(Sharecast News) - Advertising and creative agency the Mission Group said in an update on Thursday that it had traded well in the first half, with performance in line with the board's expectations.
The AIM-traded firm said that despite the ongoing turbulent global economic backdrop, it had maintained its growth trajectory, continued to deliver against its strategy and managed previously-flagged cost headwinds including wage inflation.
As a result, it said it expected to report revenues for the six months ended 30 June of £37.5m, up from £34.1m, with headline operating profit rising to £2.2m from £2m.
Mission said it had a historic second-half weighting in profitability, and remained on track to meet full year guidance.
The board said strong cash management remained a "key priority", with the period seeing the delivery of further improvements.
Net bank debt as at 30 June totalled £7m, narrowing from £10.3m at the end of December, while acquisition obligations remained at a 13-year low of £2.6m.
New client wins during the first half included a multiple group agency brief with Taiwanese electrical group Phihong Technology, and new wins in the beverages sector with Bottlegreen and Shloer, as well as CRM for tourism retailer On the Beach.
"I am pleased to report a good performance in the first half, a continuation of the positive momentum achieved in 2021," said group chief executive officer James Clifton.
"Our agency-first model has enabled us to be nimble and adaptable in a more challenging market.
"Our continued growth, despite an uncertain macroeconomic backdrop, further demonstrates Mission's resilience and strength."
Mission said it would publish its interim results for the six months ended 30 June on 27 September.
At 1100 BST, shares in the Mission Group were flat at 56p.
Reporting by Josh White at Sharecast.com.
The Mission Group (TMG)