Final Results and Notice of A.G.M
10th March 2015
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 2014.
Financial Highlights
* Revenue up 9.5% to £2,900,090 (2013: £2,649,130);
* EBITDA increased by 23.6% to £827,794 (2013: £669,996);
* Profit before tax up 94.7% to £642,273 (2013: £329,889);
* Cash balances of £1,219,466 at 31 October 2014 (2013: £1,688,093);
* Dividends paid in year ending 31 October 2014, totalling £100,598 (2013: £70,135).
The first on 25 November 2013 at 0.077p per share and on 8 July 2014 a further
dividend of 0.071p per share;
* A further USD$2.0m (GBP£1.2m) advance against royalties received from The
Orchard, the Group's digital distributor.
Operational Highlights
* Acquisition of the Point Classics Catalogue of rights for US $1.6m
comprising over 4,000 classical music tracks;
* Acquisition under a long-term license for £300,000 of the Church Street
Station and Rock `n' Roll Palace catalogues of audio-visual rights;
* One Media was awarded 2nd place in the Rising Star category, chosen from
companies representing 27 countries in the FESE European Small and Mid-Cap
Awards;
* The consolidation and buyout for US $75,000 of one of the Group's long term
licensors for nostalgic content that previously had an on-going royalty;
* Sponsorship for the Royal Armouries and association with British heritage
based at the Tower of London;
* US $100,000 acquisition of a variety of smaller content catalogues
including the following:
* Irish singing star Rose-Marie in a 20 album deal;
* Over 250 lifestyle/special interest digital video programs from Delta
Leisure;
* Spoken word content featuring the fictional works of the `Lost Elvis
Diaries and
* Converting a long-term, exclusive licensor Tropicana into complete
ownership by the Group.
One Media CEO & Chairman, Michael Infante, commented:
"Once again I am pleased with the Group's performance despite a very
challenging year within our industry. We have maintained a positive set of
results with continued growth in revenue and profitability, and maintained our
dividend policy. As more customers embrace `streaming', it creates shifts in
user demand and in the way that consumers enjoy digital content. The
`subscription' model, adopted by Spotify, challenges the iTunes `download'
model, and once again produces changes in the music and video landscape. We
look forward to continuing our strategy of `rights' acquisitions and the
exploitation of our content via the many new services that are emerging
alongside those that are now well established.
I would like to thank all of the One Media team for their support alongside our
professional advisers and shareholders."
The financial information set out in this Final Results announcement has been
extracted from the audited Report and Financial statements and does not
constitute the Company's statutory accounts for the year ended 31 October 2014.
The report of the auditor in the Report and Financial Statements for the year
ended 31 October 2014 is unqualified and the results announcement can be viewed
on the company's website, www.onemediaip.com, with effect from Tuesday 10th
March 2015.
For further information, please contact:
One Media Publishing Group Plc
Michael Infante Chairman and Chief Executive
Tel: +44 (0)175 378 5500
Alice Dyson-Jones Brand & Communications Manager
Tel: +44 (0)175 378 5501
Cairn Financial Advisers LLP Nominated Adviser
Liam Murray / Jo Turner Tel: +44 (0)20 7148 7900
Charles Stanley Securities Broker
Mark Taylor Tel: +44 (0)20 7149 6000
CEO & Chairman's Statement
Leading and embracing change is what One Media was born to do. When the Group
was founded in August 2005, and subsequently listed on Ofex (now ISDX) in 2006,
it was amidst a changing world of music formats. Then it was the era of the
birth of digital and the downsizing of the Compact Disc markets. Ten years on
and we are witnessing a new generation of digital music and video marketing
initiatives with another shift in consumer behaviour. Let's take a brief look
at how we have consumed music over the life of our industry. It all started
long before the ability to capture sound was possible. Musicians were hired to
play for those that could afford it, every live performance a one-off. A purist
industry one might say. Along came Leon Scott in 1857 with his Phonoautograph,
the precursor to Thomas Edison's Phonograph in 1877, and within a decade the
gramophone was established. The ability to record and replay sound was here to
stay and by 1890 a fledgling recording entertainment industry was born. The
physical format existed as the mainstream commercial method of selling music
for the next 110 years. We saw LPs, Cassette Tapes, Compact Discs, and finally
at the end of the 1990s people `in the know' were talking about MP3s. The
ability to transfer music digitally existed several years before the ability to
monetise it. Apple's iTunes store revolutionised digital music sales in 2002
with the launch of the iPod. So why do I mention this history? Well, whilst our
digital age is not about to change, the model of how we pay for content is.
