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21 Jan 2025 07:00
21st January 2025
THE MISSION GROUP plc
("MISSION", the "Group")
2024 Full Year Trading Update
Strong, profitable growth in 2024 underpins confidence for 2025
The MISSION Group plc (AIM:TMG), the Brand Performance Group, comprising of digital marketing and specialist communications Agencies, provides a trading update for the financial year ended 31 December 2024 ("FY2024").
The Group continued to see a resilient trading performance in the second half of the financial year across all segments. The Board therefore expects to report FY2024 revenue (operating income) of £88m (FY2023 +2%). The Group's diligent cost control over the course of the year underpinned profitable growth with headline operating profit expected to be between £9.0m - £9.2m; up approximately 38% on the prior year and in line with market expectations*. Headline operating margins are expected to be 10.5% for FY2024, an improvement of 40% on FY2023.
Net bank debt on 31 December 2024, following receipt of the proceeds of the disposal of April Six, was £9.4m. As previously outlined, additional receipts of up to a maximum of £4.2m for the earn out payment linked to EBITDA from the April Six transaction are expected.
The Value Restoration Plan announced in December 2023 is now complete, as evidenced by the strong margin and profit improvements and significantly reduced bank leverage ratio.
The Board was also pleased to publish its updated Capital Allocation Policy on 2 January 2025 with a commitment to return up to £1.5m to shareholders by way of an on-market Share Buyback. The Share Buyback programme has begun and £0.13m has been returned to date.
MISSION will announce its final results on 25 March 2025.
Commenting, Mark Lund, Interim Chief Executive Officer of MISSION said:
"2024 has seen MISSION not only deliver a resilient trading performance but take great strides to strengthen the business for the future, ensuring we are leaner and less complex with a significantly improved balance sheet.
We enter 2025 with momentum and confidence and look forward to capitalising further on this progress as we focus on delivering for our Clients, our people and our shareholders."
* Footnote
April Six is expected to deliver revenues of £11.8m and a headline operating profit of £1.0m in FY2024 (£0.2m loss in FY2023).
Consensus headline operating profit for 2024 is £9.2m.
ENQUIRIES:
Cat Davis - Group Marketing Director | Via Houston |
E: cdavis@themission.co.uk | |
The MISSION Group PLC | |
Simon Bridges/Andrew Potts/Harry Rees | 020 7523 8000 |
Canaccord Genuity Limited (Financial Adviser, Nominated Adviser and Broker) | |
Peter Tracey Blackdown Partners Limited (Financial Adviser) | 020 3807 8484 |
Kate Hoare/Alexander Clelland/India Spencer | 0204 529 0549 |
E: mission@houston.co.uk | |
Houston PR |
NOTES TO EDITORS
The MISSION Group Plc. is The Brand Performance Group.
Delivering measurable, results-driven campaigns as the preferred creative partner for real business growth. We offer top-tier agencies, strategic specialisms and global reach delivering outstanding performance for brands. We call it Work That Counts™ www.themission.co.uk
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