Mission Group PLC (The) TRADING UPDATE AND NOTICE OF INTERIM RESULTS (1363F)
14 Julio 2021 - 1:00AM
UK Regulatory
TIDMTMG
RNS Number : 1363F
Mission Group PLC (The)
14 July 2021
14 July 2021
THE MISSION GROUP plc
("MISSION", "the Group")
TRADING UPDATE AND NOTICE OF INTERIM RESULTS
The MISSION Group plc (AIM: TMG), creator of work that counts
comprising a network of 16 Agencies delivering real, sustainable
growth for its Clients, today provides the following trading update
for the six months ended 30 June 2021 ("the period").
Trading
Trading during the first half of 2021 has been ahead of the
Board's expectations. Despite severe lockdown restrictions
continuing to be in place in all of its trading markets during this
period, the Group has continued to see a marked sequential quarter
on quarter recovery in both revenue and profitability.
MISSION expects to report revenues for the period of GBP31.6m
(2020: GBP29.1m) and a Headline operating profit of GBP2.0m (2020:
loss of GBP1.8m). The Group has a historic second half year
weighting in profitability and it currently expects to be on track
with full year expectations.
The Group is well financed with committed banking facilities of
GBP20.0m. It made no new acquisitions in the period but settled
GBP1.2m of obligations in relation to acquisitions made in prior
years, paid the deferred 2019 dividend (GBP1.4m) and repaid all
outstanding, deferred HMRC payments (GBP3.1m). The Group's net bank
debt at 30 June 2021 was better than expected at GBP3.8m (30 June
2020: GBP0.9m, 31 December 2020 GBP1.2m).
Across its diverse portfolio, MISSION has been at the forefront
of activity across sectors that have remained resilient or have
started to demonstrate sustained recovery. The Group once again saw
a particularly strong performance from its technology division with
further growth in both the UK and North American markets. Brand
Agency Bray Leino has also traded strongly during the period and
the Group was pleased to see further recovery in its specialist
property marketing Agency ThinkBDW, including the signing of a
multi-year GBP20m digital transformation programme with
housebuilder Redrow.
New business opportunities across the Group have continued to
present themselves, with new Client wins across various business
sectors in the period including automotive (Porsche GB), healthcare
(Novo Nordisk) and food & drink (Bottlegreen, Burts Chips).
The strategic investments made in the prior year have continued
to underpin the specialist expertise we can offer our Agencies to
deliver a flexible multi discipline service for our Clients. During
the period we completed the effective rollout of MISSION Made, the
24/7 digital production studio, innovation hub and evolving
e-commerce capability. We remain focussed on exploring further
organic and acquisitive growth opportunities to leverage our
compelling infrastructure further.
The Board is committed to its previously stated long term
progressive dividend policy and will continue to monitor the
situation as this year progresses in line with performance.
Board
On the 15 June 2021, the Board confirmed that David Morgan would
be retiring as Executive Chairman of the Group from 30 September
2021 along with Deputy Chairman and Board Director Robert Day, who
will also step down at this time. David will be replaced by Julian
Hanson-Smith as Non-Executive Chairman, who has served as a
Non-Executive Director of MISSION since 2015, as part of a seamless
transition that has been planned for some time.
Commenting on the trading update, James Clifton, Group Chief
Executive of The MISSION Group plc, said:
"Despite the profound and prolonged third lockdown in the first
half of 2021 and its inevitable impact on the pace of economic
recovery, particularly across certain market sectors and
geographies, I'm pleased to report that trading across MISSION has
continued to improve.
"Given the recent and welcome Government update about the UK's
exit from lockdown restrictions, our unique positioning and proven
business model means we are well placed to capitalise on the
continued recovery in all our markets."
Notice of results
MISSION intends to publish its Interim results for the 6 months
ended 30 June 2021 on 22 September 2021.
Enquiries:
James Clifton, Chief Executive
G iles Lee , Chief Financial Officer
The MISSION Group plc 020 7462 1415
Mark Percy / James Thomas / Sarah Mather (Corporate
Advisory)
Shore Capital (Nomad and Broker) 020 7408 4090
Kate Hoare / Laura Stewart 0204 529 0549
HOUSTON (Financial PR and Investor Relations)
MISSION is a collective of Creative and MarTech Agencies led by
entrepreneurs who encourage an independent spirit. Employing 1,000
people across 27 locations and 3 continents, the Group successfully
combines its diverse expertise to bring about commercially
effective solutions for some of the world's biggest Clients.
www.themission.co.uk
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