REG-One Media iP Group Plc: Full Year Results and Notification of AGM <Origin Href="QuoteRef">OMIP.L</Origin>
26/02/2018 07:27
One Media IP Group Plc
("One Media" or the "Group or the Company")
Full Year Results and Notification of AGM
One Media iP (AIM: OMIP), the digital media content provider which exploits
intellectual digital property rights around music, video and copyright
technology, announces its Full Year Results for the 12 month period ended 31
October 2017.
Financial Highlights
*
Revenue increased to £2,337,624, up 14% compared to equivalent period last
year (2016: £2,045,652);
*
EBITDA increased to £535,678, up 121% compared to equivalent period last year
(2016: £242,326);
*
Operating profit increased to £297,416, up 927% compared to equivalent period
last year (2016: £28,959);
*
Cash at 31 October 2017 was £383,051 compared with 31 October 2016: £335,664
up 14%
Operational Highlights
*
Growth primarily due to increased demand for Group’s recordings resulting
from uplift in consumers streaming music
*
Miki Dallon catalogue of music rights renewed
*
Launch of five new Group websites
*
TCAT (Technical Copyright Analysis Tool) signs its first client
*
Banking facilities moved to Coutts & Co
*
All USA reported copyright claims successfully closed and settled
One Media CEO & Chairman, Michael Infante, commented
“A year ago I reiterated my confidence in streaming and that of the music
industry at large, this has proven to be key in our corporate financial
turnaround. We have weathered the worst of the drop, as consumers transitioned
from downloading to streaming and as predicted by me, it has now reflected in
growth. Revenues up from £2.0m (2016) to £2.3m up 14% and the profit
increasing in line with market expectation to £0.3m and gross margins
remaining stable at 45%. Our EBITDA reflects this recovery at over £0.5m and
cash balances have improved to just under £0.4m and have further increased
post period end. As consumers continue to change their music buying habits,
and embrace the streaming services provided by the major streaming sites such
as Apple Music, Spotify and Amazon, like the Dodo, no new downloading sites
are emerging. Devices like the Amazon Echo (Alexa) or Google’s Home, provide
a brand new experience in daily audio consumption and serves to provide
another rapid paradigm shift in subscription funded listening. No
keyboards, monitors or complicated sign in procedures acting as a barrier to
use, these devices completely liberate your music libraries and integrate them
into your surroundings and away from your mobile device, making music once
again an amplified sound-sharing exchange, as opposed to a personal headphone
experience. Both hardware and ingenious software, empowering voice
recognition, it is the music industry, hand in hand with technology leading
the way. Once again, we are on the verge of a whole new market for consuming
audio-visual entertainment. The continuing evolution, that is today’s music
market, can only serve to ensure the industry will reap the benefits by
enjoying the sustained long-term growth that will come with this
advance. This amplifies our mission statement that ‘content is still
king’ and that device ingenuity and creativity requires a mixed offering of
content (nostalgic and contemporary) to provide to its exacting and varied
consumers of all demographics.
TCAT signed its first major record industry distributor during the period
under review and has completed a successful trial period and continues to
serve this client. The service is still in its early days and development
continues on this unique software music copyright discovery tool. The Group
has resourced its technical team with additional in-house software developers
to underpin the growth of the program. Post year-end we were pleased to
announce that TCAT had signed an additional international major record label
and that the service has now commenced. Men and Motors, post year-end has
entered a deal with an American production and distribution company (Global
Genesis Group) to seek out broadcasters and sponsored funding to create a new
series in North America. Finally, and to positive media coverage resulting
in share price endorsement, I cannot fail to mention the proposed appointments
of investors Lord Michael Grade and Ivan Dunleavy to our board of directors.
Both bring with them a wealth of experience and City support. I said last year
that 2018/9 was going to be a turnaround year for the Group, I can say that as
the repositioning of the Group continues, the real corporate initiatives are
only just beginning. One might say, “phase one is complete, bring on phase
two.”
The report of the auditor in the Report and Financial Statements for the year
ended 31 October 2017 is unqualified and the results announcement can be
viewed on the company's website, www.omip.co.uk with effect from Monday 26
February 2018. Notice of the Annual General Meeting, to be held at 11.00 a.m.
on Tuesday 27th March 2018 at Panmure Gordon One New Change, London EC4M 9AF
will be posted to shareholders on or by 28th February 2018.