Paying for content was always a given. You bought a record for money that you
passed to shopkeeper and over the last 12 years much of this has been done
digitally. You paid your money to "Mr Apple" and others and you downloaded a
tune to your preferred device. This was now yours to keep. Subscription stores
such as Spotify have now changed this model forever.
The invention by Apple of the smartphone (the iPhone) has transformed the way
we consume music. The iPod was an isolated music device for storing tunes,
enabled by connectivity to your PC. The smartphone with its connectivity and 4G
ability does not need to store music in the same way, it just needs a signal.
So enter the new players in the form of the telecom providers, such as Vodafone
and O2, that now facilitate the many `streaming services' to your smartphone.
Your mobile phone no longer needs to hold gigabytes of music as this is now
stored remotely in the cloud by the many music and video providers that offer
in excess of 20 million songs, all for the asking on a variety of terms. All
you need to do is subscribe. This revolution has taken less than five years to
change the way we acquire our music and in the last year it has come of age.
iTunes previously dominated the market with approximately 85% but today, their
download model controls approximately 44%, and continues to reduce. The phrase
`ad-funded' has also crept into our vocabulary, which basically means `free to
listen so long as you endure a commercial'. Alternatively, you can pay a
monthly subscription to your service provider and have the adverts removed.
All of this leads to a change in the consumption of music and the way it is
monetised. Never before have there been so many music transactions worldwide
and never before has music become a commodity attached to the many service
providers and the emerging music stores. All of this ultimately will be good
for content owners like ourselves, but currently we are experiencing a shift as
the market takes a new shape for the future.
We maintain a cautious acquisition strategy where value is paramount as is the
ability to enhance earnings, and as the industry adjusts to its new
monetisation model, we are examining our potential acquisition opportunities
very carefully.
Financial Overview
Once again this year we have seen our revenue grow with a final reported figure
of £2,900,090, an increase of 9.5% on the £2,649,130 from last year. Profit
from continuing operations is reported at £637,623, a 21.7% improvement on the
equivalent figure of £523,648 for 2013. This has been achieved by a combination
of revenue growth, achieving gross margins at 51.7% (2013: 51.9%) and holding
our overheads to £861,814 (2013: £851,890), despite incurring a foreign
exchange loss of £56,360 (2013: £16,592). This demonstrates the operational
leverage within our business whilst maintaining tight control of administrative
costs.
Revenue increased by 9.5% despite the volatility in the USD$ exchange rate
experienced during the year, which ranged between $1.60 to $1.71. Compared to
the rates experienced in the previous financial year we estimate that there was
an adverse impact of approximately £125,000 on our digital income received in
USD$.
The profit after tax attributable to equity shareholders of £620,360 is
reported for the financial year, an increase of £381,451 from the £238,909
reported for 2013. A significantly reduced corporation tax provision of £21,913
(2013: £90,980) has been made. Advantage has been taken, within this provision,
to utilise the beneficial allowances given by HMRC resulting from the exercise
of options and warrants by employees and directors. It is estimated that the
full year corporation tax charge would be £129,317 higher if advantage had not
been taken of these HMRC provisions.
EBITDA, calculated on profit from continuing activities before interest, tax,
depreciation and amortisation, increased by 23.6% to £827,794 (2013: £669,996).
At the end of the year we have cash balances of £1,219,466 (2013: £1,688,093),
having raised £92,500 through the exercise of options and warrants.
Operationally we received from The Orchard, the Group's digital distributor, an
advance of USD$2m (GBP£1.2m) against royalties the outstanding balance of which
is included in current liabilities. Net cash generated by operating activities
was £1,116,074 (2013: £1,155,701), cash outflow relating to the acquisition of
content and rights of £1,576,463
(2013: £485,354) and dividends of £100,598 (2013: £70,135).
