Mission Group PLC (The) Trading Update (4485M)
January 12 2023 - 2:00AM
UK Regulatory
TIDMTMG
RNS Number : 4485M
Mission Group PLC (The)
12 January 2023
12 January 2023
The MISSION Group plc
("MISSION" "The Company" or "The Group")
TRADING UPDATE AND NOTICE OF RESULTS
MISSION Group plc (AIM: TMG), creator of Work That Counts(TM) ,
comprising a group of digital marketing and communications Agencies
delivering real, sustainable growth for its Clients, is pleased to
issue a trading update for the financial year ended 31 December
2022.
Trading Update
The Group continued to see a resilient underlying performance
from its Agencies in the second half of the financial year, despite
the weakening macro-economic backdrop. Increasing exposure to more
robust sectors and geographies, coupled with the benefits of the
investments MISSION has made to expand its capabilities and
services, have underpinned year-on-year Group revenue growth of
10%, slightly ahead of expectation.
Careful control of costs has remained a priority throughout the
year, and the Group has balanced this with a commitment to build a
strong platform to support growth through continued investment in
our talent base. Despite inflationary headwinds and higher finance
costs, the Group expects to report Headline Profit before Tax of
not less than GBP7.6m, ahead of the prior year.
Further progress has been made against the Group's strategic
areas of focus, expanding its capabilities whilst also improving
structural efficiencies to create operational improvements.
As part of the Group's strategy to strengthen the integrated
communications offering of its Agencies, further acquisitions were
made in H2 of Influence Sports & Media and social media agency
Populate, by the Group's Sports Marketing Agency Mongoose. These
follow the successful acquisition of the youth focussed creative
business Livity in H1.
MISSION has fundamentally restructured its Asian operations,
where performance has been impacted by the extended effect of
COVID-19 on the region, and has reviewed the progress and potential
of Pathfindr, the Group's Industrial IoT solutions business. Taken
together, these actions will result in exceptional restructuring
costs, and a non-cash Goodwill impairment charge, in the region of
GBP6m at the year end.
The effect of these restructuring costs and acquisitions, was
that Net Debt closed at GBP11.4m. The Group continues to benefit
from significant headroom against its current debt facility of
GBP20m to support its strategic goals and remains cash generative,
with Net Debt expected to reduce significantly in 2023.
Board Update
Executive Director Sue Mullen will be retiring from the Board
with immediate effect but will remain with the Group as Chair of
Story.
Notice of Results
The Group expects to announce its final results on 28 March
2023.
Commenting, James Clifton, Chief Executive Officer of MISSION
said:
"In a year of social and political turmoil with unprecedented
cost and inflationary challenges MISSION has delivered a robust
performance in 2022, building on the strong momentum established in
the prior year. 2023 has started well with new Client wins meaning
that despite the continued economic uncertainties creating
challenges for all businesses, we will continue to exploit the
opportunities available to us. The Group has a clear strategic
focus that means we are well positioned for revenue and margin
growth both in 2023 and the longer term ."
ENDS
ENQUIRIES:
James Clifton, Chief Executive Officer
G iles Lee , Chief Financial Officer
The MISSION Group plc 020 7462 1415
Mark Percy / James Thomas
Fiona Conroy (Corporate Broking)
Shore Capital (Nomad and Broker) 020 7408 4090
Kate Hoare / Alexander Clelland / India Spencer
HOUSTON (Financial PR and Investor Relations) 0204 529 0549
NOTES TO EDITORS
MISSION is a group of digital marketing and communications
Agencies. Employing 1,000 people across 27 locations and three
continents, the Group successfully combines its diverse expertise
to produce Work That Counts(TM) for our Clients, whatever their
ambitions. Creating real standout, sharing real innovation and
delivering real business growth for some of the world's biggest brands. www.themission.co.uk
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END
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