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06 May 2020 | 08:36

One Media to pay interim dividend despite 'challenging market conditions'

(Sharecast News) - Digital media rights group One Media IP announced an interim dividend on Wednesday after saying it had traded in line with expectations during the six months ended 30 April despite "challenging market conditions" caused by the Covid-19 pandemic. One Media declared an interim dividend of 0.055p per ordinary share to be paid on 14 May as staff remained fully employed in its businesses and continued to work "efficiently" on a remote basis as the group worked on further opportunities to expand its music catalogue.

The AIM-listed group, which intends to report its interim results in June, added that it had retained a "strong cash position".

Chairwoman Claire Blunt said: "The board has considered its policy regarding dividends and has established that the objective of its Dividend Distribution Policy is to maintain an equilibrium between retention of profit to finance long-term growth plans whilst rewarding shareholders for their support.

"Despite the uncertainty caused by Covid-19 and its impact on the live performance sector, the board's outlook remains positive and it is confident in the group's ability to continue to execute on its strong pipeline of opportunities."

As of 1020 BST, One Media shares were up 4.83% at 6.29p.
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