ONE MEDIA IP GROUP PLC

Earnings Release • Apr 30, 2025

National Storage Mechanism | Additional information

RNS Number : 7189G

One Media iP Group PLC

30 April 2025

30 April 2025

One Media iP Group Plc

("One Media", "the Company" or the "Group")

Audited results for the year ended 31 October 2024

One Media iP focused on music rights investment

One Media iP (AIM: OMIP), the digital music rights acquirer, publisher and distributor, announces its audited results for the year ended 31 October 2024. Following the sale of TCAT Limited, the results provided are on a continuing basis.

Post period sale of non-core assets

·      On 27 November 2024, post year end, the Company announced that it had entered into an agreement with Round Group Limited ("Round") to dispose of its entire interest in the capital of TCAT Limited ("TCAT"), its technology subsidiary, in exchange for a shareholding in Round. 

Financial highlights (continuing operations)

·      10% increase in EBITDA to £2.0 million (2023 as restated: £1.8 million), demonstrating robust cost management.

·      Total revenue decreased by 3% and net revenue (after distribution charges, royalties, and other costs) decreased by 3% to £4.9 million (2023 as restated: £5.0 million) and £3.3 million (2023 as restated: £3.4 million) respectively.

·      Operating profit of £1.1 million (2023 as restated: £1.1 million), reflecting financial discipline throughout the year.

·      Earnings per share of 0.26p (2023 as restated: 0.26p) reinforcing shareholder value.

·      IFRS NAV per share of 6p (2023: 7p), showing resilience despite market challenges.

·      £0.25 million invested in music/video license renewals and smaller content acquisitions.

·      Debt decreased by £0.4 million to £1.1 million (2023: £1.5 million) with continuation of payments in line with refinancing terms, further reducing Coutts debt facility.

·      Year end cash balance of £0.4 million (2023: £1.2 million), reflecting proactive capital allocation.

·      Post year end, the Company entered into an agreement to sell its entire interest in the capital of TCAT, in exchange for a shareholding in Round.

Operational and portfolio highlights

·      Continued focus on active management of music copyrights portfolio to maximise income potential of rights under ownership, while ensuring cost efficiencies.

·      Changes in Amazon Music's pricing and market strategies adversely affected streaming revenue, but impact managed within the financial year.

·      Airbnb Christmas Advert featured Point Classics' 'The Nutcracker Suite, Op. 71a: IIb. Dance of the Sugar Plum Fairy'.

·      Point Classics placements in major productions:

o  The Old Man (FX, streaming on Hulu/Disney+) - String Quartet No. 13 in A minor "Rosamunde".

o  Harold and the Purple Crayon (live-action/animated film) - Für Elise.

o  The Great North (Fox, streaming on Hulu) - Requiem KV 626 - Kyrie.

o  American Fiction (Amazon Prime US, UK cinemas) - Milano Quartet No. 4 in E Flat Major - Allegro Brillante.

o  The Walking Dead: Dead City (AMC) - The Magic Flute - Dies Bildnis ist bezaubernd schön.

·      Successful relaunch of The Great British Channel on YouTube, which has rapidly grown to surpass 100,000 subscribers, captivating audiences with engaging historical colour footage of World War II and compelling cultural documentaries. This expansion contributed to a total subscriber base of over 770,000 across the Group's 23 YouTube channels.

·      Entertain Me acquisition, completed in November 2023, continues to perform well and delivering multiples in line with expectations.

·      Experimental launch of a new record label, 'The Carolean', to take advantage of the significant uplift in vinyl record sales, where a 7.1% CAGR is projected from 2024-2032.

Positive outlook underpinned by supportive backdrop and newly streamlined Group

·      Continued management focus on sustainable growth, profitability and market adaptation.

·      While the long-term impact of AI on the music industry remains uncertain, potential benefits include increased discoverability of catalogues.

·      In March 2025, MIDiA Research reported 6.5% growth in global recorded music revenues in 2024 to $36.2 billion, compared to 7.1% in 2022, meaning the market is now more than double (124.5%) the size it was in 2015.

