One Media FY underlying earnings grow despite 'wider macro challenges'

Digital music rights acquisition group One Media IP said on Monday that it had traded in line with expectations during the year ended 31 October.

One Media stated that it expects to report full-year revenues of roughly £4.0m and underlying earnings of £1.4m, a growth of 14% and 30%, respectively, despite ongoing "wider macro challenges".

The AIM-listed group added that its recent successful fundraising and cash balance of £6.7m had allowed it to continue to evaluate acquisition opportunities.

Chief executive Michael Infante said: "Based on the group’s strong performance to date and the continued growth in music streaming, the board is confident in the outlook for the business as we remain focused on exploring further acquisition opportunities.

“We are also encouraged to observe that the sector continues to attract significant investment from outside of the industry, which we believe will help to build further interest in our business and strategy."

As of 0845 GMT, One Media shares had shot up 19.39% to 6.75p.