We continue to operate a steady, considered approach with our acquisition
programme and will broaden our IP search for content, considering forums and
avenues outside of the traditional music platforms to expand our investment
portfolio as we mature.
Finally two dividends were paid in the year totalling £100,598 (2013: £70,135).
These dividends were paid in two instalments, on 25 November 2013 at 0.077p per
share and on 8 July 2014 a further dividend of 0.071p per share was paid.
Content and Rights Acquisition
Our acquisition of the Point Classics catalogue is one that has most excited us
in 2014. This catalogue, of over 4,000 exclusively owned classical recordings
is well known to us, and forms the basis of a solid commercial enterprise that
will scale. This extensive collection containing works by over 100 composers
including Mozart, Vivaldi, Beethoven performed by acclaimed Orchestras,
positions us with a well-rounded, world-class commercial classical catalogue.
We believe the acquisition price of US $1.6m represented great value. We are
currently ingesting the recordings into the One Media in-house system, and
distribution to the many digital stores is underway. Additionally, we have
created a dedicated Point Classics YouTube channel, initially featuring
30-second video `shorts' utilising the `best bits' so that consumers can take a
tour of our catalogue with the aid of colourful graphic animation.
www.youtube.com/user/PointClassics
In the period under review we also made other significant investments of both
audio and video content. We acquired, under license, the Church Street Station
and Rock `n' Roll Palace catalogues for £300,000 which are now available on our
dedicated YouTube channels. One Media, acting as a Multi Channel Network (MCN),
operates 18 such channels which can all be viewed via the front page of our
website. (www.onemediaip.com)
We continue to develop our YouTube network and are very pleased with the
growing audience to our Men & Motors channel, which we acquired from Granada/
ITV in 2012 and subsequently launched online during 2013. We continue to
explore new opportunities as we rebuild the Men & Motors brand and audience
awareness.
Our newly appointed in-house Brand and Communications Manager (Alice
Dyson-Jones) will be communicating `trade news' and brand enhancement via the
music and financial press from time to time. All stories will appear on the
Group's website, Twitter and Facebook. Any acquisitions of material size will
be reported via the Regulatory News Channels in the normal way.
Our investment of US $100,000 on the acquisition of a variety of smaller
content catalogues is as follows:
* The Group acquired the exclusive rights to Irish diva Rose-Marie's back
catalogue of 20 Gold and Platinum selling albums, including songs from the
`Old Country' and great standards such as Danny Boy, Ave Maria, Crazy and
Beautiful Dreamer to name a few.
* The Delta Leisure video deal featured over 250 hours of special interest
programmes, and is now presented on our Great British Channel. These
instructional or `Well-Being' videos are of particular interest to YouTube
audiences, with viewing figures growing steadily. Programmes like `Easy
Yoga' and "How to" videos on Massage and Relaxation, as well as classic
`Cold War Aircraft' and `Military Memorabilia' all perform well on this
platform. www.youtube.com/user/GreatBritishChannel
* After acquiring the spoken word version of Aubrey Malone's fictional work,
the `Lost Elvis Diaries' in 2013, it was always our intention to convert
this from an audio-only product to a visual programme. From assets acquired
within the deal, we have created a YouTube channel of animated video diary
entries read by an Elvis impersonator. This concept really brings the story
alive and if it proves its worth, paves the way to exploit the vast
quantity of high quality spoken word files we have within our library, to
view follow the link: www.youtube.com/user/elvisdiaries
* Using the company's cash resources to convert long-term licenses into
ownership has always been part of our modus operandi. Often when we enter
deals the target is not a seller. In the early stages we usually enter
long-term license arrangements with an `option to buy'. This we have now
done with longstanding licensor Tropicana, featuring the music of legendary
producer Ian Levine. One Media now owns this exciting catalogue of over
3,000 exclusive Motorcity, Hi-NRG and Northern Soul tracks. Songs performed
by Evelyn Thomas, Frankie Gaye, Syreeta, Martha Reeves, Johnny Bristol,
Miquel Brown Dobie Gray, The Miracles and the Ladies of the Supremes to
name just a few of the hundreds of artists featured in this collection.