For further information, please contact:
One Media IP Group Plc Michael Infante Alice Dyson-Jones Chairman and Chief Executive
Tel: +44 (0)175 378 5500 Communications
Tel: +44 (0)175 378 5501
Harry Chathli, Claire Norbury Luther Pendragon Ltd (Financial PR)
Tel: +44 (0)20 7618 9100
Liam Murray / Jo Turner Cairn Financial Advisers LLP (Nominated Adviser) Tel: +44 (0)20 7213 0880
James Stearns Panmure Gordon (UK) Ltd (Broker)
Tel: +44 (0)20 7886 2500
CEO & Chairman's Statement
I left off last year by stating that I was beginning to sound like a worn out
record being played at the wrong speed. Well I am pleased to report that like
the music we sell, we are back on track. The music industry is reporting
growth and the press have been bullish in their analysis on music streaming.
Album and track downloading is giving way to the subscription based and
advert-funded method of consumer music buying. We have experienced the green
shoots of recovery and are positioning ourselves to meet the new demands of a
more fully rounded copyright business. As we approached our year-end,
strategic changes in both our systems and personnel supported our continued
growth. We have engaged in further system development with TCAT and employed
additional software developers. We have rationalised our management team to
have the right skill sets in place to take us forward and kept a firm grip on
financial control. Over the year under review we have continued to invest in
system and sales development for the Company, which is always hard to bear in
a downward trend, but has proven to be the correct route. We have managed this
situation without any borrowing or additional equity funding. Yes, it has
meant a suspension of our dividend program and has been reflected in rigorous
control measures, but we are now better positioned to meet the new challenges.
What are the Group’s new challenges?
Firstly we have aligned ourselves with the predicted growth path of the music
and video industry over the next five years. Our core business is still audio
based but as we grow we can fully expect to see an increase in revenues coming
from a proactive sales initiative from the Group’s video library into
emerging territories such as Russia, India and China. Our Men & Motors back
catalogue and newly formatted show initiative has found a partnership with
industry specialists Global Genesis Group, a TV & Film distributor based in
North America, who are tasked with finding the sponsorship and broadcasters
for a new Men & Motors show format developed in the UK. Meanwhile TCAT is
making progress with the major record distributors and post year-end has
signed its second international record label as a key account. We anticipate
further progress with TCAT, as its service becomes a recognised industry
standard in copyright enforcement and protection.
As confidence returns into our sector we anticipate further acquisitions in
keeping with our original buy and build strategy. Music, video and publishing
opportunities, will all be on our radar. At the half year I stated that the
music industry’s trade revenues were expected to grow by 5.1% (source BPI
Official Charts Company) and the Group is pleased to say that we surpassed
that benchmark achieving 14% growth over the year under review. In the market
overview below are further industry statistics.
Currency still impacts our profitability. Shifts in both the US Dollar and the
Euro continue to affect both our revenue and profits and we continue to
anticipate a fluctuating currency exchange rate.
The market overview below will provide a greater in-depth look at the state of
the global music market. We maintain a ‘measured pace’ on rights
acquisitions whilst the market place stabilises and multiples adjust
accordingly. Most acquisitions are based on the ‘targets’ previous
financial performance, so a return to music industry growth should benefit our
rights acquisition initiative.
Our in-house team of Creative Technicians that manage our metadata, design our
digital artwork and are all ‘YouTube accredited’ by the YouTube annual
exam programme, have adapted their skillsets to include digital audio
publishing. The Group has introduced a series of ‘digital on-demand’
printed books, uploaded to Amazon’s ‘Print on Demand’ service. The
original sound master to many of our ‘spoken word’ recordings has been
transliterated and presented as paperback books or ‘ebooks’. This
necessitates no stock holding and no print runs. Basically a digital file is
uploaded and acts as ‘master’ to each ‘printout’ on a one-off basis.
The service is fully automated and operated by our distribution partner,
Amazon.
Our music library continues to be used for synchronisation purposes. This is
the use of our audio behind film, TV or advertising. In the year under review
we have had placements in shows such as Nashville, Hawaii Five-0, Marvel’s
The Flash, Ghosted, Bad Moms and American Gods to name a few.
