One Media iP set to meet full-year forecasts

Digital media content provider One Media iP Group updated the market on its trading on Wednesday, ahead of the announcement of its full year results to 31 October, which are expected to be announced in February.

The AIM-traded company’s board said the group continued to trade in line with both its own and the market’s expectations, and was in line to meet year-end forecasts.

Overall, the group retained a “strong” cash position, is debt free and profitable, according to the board.

Further to its announcement on 27 June, One Media also confirmed an end to the “action” in which it was involved, in the Southern District of Florida Court in the US.

One Media said it settled its involvement for a “non-material amount” in the case brought by Kemar McGreor.

“The year under review highlights the end of the downward trend and demonstrates that streaming becomes the more dominant format of choice looking ahead,” said chairman and chief executive Michael Infante.

“I have articulated this over the last three years and we now begin to see the benefit of this transformation.”