Follow the link to view: www.youtube.com/user/IanLevine
Market Overview
Recording industry revenues in the UK, as published by the BPI (British
Phonographic Industry), fell by 4.1% in 2014 to stand at £699.6m. Streaming was
again the bright spot for the industry with revenues climbing to £114.7m, a
year-on-year increase of almost 50%. Streaming's impressive performance in 2014
meant that its share of industry turnover reached 16.4% across subscription,
ad-funded and cloud platforms. Subscriptions were the sector demonstrating the
strongest rate of growth with revenues rising by 58.4% to £86.6m. Digital
downloads all suffered losses in 2014 with revenues across track, album and
video sales down by 12.2%. (Source: BPI)
One Media has continued to out-perform the market given these numbers in such
transformational times, considering our entire market presence resides only in
the digital sector with no physical side (CD/DVD) to our business.
Internally, we have implemented a department for copyright enforcement. Using
our bespoke system software we are able to search music sites and YouTube for
unlawful use, resulting in content being removed from stores and the claiming
of any unpaid Royalties.
Employees
Our systems are robust and coping with growth without the need for additional
significant investment in staff or new systems. As our team grows in experience
we are remunerating them based on ability, experience and responsibility. Our
team of eight in-house Creative Technicians, that are responsible for ingesting
all of the Groups digital content, have all been accredited in accordance with
the `YouTube Creator Academy' (An in-depth training program in channel
management and best practice). In 2015, we created a new position of Brand &
Communications Manager. Alice Dyson-Jones joined the team in November 2014
bringing vast experience in the video and broadcast industry. Alice will
additionally be responsible for Financial PR. Mary Kuehn (our USA based trading
director of One Media iP Ltd) is liaising with our emerging American clients
for the groups licensing activities, specifically on our newly acquired Point
Classics catalogue. Philip Miles, our UK trading company's Technical Director
has undertaken a review of all system procedures and is enhancing our technical
abilities to ensure the Group's system management is market leading. All of the
team contribute to a very high level and I would like to thank them all and my
co-directors, Nigel Smethers, Scott Cohen and Roman Poplawski, for their
dedication, experience and effort throughout 2014.
Outlook
`Content is King' remains our basic mantra. An expansion into manipulating data
for other uses is something that the Group is exploring. As we reach out to
more consumers and collect intelligence on buying patterns and digital
requirements, our focus is honed more specifically to matching what consumers
want to listen to and view. We are currently exploring technical methods of
copyright enforcement utilising both in-house and propriety software.
Additionally research into `platform hosting' is being undertaken by the
technical team for information sharing and monetising the data we hold into new
arenas. It is early days, but we are enthused by the many new monetisation
opportunities that this may present to the Group. As previously stated the UK
music market declined and there has been a shift from `Downloading' to
`Streaming' of music and video. We anticipate that downloading market share
will continue to reduce but that streaming will grow. It is then a question as
to whether the streaming model picks up the downloading shortfall on a balanced
basis. In the long term, as the streaming consumer market matures, companies
like One Media will benefit. The reason for this is as follows: Download
purchases are limited to single track or album search made by the consumer on a
decisive purchase objective. Under this model you will rarely download and pay
for a track or multiple artist tracks in which you merely have a passing
interest. It becomes cost prohibitive. Streaming is different, here you can
listen/stream millions of tracks for a set price within a period and the
consumer will experiment and consequently consume far deeper back-catalogue as
offered by your Group. So we would anticipate a shift in the old 80/20 rules
whereby 80% of our turnover is governed by 20% of our catalogue. The fact is
that we have already noticed `album tracks' that hitherto were undiscovered
since the fall of the CD, being streamed and are now gaining traction and new
audiences. This is very encouraging and good for the music and monetisation of
our deeper unknown content. One Media generates revenues from the streaming
stores every time the track is streamed, so for popular tracks reaching higher
income is no longer capped by the download price that is currently achieved.
The landscape has evolved unrecognisably since the early days of the
gramophone, each evolution presenting new challenges and whilst the mediums may
have changed along the way, the opportunity to monetise audio and visual IP is
undeniable. We remain confident in our activities and are flexible enough to
move with the changes and set new horizons and opportunities for all of our
content.