·      According to MIDiA, streaming revenue growth slowed in 2024, increasing by 6.2% year on year to $22.2 billion, compared to a 10.3% growth rate in 2023.

·      Goldman Sachs' 2024 "Music in the Air" report projected a compound annual growth rate (CAGR) of 7.6% for the global music market from 2024 to 2030, anticipating revenues to reach $163.7 billion by 2030, up from $98.3 billion in 2023.

Michael Infante, CEO of One Media iP, said: "In 2024, our overriding strategic focus was on realigning the business with our core mission and expertise of music rights investment and management. Following the successful divestment of our technology subsidiary TCAT, which had required significant cash allocation to ensure its success while under our control, our attention is now fully fixed on ensuring the sustainable growth of our music rights portfolio and maximising its income potential. With the economic environment stabilising and the continued positive outlook for the music industry, we are looking forward to 2025 with renewed energy."

This announcement contains inside information for the purposes of UK Market Abuse Regulation. The person who arranged the release of this information is Michael Infante, Chief Executive Officer of the Company.

For further information, please contact:

One Media IP Group Plc
Michael Infante	Chief Executive Tel: +44 (0)175 378 5500
Claire Blunt	Chairman Tel: +44 (0)175 378 5500
Cairn Financial Advisers LLP	Nominated Adviser
Liam Murray / Ludovico Lazzaretti / James Western	Tel: +44 (0)20 7213 0880
Cavendish Capital Markets Limited	Broker
Giles Balleny, (Corporate Finance) Michael Johnson (Sales)	Tel: +44 (0)20 7397 8900
Claire Turvey, Fourth Pillar [email protected]	Financial PR Tel: +44 (0)7850 548 198

About One Media iP Group Plc  

One Media iP Group plc is a leading digital music rights acquirer, publisher and distributor. The Group specialises in the acquisition and exploitation of music and video intellectual property rights. Listed on AIM, the Group is committed to driving value through the acquisition and management of high-quality IP assets.

One Media is listed on the AIM Market of the London Stock Exchange under the ticker 'OMIP'.

Chairman's Statement

Whilst in the year under review management has been focused on the successful repositioning of the Group through the divestment of its technology subsidiary TCAT, which secured a shareholding in Round Group Ltd ("Round"), it has remained equally active in exploring new initiatives for the core business. Management fully recognise that scale is a key challenge for One Media as a micro-cap company and, accordingly, it remains a priority to continue to assess all of the strategic opportunities available to it, including catalogue acquisitions.

The sale of TCAT was finalised on 27 November 2024, just after the year end, with the Company announcing that it had entered into an agreement with Round to sell its entire interest in the capital of TCAT, in exchange for a shareholding in Round. In the year to 31 October 2024, TCAT contributed an operating loss of £539,845 and had net assets of £89,020.

Whilst TCAT was developing an invaluable service, the investment demanded by its technology was impacting on Group profits and distracting from the attractive investment case offered by music copyrights. The Board is pleased that the future of TCAT has been secured to continue its pioneering work to provide protection from and detection of copyright infringement, as well as loss of due income through the illegal activities of others, to music rights holders (including One Media) and to the creative community. I would like to take this opportunity to thank all of those who supported us through this transaction and helped us to bring it to a successful conclusion.

In line with its long-standing commitment to shareholder returns, the Board has carefully considered the declaration of a final dividend for the year ended 31 October 2024. However, the Board is mindful of the growing uncertainty in global markets, particularly the escalation of international trade disputes and the potential introduction of new tariffs driven by policy developments in the United States. These external factors are creating volatility across multiple sectors and increasing caution among businesses globally. In this context, many companies are choosing to preserve cash reserves to ensure flexibility and resilience until greater stability returns to global markets. The Board considers this to be a prudent approach in the current environment.