We are pleased to report that TCAT has been successfully trialled with one
major international music aggregator and subsequently we have entered into a
commercial arrangement monetising the service. Post year-end we are pleased
to confirm that another major international record company has contracted with
TCAT and started using our service. We are now offering TCAT as a 'Software as
a Service' (SAAS) analysis tool to the wider major record industry with a
variety of bespoke services. Each new client requires a varying rights
management service and undertakes to an exacting ‘brief’ prior to the
service being activated. We anticipate, as our experience grows and in-house
developers create ‘industry-first’ data sets for our TCAT clients, that
the value of TCAT will be fully realised as we roll out the service. For
more information on TCAT please visit www.tcat.media.
Financial Overview
The year under review has been encouraging and we have seen revenues grow by
14% up to £2,337,624 and our EBITDA up by 121% to £535,678 (2016:
£242,326). Our operating profit is up to £297,416, a significant increase
over our 2016 figure of £28,959. Despite our cash investment into our new
technologies, rights investments, exhibitions and the cost of certain staff
realignments, our year-end cash balance is up by 14% at £383,051. Our Gross
margin is stable at 45%. Overheads for the year, after the strict
administrative controls implemented by the Group in reaction to the previous
year’s drop in revenues, are reported at £758,311 compared to 2016 at
£876,742.
A profit after tax attributable to equity shareholders of £266,772 is
reported for the financial year. Increased from the £62,871 in 2016 and due
to the combined effects of increased revenues, a reduced foreign exchange
charge and maintained margins. The corporation tax expense of £30,829 in the
period (2016: credit of £32,852) includes Research and Development allowances
available to the Group (£38,812 prior year and £35,315 current year). At the
end of the year our cash position is reported at £383,051 (2016: £335,664).
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 £228,543, reduced from the £280,176 in 2016.
The board has considered the year under review and has recommended that no
dividend be paid (2016: £100,896). As always this will be a matter for review
by the board semi annually. We continue to operate a steady, considered
approach with our acquisition programme. We will broaden our search for IP
content, technical development, publishing and live events. We will consider
all methods of rights exploitation outside of the traditional music platforms.
Acquisition and RNS Updates Nov 2016 to Oct 2017
We have taken a consolidative view of the market whilst the buying trends
shift. We are preserving our resources regarding content acquisition until the
merry-go-round settles. However as certain opportunities present themselves we
are ready to make acquisitions where bargains may exist. I believe there
will be some such deals on the horizon. We are underpinning existing contracts
by extending existing rights and ensuring that our library of rights remains
robust.
On 25 January 2017 we announced that we had renewed the exclusive rights to
the MD Production music catalogue for a recoupable advance of $18,000
(eighteen thousand US Dollars). The MD catalogue comprises over 1,000 original
recordings from the 1960s to the 1980s. With performances from artists such as
Don Fardon, The Cockerel Chorus, Dando Shaft, Gill Scott-Heron, Greyhound, Roy
Harper, Johnny Kidd & the Pirates, Kenny and Python Lee Jackson to name just a
few. The tracks have been marketed exclusively by One Media since 2007 on a
royalty-sharing basis. MD Productions has been a long-term music provider and
has received three advances and on-going royalties from One Media throughout
the term. One Media is pleased to report that it has always fully recouped
its advances throughout the relationship.
On 30 January 2017 we started work on reorganising the Group’s websites.
Five new websites were created promoting the Group’s expanded activities.
Firstly we have the new site; One Media iP Group Plc (www.omip.co.uk/). Here
you will find all the investor relation information and dedicated summaries of
the Group’s subsidiaries. The day-to-day activities, artist information and
social media activities of our audio and video businesses is now housed under
www.onemediaip.com/. Our Technical Copyright Analysis Tool (TCAT) is at
(www.tcat.media). Here you will find our informational video on the
‘Software as a Service’ (SaaS) technology. Men & Motors can be found on
(www.menandmotors.com) a new and exciting style for this site showing the
links to the archive of over 3,400 shows and information on our initiative for
a new format of TV show still being presented to various broadcasters. Point
Classics, our classical collection of over 3,000 recordings
(www.pointclassics.com) is now the new home for this collection. Music
supervisors use this site to sort, search and compile classical recordings for
film and TV. We are pleased to report that all of the work in creating the new
sites was completed on time and within budget.
