One Media iP Group (AIM:OMIP), the AIM-listed digital music rights acquirer, publisher and distributor, reported revenue of £2.34 million for the six months to 30 April, down from £2.51 million a year earlier.
The company attributed the decline mainly to foreign exchange translation and non-recurring items that had boosted the prior-year period, saying revenue was stable on a like-for-like basis.
Net revenue fell to £1.60 million from £1.70 million, again largely reflecting a weaker US dollar, with underlying royalty receipts of approximately $1.95 million broadly unchanged from $1.94 million a year earlier.
EBITDA came in at £1.10 million versus £1.15 million in the prior half, with operating profit of £0.64 million representing a 27% margin, and profit attributable to shareholders of £0.43 million against £0.52 million, giving earnings per share of 0.20p.
The balance sheet strengthened, with cash rising to £1.18 million from £0.51 million and the Coutts debt facility reduced to £0.58 million from £1.0 million.
Portfolio initiatives included new visual content for recordings by George McCrae and The Troggs, and a previously unheard 1969 George Harrison interview that drew more than 65,000 views shortly after release.
The company also secured synchronisation placements for its Point Classics catalogue in CBS's Tracker, the feature film Only Living Pickpocket in NY, and Peacock's The Copenhagen Test.
"While currency movements, unfortunately outside our control, are impacting our reported revenue performance given that the majority of our income is in US dollars, the underlying performance of the business remains stable," said chief executive Michael Infante, adding that the group expects performance in line with current expectations for the remainder of the year.
News Intelligence what this means for the company
One Media iP reported H1 revenue of £2.34m, down 6% year-on-year, but the decline was driven by foreign exchange headwinds and non-recurring items in the prior year rather than underlying business deterioration. Underlying royalty receipts held flat at ~$1.95m, cash strengthened to £1.18m (more than double the prior-year £0.51m), and the company reduced debt, signalling operational stability masked by currency translation.
The results confirm that One Media iP's core royalty engine is holding steady despite reported top-line weakness, and balance-sheet improvement (doubled cash, halved debt) provides a buffer. However, the company's heavy exposure to US dollar income—which management notes is outside its control—will continue to create reported volatility in sterling-denominated results, making underlying performance the only reliable gauge of business health.
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