Accordingly, while the Company remains financially strong and continues to trade in line with expectations, the Board has decided to defer its decision on the final dividend until the half year. This will allow the Company to maintain maximum flexibility while monitoring the evolving situation. The Board remains committed to returning value to shareholders and will update the market on its dividend position when there is greater clarity on trading conditions and the outlook for global markets. Music rights, which form the core of the Group's investments, are attractive to investors because they generate reliable, uncorrelated returns and this is where the Company's expertise lies. We believe that the newly streamlined business better supports the long-term interests of shareholders, and, with the Board's support, management has been prioritising a consolidation phase aimed at growing cash reserves to further its strategic music business objectives.

The period under review was impacted by the geo-political environment, including uncertainty created by the ongoing conflicts in the Middle East and Ukraine and a plethora of elections throughout the year, with our main markets of the UK and US experiencing political and economic uncertainty resulting in retail spend being stagnant.

However, despite this, the Company is reporting strong financial results, with pleasing improvements to EBITDA, which reached £2.0 million (2023 as restated: £1.8 million), and an Operating Profit of £1.1 million (2023 as restated: £1.1 million). These numbers reflect management's strict financial discipline during the year, while navigating the TCAT transaction.

We likewise continue to monitor any potential risks to the music industry, including the fast-paced developments and debates around AI.

As a Board and Company, we are unwavering in our support for the protection of music copyrights in the face of emerging AI technologies. The creative works of composers and performers should not be mined or exploited without consent or fair compensation. We stand firmly with the industry in advocating for robust legal and ethical frameworks that safeguard intellectual property rights and ensure that artists receive the recognition and remuneration they deserve in the evolving digital landscape.

The activities of 2024 put the Group in a robust position moving into the new financial year, where the renewed focus will be on sustainable growth, profitability and market adaptation. I would like to thank management, for their ongoing dedication to the Company's success, and our shareholders for their ongoing support.

Claire Blunt

Non-Executive Chairman

Chief Executive's Statement

Discontinued operations - Sale of TCAT

At the start of the new financial year, we were pleased to report the successful sale of our technology subsidiary, TCAT. We are very proud of what we built, from scratch, in TCAT and of the important service it provides to our industry in tackling piracy and rightfully protecting the assets of music copyright owners. However, One Media is first and foremost an investor in and manager of digital media rights - this is our primary area of expertise - and TCAT, together with the financial resources it demanded as a technology venture, diluted our ability to generate attractive returns through music monetisation.

As a result of the divestment, we are now newly and better positioned in 2025 to focus on our core mission of delivering reliable, annuity like income from our investment into proven, evergreen music compositions.

Financial performance

Following the sale of TCAT Ltd post year end, the results of this business have been classified as discontinued operations and comparative results for 2023 have been restated for comparability.

The Group's financial performance for the year was solid given the strong focus on cost management.  As highlighted in our interim results, the results for the full year also reflect the ongoing allocation of resources towards TCAT, together with changes to some of the subscription models on DSPs (Digital Service Providers), particularly Amazon Music which traditionally accounts for the majority of our income from streaming platforms.

In November 2022, Amazon Music implemented changes whereby the entirety of its library of 100 million songs was made available to Amazon Prime members at no additional cost to the consumer but to the detriment of royalty payments to music rights holders. The impact of these changes has now been fully absorbed and, while the move has led to a reduction in income to the Group from the Amazon Music platform, at this stage we do not expect there to be any further material impact on Group revenues.

As the media has reported, disputes between music rights holders and digital platforms, including Amazon Music, Spotify and TikTok, are ongoing and the industry continues to push hard to ensure that music rights holders, which include songwriters and musicians, get fairly remunerated for the creative works and intellectual property under their ownership.

Continuing operations for the twelve months to 31 October 2024, delivered an 11% increase in EBITDA from to £2.0 million (2023 as restated: £1.8 million), which reflects the cost management policies that we have prioritised throughout the year.

