One Media IP Group shares (LON: OMIP) opened 15% higher on Monday morning.

The group said in a trading update that it will continue to trade in line with expectations.

One Media IP Group expects to report revenues for the year of around £4mn and earnings of £1.4mn, which is an increase of 14% and 30% respectively year-on-year.

“Based on the group’s strong performance to date and the continued growth in music streaming, the board is confident in the outlook for the business as we remain focused on exploring further acquisition opportunities,” said Michael Infante, the chief executive.

“We are also encouraged to observe that the sector continues to attract significant investment from outside of the industry, which we believe will help to build further interest in our business and strategy. We look forward to keeping the market updated as we continue to deliver on our growth strategy,” he added.

The company’s full-year results will be released in March 2021.

One Media IP Group has also said it that it has incorporated a new subsidiary, TCAT Limited.

“After four years of developing and growing TCAT’s capabilities in-house, the board has identified the need for TCAT to operate as an independent entity within the group in order to realise its full potential. With a number of major record labels already subscribing to TCAT’s services on a retained basis, we are confident that, with the provision of additional resource and technical expertise to expand the software’s capabilities and usages, there is significant opportunity to gain new traction within the industry”, said Infante.

“Our intention is for TCAT to become a mobile anti-piracy and audit tool for composers and artists as we build the portal to allow for future application access. Under the direction of a highly experienced and motivated management team, the Board has every confidence in TCAT’s growth trajectory as it enters the next phase of its development. We look forward to providing further updates in due course.”

One Media IP Group shares (LON: OMIP) are trading +18.67% at 6,70 (1115GMT).