Mission Group PLC - Devon, England-based owner of a group of digital marketing and communications agencies - Says trading in the final quarter of 2023 "significantly improved" from the third quarter, and expects 2023 revenue of GBP87.0 million, ahead of its guidance of GBP79.8 million. This also reflects a 9.0% increase from GBP79.8 million in 2022. Headline pretax profit is expected at GBP4.3 million, also ahead of the previously expected GBP3.1 million. However, this is a drop from GBP7.8 million the year before. This also means it falls short of market expectations of GBP7.9 million. Net bank debt at December 31 is estimated to be GBP15.5 million, an improvement from the previously stated guidance of GBP24 million. Looking ahead, says trading in 2024 has started well, with a number of new business wins already secured.
Chief Executive Officer James Clifton says: "Whilst there is much more to do, efficiencies are quickly being realised, and we are particularly pleased to have achieved a significant reduction in net debt against our original forecasts. Trading momentum in the later part of 2023 was encouraging, with growth ahead of the market, and the recent new business wins in January give us confidence as we enter 2024."
Current stock price: 25.85 pence, up 10%
12-month change: down 53%
By Sabrina Penty, Alliance News reporter
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The Mission Group (TMG)