Total revenue for continuing operations decreased by 3% and net revenue (after distribution charges, royalties, and other costs) decreased by 3% to £4.9 million (2023 as restated: £5.0 million) and £3.3 million (2023 as restated: £3.4 million) respectively. Operating profit was £1.1 million (2023 as restated: £1.1 million), again reflecting management's financial discipline.

Earnings per share was consistent at 0.26p (2023 as restated: 0.26p) and IFRS NAV per share was resilient at 6p (2023: 7p).

We were able to reduce debt to £1.1 million (2023: £1.5 million), with the continuation of payments in line with refinancing terms reducing the Coutts facility by a further £0.4 million.

At year end our cash balance was £0.4 million (2023: £1.2 million), reflecting proactive capital allocation.

Portfolio management & operational update

During the year, £0.53 million was allocated to TCAT operations (capitalised development costs) and £0.25 million was invested in One Media for music/video license renewals and smaller content acquisitions.

A major asset management highlight during the year was the placement of Point Classics' 'The Nutcracker Suite, Op. 71a: IIb. Dance of the Sugar Plum Fairy' in the Airbnb Christmas advert.

Further Point Classics placements in major productions included:

o  The Old Man (FX, streaming on Hulu/Disney+) - String Quartet No. 13 in A minor "Rosamunde".

o  Harold and the Purple Crayon (live-action/animated film) - Für Elise.

o  The Great North (Fox, streaming on Hulu) - Requiem KV 626 - Kyrie.

o  American Fiction (Amazon Prime US, UK cinemas) - Milano Quartet No. 4 in E Flat Major - Allegro Brillante.

o  The Walking Dead: Dead City (AMC) - The Magic Flute - Dies Bildnis ist bezaubernd schön.

Expansion on YouTube: growth of The Great British Channel

The Group successfully relaunched The Great British Channel on YouTube, which has quickly grown to surpass 100,000 subscribers, gaining a recognition award from YouTube by engaging audiences with historical colour footage of World War II and compelling cultural documentaries.

This expansion contributed to a total subscriber base of over 770,000 across the Group's 23 YouTube channels. From January 2024 to January 2025, these channels collectively achieved more than 4.5 million hours of watch time, marking a 23.63% increase compared to the previous period (January 2023 to January 2024).

This sustained growth highlights the strong and increasing demand for the Group's content and reinforces the success of our strategy of expanding our digital presence.

Exploring New Opportunities: The Carolean Record Label

As reported at the half year, we launched The Carolean, a new record label aimed at tapping into the continued resurgence of vinyl records, which have now enjoyed 16 consecutive years of growth in the UK. With vinyl sales rising by 17.8% in 2023, generating £177.3 million in revenue (Entertainment Retailers Association), we see strong potential in this market.

The Carolean is being developed as a platform to reintroduce timeless music from our 250,000-strong catalogue, with initial reissues including collections from Mungo Jerry (In the Summertime, one of the top three best-selling singles of all time with 30 million sales), The Troggs, disco legend George McCrae, and soul-reggae star Judy Boucher.

While still in its early stages, the label presents a potentially exciting opportunity to capitalise on the growing demand for physical formats. As we refine our strategy, we will explore further releases and partnerships to maximise the potential of The Carolean in a rapidly evolving market.

The strategic focus on TCAT in 2024 limited management's ability to invest in new catalogues to build out the portfolio of rights. The most recent notable acquisition, completed in September 2023 and comprising the licensor's income share of the 'Entertain Me' catalogue of rights on an in-perpetuity basis, has performed well and the returns multiple has been fully in line with expectations.

Our current portfolio includes different types of copyrights associated with high profile artists, including producer's royalties from certain recordings by Take That, Culture Club, Heatwave, and Kid Creole. We also own master rights (recordings) and writers' royalties (compositions) for Don Williams, Mago De Oz, Philip Wesley, as well as thousands of other income producing royalties derived from our global exploitation of music via our many distribution partners in both audio and video.

The transaction market for music rights is healthy and growing and, as such, will enable the Company to continue to assess opportunities to build on its existing portfolio of high performing assets and enhance returns.

