B2B digital music firm Omnifone has announced financial results for the year ending 30 April 2012, reporting a 118% increase in revenues to £29.5m, and “its first profit as a company” of £3.8m on an EBITDA basis.

That’s the caveat: EBITDA is earnings before interest, taxes, depreciation and amortisation, rather than net profit.

Omnifone hasn’t given details of its net profit or loss for the last financial year, nor has it yet published its full accounts through Companies House in the UK with those details.

Update: We checked with Omnifone, and the company says its “profit after tax” was £2.9m for the year.

Omnifone Limited did publish its accounts for the year to 30 April 2011, when it reported revenues of £13.5m, but a net loss of £21.8m. The previous year, the net loss was £15.7m A net profit in the year to 30 April 2012 would thus represent a startling turnaround in the company’s fortunes.

Its last financial year did see some big launches for Omnifone, including Sony Music Unlimited, BBM Music and its own D2C spin-off Rara.com.

The company says its MusicStation platform now runs digital services in 28 countries, and has a catalogue of 22m licensed tracks. Today also saw the company announce the acquisition of Swedish content-management firm Global Mediabank.

“We have experienced fantastic momentum on all fronts over the past year and have achieved profitability as a result,” says CEO Jeff Hughes.

“The growth of smartphones, connected devices and the availability of high speed connectivity has led to an increased demand for cloud-based music services, opening up a land grab opportunity for the digital music industry.”