It is the Group’s intention to maximise the value on its brand ownership and
to more clearly define their individuality within the market place, as
demonstrated on our new corporate website (www.omip.co.uk). Men & Motors by
way of example has already been registered (albeit dormant), as a stand-alone
subsidiary company in preparation for broadcast and trading demand. The same
applies for TCAT and the Group has registered TCAT Ltd should this be required
in the future.
On 1 February 2017 we announced that we had moved our banking services to
Coutts & Co ("Coutts") of 440 Strand, London. We commenced the orderly
handover from Barclays to Coutts during February 2017. The Group confirmed at
the time that it has no debt and is cash generative. Coutts experience within
media and content, with many focussed services and seminars should prove
invaluable to the Group with its expansion programme into varying media and
technology activities.
On 30 April 2017 the Group announced that One Media had signed an exclusive
exploitation deal with Getty Images for 'clips' from the Group’s moving
image library rights. The deal will involve One Media supplying ‘clips’
from its growing video content library to Getty Images for representation and
exploitation to Getty’s worldwide client base for multiple use in
documentaries, advertising and all moving image usages. Getty Images is one of
the most esteemed sources of visual content throughout the world, with over
200 million assets available through its industry-leading sites
www.gettyimages.com and www.istock.com. The distribution deal will see the
Group create thousands of clips from its archive to be made available to Getty
Image’s clients on their web-based platforms. The Group’s video archive
has grown by acquisition over that last few years and we are now able to
further exploit the content via a ‘clipping’ service and to supply the
world leader in image hire. The Group’s Creative Technicians are already
trained and equipped to perform this function in-house and have been
successful in building billions of views with the Company’s content for
sites like YouTube. Content from Men & Motors, Alien Autopsy and the HiBrow
film catalogue together with our cleared music video content will spearhead
the service.
On 25 May 2017 we announced that we had signed our first major music
distributor to utilise the services of the Group’s Technical Copyright
Analysis Tool (“TCAT”). The global music distributor started using the
TCAT services from June 2017 to monitor its weekly release schedules, monitor
music conflicts and potential copyright infringements. Following two years of
development the deal will see the commercialisation of TCAT on an annual
contract basis. Confidentiality clauses in the agreement prevents us from
disclosing the identity of our client at this time and any of the commercial
terms but the Group is very excited by having TCAT deployed as a technical
resource to an international major record aggregator & distributor.
On 12 September 2017 The Company accepted the resignation of Mr Poplawski a
Non-Executive Director (NED). This had been originally tended in February 2017
and we thank him for his input over the years. It is the Company’s
intention to announce new NED appointments during 2018.
Post year end on 18 December 2017 and to much national press, it was announced
that an equity investment totalling £375,000 gross in the Company was made by
Lord Michael Grade and Ivan Dunleavy, and their proposed appointments as
Non-Executive Directors.
Lord Grade said: “I firmly believe the music industry has turned a corner
– led by streaming services, which are seen as the basis of future growth by
content owners. One Media is a very accomplished business with strong
credentials, and we share the management team’s view of the music
business’ development. I look forward to working closely with them and using
my experience to add value and expedite the scale up of the business.”
“Our investment is a gesture of our firm commitment and a demonstration of
our belief in One Media’s future prospects,” added Ivan Dunleavy. “We
have a long-established relationship with Michael Infante and are impressed
with how he has run this company and developed an excellent reputation in this
industry. With music streaming set to grow, not only will this company benefit
from sales of its portfolio of digital content, it is also able to provide a
vital service to copyright owners through its in-house developed proprietary
software, TCAT, which tracks and monitors where their music is made available
for sale. We look forward to working with the One Media’s team to build on
the strong foundations and advancing to the next stage of development.”
Market Overview
The market has seen more turns in the last five years than Brands Hatch. It
has taken (in market terms) a very short period of time for downloading to
become the poor relation to streaming. All the major international record
labels report a return to growth and most headlining industry news amplifies
this. The key figures published to April 2017 (source IFPI report) puts
global revenue growth up by 5.9%. The digital share of global revenues now
represents 50% of total sales up 17.7% over the previous year and a staggering
growth in streaming revenues up 60.4% over 2016. Physical (CDs & Records)
revenues dropped despite the great hope of vinyl, falling by 7.6% and download
digital (the iTunes model) sales revenues fell by 20.5%. Many of the major
labels do not disclose detailed music sales information however the Warner
Music Group (WMG) announced its headline growth at 10.2% in total revenues.