Strategy and outlook

​Our strategic priority for the year ahead is on ensuring sustainable growth and profitability, while remaining agile against an ever-evolving music market.

Technological change continues to move at a fast pace, driving significant benefits to music rights investors, including the democratisation of access to music and its discoverability around the world. However, we are deeply tuned into the political and cultural debates around the impact of AI on copyright holders, with a constant eye on the potential risks as well as the benefits of this technological advancement.

The tailwinds driving music industry growth continue to be favourable to our business. Goldman Sachs' 2024 "Music in the Air" report projected a compound annual growth rate (CAGR) of 7.6% for the global music market from 2024 to 2030, anticipating revenues to reach $163.7 billion by 2030, up from $98.3 billion in 2023.

As we refocus the newly streamlined business, we are energised by the opportunity to explore new strategic opportunities across both music copyright and broader corporate acquisitions. While music rights acquisition remains a key part of our DNA, we recognise that it may not be the sole pathway for our future growth. With that in mind, we will actively assess opportunities not only within music companies, but also in adjacent sectors where our core expertise can be fully leveraged. This broader perspective allows us to remain agile and ambitious, ensuring we build long-term value by aligning our capabilities with the most promising areas of the evolving music industry landscape.

With our renewed focus on monetising music copyrights, we are well placed to benefit from the expected growth and the structural trends that continue to drive the industry's expansion, including the ongoing success of the live music sector, streaming price increases, emerging market growth and the increasing opportunities to license music and grow royalties.

We are very much looking forward to the year ahead and once again pay credit to our colleagues, Board and advisors, as well as to our shareholders, as we remain committed to working diligently on their behalf to create value.

Michael Infante

Chief Executive and Founder

Consolidated Statement of Comprehensive Income

For the year ended 31 October 2024

					As restated
			Year ended  31 October 2024		Year ended  31 October 2023
Continuing operations			£		£
Revenue			4,882,349		5,027,137
Distribution charges			(1,117,041)		(1,134,118)
Royalty costs			(396,382)		(420,736)
Other costs			(116,193)		(111,012)
Net revenue			3,252,733		3,361,271
Amortisation of catalogues			(833,526)		(767,864)
Administration expenses			(1,243,262)		(1,505,720)
Foreign exchange losses			(42,931)		(22,916)
Operating profit			1,133,014		1,064,771
Share based payments			-		(68,634)
Finance costs			(356,776)		(139,996)
Finance income			-		-
Profit on ordinary activities before taxation			776,238		856,141
Tax expense			(198,410)		(276,035)
Profit for period attributable to equity shareholders and total comprehensive income for the year for continuing operations			577,828		580,106
Asset impairment from discontinued operations			(197,739)		-
Loss for the year from discontinued operations			(2,675,281)		(475,195)
(Loss)/profit for period attributable to equity shareholders and total comprehensive income for the year			(2,295,192)		104,911
Continuing operations -       Basic earnings per share			0.26p		0.26p
-       Diluted earnings per share			0.22p		0.22p

Discontinued operations -       Basic earnings per share			(1.35)p		(0.21)p
-       Diluted earnings per share			(1.16)p		(0.18)p

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 2024

	Share Capital	Share redemption reserve	Share premium	Share based payment reserve	Retained earnings	Total	Non-controlling interests	Total
	£	£	£	£	£	£	£	£
At 1 November 2022	1,112,231	239,546	9,484,577	504,399	3,758,770	15,099,523	(24,811)	15,074,712
Share based payment adjustment	-	-	-	(144,826)	144,826	-	-	-
Share based payment charge	-	-	-	68,634	-	68,634	-	68,634
Profit for the year	-	-	-	-	142,927	142,927	(38,016)	104,911
Dividends paid	-	-	-	-	(122,345)	(122,345)	-	(122,345)
At 1 November 2023	1,112,231	239,546	9,484,577	428,207	3,924,178	15,188,739	(62,827)	15,125,912
Share based payment adjustment	-	-	-	-	-	-	-	-
Share based payment charge	-	-	-	-	-	-	-	-
Loss for the year	-	-	-	-	(2,266,326)	(2,266,326)	(28,866)	(2,295,192)
Dividends paid	-	-	-	-	(122,345)	(122,345)	-	(122,345)
At 31 October 2024	1,112,231	239,546	9,484,577	428,207	1,535,507	12,800,068	(91,693)	12,708,375

