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One Media iP profit rises on higher sales; operations not impacted by Covid-19

By BFN News | 09:58 AM | Monday 29 June, 2020

Music rights investor One Media iP posted a rise in first-half profit and said its operations hadn't been impacted by Covid-19. Pre-tax profit for the six months through April amounted to £0.40m, compared to a profit of £0.14m on-year. Revenue rose 28% to £2.03m. 'As the world adjusts to life under Covid-19, we continue to observe changing habits in both music consumption and genres being streamed as a result of the dramatic changes to people's daily routines,' chief executive Michael Infante said. 'Coinciding with this, we have also seen an uplift in streaming of children's, classical and ambient music, all of which favour One Media's diverse catalogue.' 'I am very pleased with our staff's fortitude in decamping from our offices at Pinewood Studios and working efficiently on a remote basis, which is a tribute to both technology and team effort.' 'This 'new normal' lends itself to our continuing operations and we have successfully proven our robust business model in the first six months of 2020.' At 9:58am: (LON:OMIP) One Media IP Group PLC share price was +1.38p at 8.38p Story provided by

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