WMG saw its revenues grow from $3.25bn in the year ended 30 September 2016 to
$3.58bn in the year ended 30 September 2017. Within that, WMG’s digital
revenues grew by 24.7% to £1.87bn being 52.3% of the group’s total
revenues. Overall, WMG reported a net profit of $149m for its latest fiscal
year, up from $30m the previous year (source Musically). Royalty bearing
artists and publishers alike will be benefiting as profits return to the
industry. Streaming continues the march for the consumer-preferred method of
purchasing music as intuitive technology enables the user to engage with
content legitimately and meets commercial requirements for rights owning music
businesses. A kind of West meets East. As more territories are
commercialised, we are seeing for the first time in many years, a happier
music industry. Still to be addressed is the ‘The Value Gap’. The value
gap describes the growing mismatch between the value that user uploaded
services, such as YouTube, extract from music, and the revenue returned to
those who are creating and investing in music. The value gap is the next
‘bridge’ to be built. But Rome was not built in a day.
Over the last four years we have seen streaming grow from very low
monetisation to being the consumer-preferred method of buying music.
Please click here to view the graph
(http://content.prnewswire.com/documents/PRNUK-2302181121-6E54_Chairmans_report_Final_23022018_CC.pdf)
Employees
Our headcount as of 31 October 2017 was 12 including all staff and executive
and non-executive directors (Group and Subsidiaries). On the 7th September
2017 Alice Dyson-Jones (managing director of One Media IP Ltd (a Group
subsidiary) was appointed as a director of the British Phonographic Industry
(BPI) as an independent music label representative. The Company has had
history in the past with both Michael Infante and Scott Cohen representing
‘the Indies’ over the last ten years at the BPI in similar roles. It is a
great achievement and we congratulate her.
I would also like to thank Scott Cohen, Philip Miles and Steve Gunning for
their individual contributions at board level especially in such a challenging
year.
Litigation
On the 12 April 2017, we announced that further to our announcement of 20
February 2017 that we had reached an amicable settlement to the on-going
Middle District of Tennessee dispute with HHO Licensing Ltd, Henry Hadaway
Organisation Ltd and Henry Hadaway personally. The terms of the settlement are
confidential. The matter is now closed.
On the 1 November 2017 we announced that further to the Company’s
announcement on 27 June 2017 the Company can confirm an end to the
‘action’ in which it was involved in the Southern District of Florida
Court USA. One Media has settled its involvement for a non-material amount in
the case brought by Kemar McGregor.
Outlook
I am delighted to welcome Ivan Dunleavy and Lord Grade as investors into One
Media. I am also excited by the wealth of experience that this will bring to
the Company following their proposed appointments as non-executive directors.
They have an exceptional track record, both individually and combined, with
their partnership at Pinewood Studios overseeing a more-than fivefold increase
in the value of that business. In 2018, the music industry and One Media are
both poised to benefit from uplifts in the monetisation of content through
streaming and we will also extend our reach with exciting initiatives such as
TCAT and future acquisitions into new areas of our industry. My team of
directors (both main board and subsidiary) 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
Chairman and CEO
26 February 2018
Consolidated Statement of Comprehensive Income
For the year ended 31 October 2017
Year ended 31 October 2017 Year ended 31 October 2016
£ £
Revenue 2,337,624 2,045,652
Cost of sales (1,281,897) (1,139,951)
Gross profit 1,055,727 905,701
Administration expenses (758,311) (876,742)
Operating profit 297,416 28,959
Finance income 185 1,060
Profit on ordinary activities before taxation 297,601 30,019
Tax credit / (expense) (30,829) 32,852
Profit for period attributable to equity shareholders and total comprehensive income for the year 266,772 62,871
Basic earnings per share 0.38p 0.09p
Diluted earnings per share 0.35p 0.08p
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 2017
Share Capital Share redemption reserve Share premium Share based payment reserve Retained earnings Total equity
£ £ £ £ £ £
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 1 November 2016 355,268 239,546 1,457,645 74,440 1,309,977 3,436,876