Consolidated Statement of Financial Position

At 31 October 2024

			At 31 October 2024		At 31 October 2023
			£		£
Assets
Non-current assets
Intangible assets			12,338,934		15,723,653
Property, plant and equipment			43,960		55,650
			12,382,894		15,779,303
Current assets
Trade and other receivables			1,516,768		1,614,573
Assets held for sale			801,470		-
Cash and cash equivalents			415,865		1,243,445
Total current assets			2,734,103		2,858,018
Total assets			15,116,997		18,637,321
Liabilities
Current liabilities
Trade and other payables			1,187,164		1,662,034
Liabilities held for sale			84,468		-
Borrowings			380,000		380,000
Deferred tax			13,500		236,468
Total current liabilities			1,665,132		2,278,502
Non-current liabilities
Borrowings			743,490		1,117,970
Other payables			-		114,937
Total non-current liabilities			743,490		1,232,907
Total liabilities			2,408,622		3,511,409
Equity
Called up share capital			1,112,231		1,112,231
Share redemption reserve			239,546		239,546
Share premium account			9,484,577		9,484,577
Share based payment reserve			428,207		428,207
Retained earnings			1,535,507		3,924,178
Capital and reserves attributable to equity holders of the Company			12,800,068		15,188,739
Non-controlling interests			(91,693)		(62,827)
Total equity			12,708,375		15,125,912
Total equity and liabilities			15,116,997		18,637,321

Consolidated and Company Cash Flow Statement

For the year ended 31 October 2024

	Year ended  31 October 2024 Group		Year ended  31 October 2023 Group As restated		Year ended  31 October 2024 Company		Year ended  31 October 2023 Company
	£		£		£		£
Cash flows from operating activities
Operating (loss)/profit before tax	776,237		856,141		(565,512)		125,012
Amortisation	833,526		767,864		197,739		-
Depreciation	57,388		59,486		-		-
Share based payments	-		68,634		(25,726)		68,634
Finance costs	120,456		139,996		-		-
Increase receivables	161,017		(88,809)		(98,416)		(490,654)
Increase/(decrease) in payables	(751,482)		723,273		33,788		(33,835)
Corporation tax paid	(176,248)		(144,866)		-		-
Loss from discontinued operations	(539,845)		(566,633)		-		-
Net operating cash flows used by discontinued operations	129,149		82,120		-		-
Net cash inflow/(outflow) from operating activities	610,198		1,897,206		(458,127)		(330,843)
Cash flows from investing activities
Investment in intellectual property rights - continuing	(245,989)		(1,464,058)		-		-
Investment in property, plant and equipment - continuing	(43,744)		(67,950)		-		-
Investment in intellectual property - discontinued	(527,188)		(674,778)		-		-
Investment in property, plant and equipment - discontinued	(2,932)		-		-		-
Net cash used in investing activities	(819,853)		(2,206,786)		-		-
Cash flows from financing activities
Finance cost paid	(121,100)		(125,813)		-		-
Loan notes repayment	(374,480)		(374,480)		(374,480)		(374,480)
Dividend paid	(122,345)		(122,345)		(122,345)		(122,345)
Net cash outflow from financing activities	(617,925)		(622,638)		(496,825)		(496,825)
Net change in cash and cash equivalents	(827,580)		(932,218)		(954,952)		(827,668)
Cash at the beginning of the year	1,243,445		2,175,663		1,050,845		1,878,513
Cash at the end of the year	415,865		1,243,445		95,893		1,050,845

Notes to the Preliminary Results

1.     Basis of preparation

The Company is a public limited company incorporated and domiciled in England under the Companies Act 2006. The Board has adopted and complied with International Financial Reporting Standards (IFRS) as adopted by the European Union. The Company's shares were admitted for trading on the AIM market of the London Stock Exchange on 18 April 2013.

