October 2016 Company Year ended 31 October 2015 Company
£ £ £ £
Cash flows from operating activities
Operating profit before tax 30,019 448,769 262,899 280,657
Amortisation 209,365 216,989 - -
Depreciation 4,002 8,503 - -
Share based payments 30,943 22,282 30,943 22,282
Finance income (1,060) (3,457) (174) (765)
Decrease/(increase) in receivables (23,320) 77,003 (276,743) (362,391)
Increase/(decrease) in payables (290,186) (734,154) 4,509 (4,575)
Corporation tax paid (57,900) (17,686) - -
Net cash inflow(outflow) from operating activities (98,137) 18,249 21,434 (64,792)
Cash flows from investing activities
Investment in intellectual property rights (280,176) (325,568) - -
Investment in property, plant and equipment (2,436) (5,208) - -
Finance income 1,060 3,457 174 765
Net cash used in investing activities (281,552) (327,319) 174 765
Cash flows from financing activities
Proceeds from the issue of new shares - 6,500 - 6,500
Share issue costs - - - -
Dividends paid (100,896) (100,647) (100,896) (100,647)
Net cash inflow(outflow) from financing activities (100,896) (94,147) (100,896) (94,147)
Net change in cash and cash equivalents (480,585) (403,217) (79,288) (158,174)
Cash at the beginning of the year 816,249 1,219,466 110,771 268,945
Cash at the end of the year 335,664 816,249 31,483 110,771
Notes to the Preliminary Results
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 are listed on the AIM Market (a share trading
platform of the London Stock exchange).
Taxation
Year ended 31 October 2016 Year ended 31 October 2015
£ £
Analysis of the charge for the year
Adjustments to tax charge in respect of prior years (38,812) (5,801)
UK corporation tax charge - 97,832
Deferred tax 5,960 -
(32,852) 92,031
The standard rate of tax for the year, based on the UK standard rate of
corporation tax is 20% (2015: 20%). 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 31 October 2016 Year ended 31 October 2015
£ £
Profit on ordinary activities before tax 30,019 448,769
Tax on profit on ordinary activities at 20% (2015: 20%) 6,004 89,754
Effects of:
Non-deductible expenses 8,942 8,954
Adjustments to tax charge in respect of previous periods (38,812) (5,801)
Fixed asset timing differences 34,499 -
Depreciation in excess of capital allowances (285) 3,174
Share scheme deduction - (4,050)
Research and development (43,200) -
Total tax (credit) / charge (32,852) 92,031
Earnings per share
The weighted average number of shares in issue for the basic earnings per
share calculations is 71,053,698 (2015: 70,817,534) and for the diluted
earnings per share assuming the exercise of all warrants and share options is
77,035,890 (2015: 75,595,068).
The calculation of basic earnings per share is based on the profit for the
period of £62,871 (2015: £356,738). Based on the weighted average number of
shares in issue during the year of 71,053,698 (2015: 70,817,534) the basic
earnings per share is 0.09p (2015: 0.50p). The diluted earnings per share is
based on 77,035,890 shares (2015: 75,595,068) and is 0.08p (2015: 0.47p).
EBITDA
Profit from continuing activities before interest, tax, depreciation and
amortisation for the twelve months ended 31 October 2016 was £242,326 (2015:
£670,804).
Directors’ responsibilities
The Annual Report, including the financial information contained therein, is
the responsibility of, and was approved by the directors on 22 March 2017.
Availability of Report and Accounts and Notice of the Annual General Meeting
Copies of the Company’s Report and Accounts together with the Notice of the
Annual General Meeting, to be held at 11.00 a.m. on Friday 21 April 2017 will
be posted to shareholders on or by Thursday 30 March 2017. 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,
http://www.onemediaip.com/.
623 East Props Building
Pinewood Studios
Pinewood Road
Iver Heath
Buckinghamshire
SL0 0NH
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See all newsREG - One Media iP Group - Notice of AGM - Replacement
AnnouncementREG - One Media iP Group - Notice of Results
AnnouncementREG - One Media iP Group - Trading Update and Change of Name of Broker
AnnouncementREG - One Media iP Group - Holding(s) in Company
AnnouncementREG - One Media iP Group - Holding(s) in Company
Announcement