Share based payment charge - - - 32,758 - 32,758
Profit for the year - - - - 266,772 266,772
Dividends - - - - - -
At 31 October 2017 355,268 239,546 1,457,645 107,198 1,576,749 3,736,406
Consolidated Statement of Financial Position at 31 October 2017
At 31 October 2017 At 31 October 2016
£ £
Assets
Non-current assets
Intangible assets 3,383,597 3,394,134
Property, plant and equipment 16,970 6,452
3,400,567 3,400,586
Current assets
Trade and other receivables 478,804 463,574
Cash and cash equivalents 383,051 335,664
Total current assets 861,855 799,238
Total assets 4,262,422 4,199,824
Liabilities
Current liabilities
Trade and other payables 491,619 756,988
Deferred tax 34,397 5,960
Total liabilities 526,016 762,948
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 107,198 74,440
Retained earnings 1,576,749 1,309,977
Total equity 3,736,406 3,436,876
Total equity and liabilities 4,262,422 4,199,824
Consolidated Cash Flow Statement
For the year ended at 31 October 2017
Year ended 31 October 2017 Group Year ended 31 October 2016 Group Year ended 31 October 2017 Company Year ended 31 October 2016 Company
£ £ £ £
Cash flows from operating activities
Operating profit before tax 297,601 30,019 245,496 262,899
Amortisation 234,911 209,365 - -
Depreciation 3,350 4,002 - -
Share based payments 32,758 30,943 32,758 30,943
Finance income (185) (1,060) (7) (174)
Decrease/(increase) in receivables (15,229) (23,320) (255,691) (276,743)
Increase/(decrease) in payables (267,761) (290,186) 7,585 4,509
Corporation tax paid - (57,900) - -
Net cash inflow(outflow) from operating activities 285,445 (98,137) 30,141 21,434
Cash flows from investing activities
Investment in intellectual property rights (224,375) (280,176) - -
Investment in property, plant and equipment (13,868) (2,436) - -
Finance income 185 1,060 7 174
Net cash used in investing activities (238,058) (281,552) 7 174
Cash flows from financing activities
Proceeds from the issue of new shares - - - -
Share issue costs - - - -
Dividends paid - (100,896) - (100,896)
Net cash inflow(outflow) from financing activities - (100,896) - (100,896)
Net change in cash and cash equivalents 47,387 (480,585) 30,148 (79,288)
Cash at the beginning of the year 335,664 816,249 31,483 110,771
Cash at the end of the year 383,051 335,664 61,631 31,483
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 were admitted for trading on the AIM market of the
London Stock Exchange on 18 April 2013.
Taxation
Year ended 31 October 2017 Year ended 31 October 2016
£ £
Analysis of the charge for the year
Adjustments to tax charge in respect of prior years (22,940) (38,812)
UK corporation tax charge 24,833 -
Deferred tax 28,936 5,960
30,829 (32,852)
The standard rate of tax for the year, based on the UK standard rate of
corporation tax is 19.41% (2016: 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 2017 Year ended 31 October 2016
£ £
Profit on ordinary activities before tax 297,602 30,019
Tax on profit on ordinary activities at 19.41% (2016: 20%) 57,765 6,004
Effects of:
Non-deductible expenses 9,304 8,942
Adjustments to tax charge in respect of previous periods (8,270) (38,812)
Fixed asset timing differences 11,579 34,499
Depreciation in excess of capital allowances (660) (285)
Share scheme deduction - -
Research and development (38,889) (43,200)
Total tax charge / (credit) 30,829 (32,852)
Earnings per share
The weighted average number of shares in issue for the basic earnings per
share calculations is 71,053,698 (2016: 71,053,698) and for the diluted
earnings per share assuming the exercise of all warrants and share options is
75,653,698 (2016: 77,035,890).
The calculation of basic earnings per share is based on the profit for the
period of £266,772 (2016: £62,871). Based on the weighted average number of
shares in issue during the year of 71,053,698 (2016: 71,053,698) the basic
earnings per share is 0.38p (2016: 0.09p). The diluted earnings per share is
based on 75,653,698 shares (2016: 77,035,890) and is 0.35p (2016: 0.08p).
EBITDA
Profit from continuing activities before interest, tax, depreciation and
amortisation for the twelve months ended 31 October 2017 was £535,678 (2016:
£242,326).
Directors’ responsibilities
The Annual Report, including the financial information contained therein, is
the responsibility of, and was approved by the directors on 23 February 2018.
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 Tuesday 27(th) March 2018
will be posted to shareholders on or by Monday 26 February 2018. 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)
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