2.     Discontinued operations

On 27 November 2024, TCAT Ltd, a subsidiary undertaking in the Group, was sold and has been classified as an asset held for sale.

The loss relating to this subsidiary in the year was as follows:

Income statement		2024 £	2023 £
Revenue		267,534	336,297
Other costs		(80,168)	(203,511)
Net revenue		187,366	132,786
Amortisation		(182,519)	(85,351)
Administration expenses		(543,032)	(605,988)
Foreign exchange gains		(1,660)	(8,079)
Operating loss		(539,845)	(566,632)
Loss before taxation		(539,845)	(566,632)
Tax expense		-	91,437
Asset disposal / impairment		(2,135,436)	-
Loss from discontinued operations		(2,675,281)	(475,195)

Cash flows generated by TCAT Ltd for the reporting periods under review was as follows:

				2024 £	2023 £
Operating activities				(410,696)	(484,513)
Investing activities				(530,119)	(674,778)
Financing activities				929,967	1,189,026
Cash flows from discontinued operations				(10,848)		29,735

At 31 October 2024, the assets and liabilities of TCAT Ltd (stated before intra Group adjustments), were as follows:

			£
Non-current assets
Intangible assets			109,072
Property, plant and equipment			1,873
Total non-current assets			111,045
Current assets
Trade and other receivables			115,400
Cash and cash equivalents			32,506
Total current assets			147,906
Total assets			258,951
Current liabilities
Trade and other payables			84,468
Total current liabilities			84,468
Total liabilities			84,468
Net assets			174,483

3.     Geographical information

Revenue is the amount attributable to the Group's principal activity undertaken in the United Kingdom. The geographic split of Group revenue is as follows:

Revenue			Year ended  31 October 2024		Year ended  31 October 2023 (as restated)
			£		£
United Kingdom			404,815		279,272
North America & rest of world			3,829,792		3,884,270
Europe			647,742		863,595
			4,882,349		5,027,137

Included in revenues for the year ended 31 October 2024 it is estimated that £493,000 (2023: £783,000) is from its largest ultimate customer and £311,000 (2023: £330,000) from its second largest ultimate customer. Together these represent 16% (2023: 21%) of the total Group revenue for the year. In addition, the Company relies on a distribution aggregator (The Orchard) who channels approximately 51% (2023: 51%) of the Group's turnover.

4.   Taxation

			Year ended  31 October 2024		Year ended  31 October 2023
			£		£
Analysis of the charge for the year
UK corporation tax charge			230,349		222,915
Deferred tax			(31,939)		53,120
			198,410		276,035

The standard rate of tax for the year, based on the UK standard rate of corporation tax is 25% (2023: 22.14%). 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  31 October 2024		Year ended  31 October 2023
			£		£
Profit on ordinary activities before tax			776,238		856,141
Tax on profit on ordinary activities at 25% (2023: 22.14%)			194,060		189,550
Effects of:
Non-deductible expenses			4,232		36,225
Adjustments to tax charge in respect of previous periods			-		17,117
Fixed asset timing differences			(14,435)		39,944
Depreciation in excess of capital allowances			14,553		(1,412)
Research and development			-		(5,389)
Total tax charge			198,410		276,035

5.   Employee information

			Year ended  31 October 2024		Year ended  31 October 2023 (as restated)
			£		£
Directors' emoluments - excluding applicable share option and pension charges			421,891		538,347
Loss of office			-		104,325
Fees paid to directors			111,959		79,200
Share option charge			-		68,634
Wages and salaries			202,507		174,259
Social security			63,298		73,969
Pension			31,824		29,420
			831,479		1,068,154

The average monthly number of Group employees (excluding non-executive directors) during the year was as follows:

			Year ended  31 October 2024		Year ended  31 October 2023 (as restated)
Technical, creative technicians and management			12		12

6.   Earnings per share

The weighted average number of shares in issue for the basic earnings per share calculations is 222,446,249 (2023: 222,446,249) and for the diluted earnings per share assuming the exercise of all warrants and share options is 258,279,582 (2023: 261,079,582).

