One Media iP’s FY2025: Profit up, costs down, and a tighter strategic focus
One Media iP Group has posted a cleaner, more profitable set of numbers for the year to 31 October 2025, helped by the sale of TCAT and a hard push on cost optimisation. Revenue dipped a touch, but margins did the heavy lifting, driving an 80% jump in earnings per share from continuing operations to 0.47p. For a micro-cap rights owner, this is the kind of disciplined execution investors want to see.
Importantly, these results are presented on a continuing basis following the TCAT disposal in November 2024, with One Media keeping a 5% equity stake in Round Group.
Key numbers investors should know
| Metric | FY2025 | FY2024 | Comment |
|---|---|---|---|
| Total revenue | £4,750,252 | £4,882,349 | Down 3% |
| Net revenue (after distribution, royalties, other costs) | £3,228,712 | £3,252,733 | Down 1% (FX headwind £0.1m) |
| EBITDA | £2.1 million | £2.0 million | Continued cost management |
| Operating profit | £1,156,019 | £1,133,014 | Modestly higher |
| Profit before tax | £848,927 | £776,238 | Up 9% |
| Basic EPS (continuing) | 0.47p | 0.26p | Up 80% |
| Year-end cash | £791,207 | £415,865 | Stronger liquidity |
| Borrowings | £749,010 | £1,123,490 | Debt reduced by £0.4m |
| Administration expenses | £1,147,628 | £1,243,262 | Down 8% |
Margin discipline did the work
Top-line momentum was a little soft – revenue slipped 3% to £4.75 million and net revenue edged down 1% to £3.23 million – partly due to a £0.1 million foreign exchange headwind. The story is what happened beneath the line: distribution charges fell to £1.03 million, royalty costs to £0.37 million, and admin expenses to £1.15 million.
That cost discipline, plus a tidy exit from TCAT, pushed operating profit to £1.16 million and PBT to £848,927. A one-off tax credit of £192,849 linked to TCAT also helped at the EPS level. The result: Basic EPS from continuing operations jumped to 0.47p, up 80% year-on-year.
Balance sheet: cash up, debt down, and cash generation restored
Cash at year-end rose to £791,207, while borrowings reduced to £749,010 as the Group continued repayments on its refinanced facilities. In plain terms, cash now broadly matches debt – that’s a stronger footing than a year ago.
Operating cash flow improved markedly, with a £993,599 net inflow, and capex on catalogues was modest at £107,680. Intangible assets (the music rights) carried a net book value of £11,606,242 after £840,372 of annual amortisation – a reminder that non-cash charges will continue to run through the P&L as part of the rights ownership model.
One note for income seekers: the Board has decided not to pay a dividend, keeping powder dry for strategic reinvestment and potential corporate opportunities.
Portfolio moves: Classic Rock podcasts, sync wins and YouTube acceleration
Strategically, One Media leaned into its core – monetising evergreen music IP – and picked up a potentially meaningful new content stream. The Group acquired an exclusive mid-term licence to distribute one of the world’s most significant Classic Rock podcast collections, covering hundreds of episodes and specials tied to artists like The Beatles, The Rolling Stones, Led Zeppelin, Pink Floyd, Fleetwood Mac, Bruce Springsteen and more. It gives One Media global rights to distribute and monetise across streaming and digital platforms, neatly complementing its heritage music catalogue.
Sync placements – licensing music into film/TV – continued to land, including Point Classics features in Amazon Prime’s We Were Liars and Étoile, and in The Old Man on Disney+/Hulu. Meanwhile, the Company noted renewed media attention on an unreleased 1992 Take That track, where it holds producer royalties – any official release could create a useful revenue bump, though timing and outcome are not disclosed.
On digital, YouTube performance stood out: total views from January to December 2025 increased by 298% versus 2024, and subscribers grew 11.71% to 860,200. That traction reflects the Group’s push into video-led exploitation and channel optimisation, which should support royalty growth given how platforms reward engagement.
AI stance: human-led creativity with smarter tooling
The Company is using AI to enhance catalogue exploitation – think transforming audio assets into authentic visual experiences to boost discovery – while keeping original recordings untouched. The goal is practical: more visibility, longer watch times, and better playlist penetration, particularly in catalogues like Motorcity. It’s a pragmatic approach that respects IP integrity while chasing incremental monetisation.
Industry backdrop: secular growth remains on side
The macro picture still looks favourable for music IP. IFPI reported global recorded music revenue up 4.8% to US$29.6 billion in 2024, the tenth straight year of growth, with paid streaming subscriptions up 9.5%. Goldman Sachs’ Music in the Air 2025 projects a 7.6% CAGR to 2030, taking industry revenues to US$163.7 billion from US$98.3 billion in 2023. The later outlook in the RNS also cites a near-doubling of the total market to US$196.8 billion by 2035, underscoring the long runway.
For One Media, whose model relies on recurring royalties and digital distribution, those industry trends matter. The portfolio is designed to deliver repeatable, annuity-like income from evergreen music – exactly the profile that benefits from the continued institutionalisation of music rights as an asset class.
What’s good, what’s not, and what to watch
Positives
- EPS up 80% and PBT up 9% despite lower revenue – evidence of robust cost control.
- Cash up to £0.8 million and borrowings down to £0.75 million – balance sheet strengthening.
- Digital momentum: YouTube views up 298% and subscribers up to 860,200 in 2025.
- Strategic focus: TCAT sale completed, with a 5% equity stake retained in Round Group.
- Portfolio expansion via exclusive Classic Rock podcast licence aligned to heritage music strength.
Watch-outs
- Revenue declined 3% and net revenue 1%, plus a £0.1 million FX drag – top-line growth needs to re-accelerate.
- No dividend – capital being held back for reinvestment and potential corporate moves.
- Distribution concentration: The Orchard channels approximately 50% of turnover; largest two customers represent 15% of revenue.
- Discontinued operations posted a £578,899 loss related to TCAT disposal.
Josh’s take: a tighter, leaner One Media with optionality
This is a tidy reset year. One Media has tightened costs, cleaned up its focus, and nudged profitability higher, with cash generation to match. The catalogue is doing its job, and the digital flywheel – especially on YouTube – is spinning faster.
There’s still execution to prove on top-line growth, and the absence of a dividend won’t thrill income hunters. But for growth-oriented investors, a leaner cost base, improving balance sheet, and a pipeline of digital monetisation (plus that Classic Rock podcast trove) present sensible upside optionality. In short: steady, disciplined progress – now let’s see the revenue engine pick up the beat in 2026.