I would like to thank the management and staff of One Media, and our
professional advisory teams. The Group, which remains profitable, debt free and
cash resourced, is well positioned to pursue its strategy of continued growth
through the acquisition of intellectual copyrights.
Michael Infante JP
Chairman and CEO
10 March 2015
Consolidated Statement of Comprehensive Income
For the year ended 31 October 2014
Note Year ended Year ended
31 October 31 October
2014 2013
£ £
Revenue 2,900,090 2,649,130
Cost of sales (1,400,653) (1,273,592)
Gross profit 1,499,437 1,375,538
Administration expenses (861,814) (851,890)
Profit from continuing 637,623 523,648
operations
Other expenses -AIM - (196,559)
float and associated
costs
Operating profit 637,623 327,089
Finance income 4,650 2,800
Profit on ordinary 642,273 329,889
activities before
taxation
Tax expense (21,913) (90,980)
Profit for period 620,360 238,909
attributable to equity
shareholders
Basic adjusted earnings 0.91p 0.70p
per share
Diluted earnings per 0.83p 0.61p
share
Basic earnings per 0.91p 0.40p
share
Diluted adjusted 0.83p 0.35p
earnings per share
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 2014
Share Share Share Share Retained Total
Capital redemption premium based earnings equity
reserve payment
reserve
£ £ £ £ £ £
At 1 November 2012 273,143 239,546 718,271 12,416 387,783 1,631,159
Proceeds from the 51,625 - 670,874 - - 722,499
issue of new
shares
Share based - - - 13,776 - 13,776
payment charge
Profit for the - - - - 238,909 238,909
year
Dividends - - - - (70,135) (70,135)
At 1 November 2013 324,768 239,546 1,389,145 26,192 556,557 2,536,208
Proceeds from the 28,750 - 63,750 - - 92,500
issue of new
shares
Share based - - - 10,615 - 10,615
payment charge
Release from share (15,592) 15,592 -
based payment
reserve
Profit for the - - - - 620,360 620,360
year
Dividends - - - - (100,598) (100,598)
At 31 October 2014 353,518 239,546 1,452,895 21,215 1,091,911 3,159,085
The following share capital the following transactions were undertaken:
For the year ending 31 October 2013:
* During the year a total of 9,375,000 ordinary shares of 0.5p each were
issued at 8p pursuant to the Placing on the AIM market, a total of £750,000
being raised with costs associated with the issue at £50,501.
* In addition Employees exercised, at various time during the year, a total
of 700,000 options at 2.75p a share and 250,000 warrants at 1.5p a share
over ordinary shares of 0.5p each. The total raised as a result of these
exercises was £23,000.
.For the year ending 31 October 2014:
* On 4 November 2013 one employee exercised 500,000 options at 2.75p a share
over ordinary shares of 0.5p each with a total of £13,750 raised as a
result of this exercise.
* On 9 April 2014 an institution exercised their right to convert 1,800,000
1.5p warrants in ordinary shares of 0.5p each, bought from Michael Infante,
and the Directors collectively exercised a further 3,450,000 1.5 p warrants
in ordinary shares of 0.5p each. A total of 5,250,000 ordinary shares of
0.5p each were issued raising £78,750.
