LONDON - Hipgnosis song boxes reported a 7.5% year-on-year rise in total revenue to $91.7 million for the six months ended Sept. 9. 30, up from $85.3 million in the same period a year earlier, in the company's semi-annual presentation to investors, held in London on Thursday (8 December).
Net revenue — total revenue minus royalties paid to songwriters under contracts and managed catalogs — grew 5.8% to $78.4 million over the same period, while EBITDA increased 16.9% year-over-year to $63.8 US dollars. million.
Hipgnosis compilation of over 65,000 songs, which includes songs by Dave Stewart, Timbaland, Journey, Mark Ronson and Barry Manilow, includes writer and/or publisher share of 13 of the top 30 YouTube videos, net asset value (net Assets (NAV) were $1.52 billion, down from $1.58 billion on March 31, according to the company's mid-year financial results.
They reported the value of its "operating" net assets at $2.22 billion, down from $2.24 billion six months earlier. The total fair value of Hipgnosis' extensive portfolio was calculated by independent appraiser Citrine Cooperman at $2.67 billion.
Speaking at the investor presentation held at Savoy Place, London, is the founder and CEO of Hipgnosis Merck Mercuriadis He said he shared investors' concern about the Guernsey-listed company's share price, which has fallen about 30% on the London Stock Exchange over the past six months as investor interest in music shares slows. The share price at the close of trading on Monday was £0.81.5, down from £1.26.0 at the start of the year.
“I'm not going to pretend that the current stock price is anything other than disappointing,” Mercuriadis said at the start of a nearly three-hour presentation, which also included talks by the CFO of the Hipgnosis Songs fund. Chris HelmHipgnosis Song Management President and Chief Operating Officer Ben Katowski and head of the music department Ted Cockleand a short live concert by rock guitarist Richie Sambora.
(The Hipgnosis Songs Fund is the music publishing and recording rights acquirer, while Hipgnosis Songs Management manages the publicly traded company's catalog. There's also Hipgnosis Songs Capital ICAV, an investment vehicle co-founded with Blackstone that earlier this year acquired Justin Timberlake's catalog. back, but separate from the Hipgnosis Song Box inscribed in London.)
Mercuriadis said that Hipgnosis' current stock price "fundamentally undervalues the company" and that he is confident in the company's broad portfolio and proactive drive to increase revenue from its 146 catalogs, along with continued growth in the global music industry, "with long-term forecasts for significant revenue growth" and " It will deliver better returns for shareholders in the medium term.”
Despite what Mercuriadis described as an "extremely challenging environment," Hipgnosis' net operating assets value held steady at $1.8312 in the six months ending in September. 30, which when translated into pounds sterling (at a GBP-dollar exchange rate of $1.2223), gave an equivalent net asset value of 149.82 pence as of December. 6.
Like-for-like revenue (PFAR) in the first half of the calendar year was $58.5 million, an increase of 7.8% over the comparative period in 2021.
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