The calculation of basic earnings per share for continuing operations is based on the profit for the period of £577,828 (2023: £580,106). Based on the weighted average number of shares in issue during the year of 222,446,249 (2023: 222,446,249) the basic earnings per share is 0.26p (2023: 0.26p). The diluted earnings per share is based on 258,279,582 shares (2023: 261,079,582) and is 0.22p (2023: 0.22p).

The calculation of basic earnings per share for discontinued operations is based on the loss for the period of £2,993,020 (2023: £475,195). Based on the weighted average number of shares in issue during the year of 222,446,249 (2023: 222,446,249) the basic earnings per share is (1.35)p (2023: (0.21)p). The diluted earnings per share is based on 258,279,582 shares (2023: 261,079,582) and is (1.16)p (2023: (0.18)p).

7.   Intangible assets - Group

						Licenses and other intangibles		TCAT		Total Intangible assets
						£		£		£
Cost
At 1 November 2022						16,784,683		1,388,931		18,173,614
Additions						1,464,058		674,778		2,138,836
Adjustments						(971,679)		971,679		-
At 31 October 2023						17,277,062		3,035,388		20,312,450
Additions						245,989		527,188		773,177
Adjustments						(78,729)		-		(78,729)
Disposals						-		(2,709,064)		(2,709,064)
Reclassified to asset held for sale						-		(853,512)		(853,512)
At 31 October 2024						17,444,322		-		17,444,322
Amortisation
At 1 November 2022						3,604,336		131,247		3,735,583
Charge for the year						767,864		85,351		853,215
Adjustments						(100,339)		100,339		-
At 31 October 2023						4,271,861		316,937		4,588,798
Charge for the year						833,527		182,519		1,016,046
Disposals						-		244,885		244,885
Reclassified to asset held for sale						-		(744,341)		(744,341)
At 31 October 2024						5,105,388		-		5,105,388
Net book value
At 31 October 2024						12,338,934		-		12,338,934
At 31 October 2023						13,005,201		2,718,452		15,723,653

8.   Property, plant and equipment - Group

	Office equipment		Fixtures and fittings		Right of Use assets		Total
	£		£		£		£
Cost
At 1 November 2022	83,405		11,294		98,692		193,391
Additions	6,482		7,751		87,986		102,219
Disposals	-		-		(132,961)		(132,961)
At 31 October 2023	89,887		19,045		53,717		162,649
Additions	732		-		47,816		48,548
Reclassified to asset held for sale	(2,932)		-		-		(2,932)
Disposals	-		-		(44,684)		(44,684)
At 31 October 2024	87,687		19,045		56,849		163,581
Depreciation
At 1 November 2022	73,264		11,294		95,835		180,393
Charge for the year	6,051		1,077		52,440		59,568
Disposals	-		-		(132,962)		(132,962)
At 31 October 2023	79,315		12,372		15,312		106,999
Charge for the year	5,799		2,583		49,963		58,365
Reclassified to asset held for sale	(1,059)		-		-		(1,059)
Disposals	-		-		(44,684)		(44,684)
At 31 October 2024	84,055		14,955		20,591		119,621
Net book value
At 31 October 2024	3,632		4,090		36,238		43,960
At 31 October 2023	10,572		6,673		38,405		55,650

Directors' responsibilities

The Annual Report, including the financial information contained therein, is the responsibility of, and was approved by the directors on 29 April 2025.

Availability of Report and Accounts

Copies of the Company's Report and Accounts will be posted to shareholders shortly. 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.omip.co.uk .

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities.

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FR UKVRRVOUSUUR