Consolidated Statement of Financial Position at 31 October 2014
At At
31 October 31 October
2014 2013
£ £
Assets
Non-current assets
Intangible assets 3,214,744 1,808,535
Property, plant and equipment 11,312 26,439
3,226,056 1,834,974
Current assets
Trade and other receivables 517,255 481,453
Cash and cash equivalents 1,219,466 1,688,093
Total current assets 1,736,721 2,169,546
Total assets 4,962,777 4,004,520
Liabilities
Current liabilities
Trade and other payables 1,803,692 1,468,312
Total liabilities 1,803,692 1,468,312
Equity
Called up share capital 353,518 324,768
Share redemption reserve 239,546 239,546
Share premium account 1,452,895 1,389,145
Share based payment reserve 21,215 26,192
Retained earnings 1,091,911 556,557
Total equity 3,159,085 2,536,208
Total equity and liabilities 4,962,777 4,004,520
Consolidated Cash Flow Statement
For the year ended at 31 October 2014
Year ended Year ended
31 October 31 October
2014 2013
Group Group
£ £
Cash flows from operating activities
Operating profit before tax 642,273 329,889
Amortisation 170,254 118,959
Depreciation 19,917 27,389
Share based payments 10,615 13,776
Finance income (4,650) (2,800)
(Increase) in receivables (35,802) (75,691)
Increase/(decrease) in payables 416,742 819,873
Corporation tax paid (103,275) (75,694)
Net cash inflow from operating activities 1,116,074 1,155,701
Cash flows from investing activities
Investment in intellectual property rights (1,576,463) (485,354)
Investment in property, plant and equipment (4,790) (6,073)
Finance income 4,650 2,800
Net cash used in investing activities (1,576,603) (488,627)
Cash flows from financing activities
Proceeds from the issue of new shares 92,500 773,000
Share issue costs - (50,501)
Dividends paid (100,598) (70,135)
Net cash inflow(outflow) from financing (8,098) 652,364
activities
Net change in cash and cash equivalents (468,627) 1,319,438
Cash at the beginning of the year 1,688,093 368,655
Cash at the end of the year 1,219,466 1,688,093
Notes to the Preliminary Results
Basis of preparation
The Company is a limited company incorporated and domiciled in England under
the Companies Act 2006. The board has adopted and complied with International
Financial Reporting Standards (IFRS's) 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 Year ended
31 October 31 October
2014 2013
£ £
Analysis of the charge for the year
Adjustments to tax charge in respect (2,501) (15,543)
of prior years
UK corporation tax charge 24,414 106,523
UK corporation tax 21,913 90,980
The standard rate of tax for the year, based on the UK standard rate of
corporation tax is 21% (2013: 23%). The actual tax charge for the periods is
different than the standard rate for the reasons set out in the following
reconciliation:
Reconciliation of current tax charge Year ended Year ended
31 October 31 October
2014 2013
£ £
Profit on ordinary activities before 642,273 329,889
tax
Tax on profit on ordinary activities 140,210 77,326
at 21.83% (2013: 23.44%)
Effects of:
Non-deductible expenses 9,494 45,191
Marginal relief - (4,227)
Adjustments to tax charge in respect (2,501) (15,543)
of previous periods
Depreciation in excess of capital 4,056 5,734
allowances
Share scheme deduction (129,327) -
Other differences (19) (17,501)
Current tax charge 21,913 90,980
Earnings per share
* The weighted average number of shares in issue for both the basic earnings
per share calculations is 68,421,508 (2013: 59,999,725) and for both the
diluted earnings per share assuming the exercise of all warrants and share
options is 74,587,534 (2013: 69,244,109).
* The calculation of adjusted earnings per share, on profit after tax from
continuing activities, is based on the profit for the period of £620,360
(2013: £329,889, after adding back Other expenses - AIM float and
associated costs of £196,559 and adjusting for a tax charge of £104,683 to
reflect the underlying profit with a profit after tax of £421,765
resulting). Based on the weighted average number of shares in issue during
the year of 68,421,508 (2013: 59,999,725) the basic earnings per share is
0.91p (2013: 0.70p). The diluted earnings per share is based on 74,587,534
shares (2013: 69,244,109) and is 0.83p (2013: 0.61p).
* The calculation of the basic earnings per share is based on the profit for
the period of £620,630
(2013: £238,909) divided by the weighted average number of shares in issue of
68,421,508 (2013: 59,999,725), the basic earnings per share is 0.91p (2013:
0.40p). The diluted earnings per share, assuming the exercise of all warrants
and options is based on 74,587,534 (2013: 69,244,109) shares and is 0.83p
(2013: 0.35p).
EBITDA
Profit from continuing activities before interest, tax, depreciation and
amortisation for the twelve months ended 31 October 2014 was £827,794 (2013: £
669,996).
Directors' responsibilities
The Annual Report, including the financial information contained therein, is
the responsibility of, and was approved by the directors on 6 March 2015.
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 2.30 p.m. on Wednesday 16 April 2015 will
be posted to shareholders on or by Monday 23 March 2015.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.onemediaip.com
623 East Props Building
Pinewood Studios
Pinewood Road
Iver Heath
Buckinghamshire
SL0 0NH
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