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17 Jun 2024 07:00
THE MISSION GROUP plc
("MISSION", "the Group")
AGM TRADING STATEMENT
17 June 2024
Ahead of its Annual General Meeting to be held today, the Board of MISSION (AIM: TMG), is pleased to provide the following trading update for the period 3 April 2024 to 17 June 2024 ("the Period").
TRADING
Trading in the Period has continued in line with the Board's expectations. The Group is pleased to report further new business wins underpinned by the investments made in previous years to enhance MISSION's service offering and capabilities. New Client mandates signed during the Period have included Okta, Popeyes, FatFace, GoHenry, Mastercard, BNP Paribas, England Cricket Board, Guinness Homes, Fonterra and McCarthy Stone.
VALUE RESTORATION PLAN ("VRP")
The Group has delivered good progress against the Value Restoration Plan announced on 17 January 2024, with the vast majority of the £5.0m of annualised projected profit improvements already secured for the year. The initial phase of this involved significant one-off headcount reductions completed late in 2023, equating to c£2m of annualised costs savings. The second phase of this involves £3m from a combination of cost savings and profit improvements through efficiency gains. Most of the cost savings have been implemented, the operating efficiency improvements are tracking to expectations and are expected to be fully delivered by the end of 2024.
As previously announced, the Group continues to progress discussions regarding options to deleverage the Group's balance sheet, alongside the successful refinancing of the existing debt facility with long-standing lender NatWest, announced on 28 March 2024. A further update will be provided when appropriate.
We intend to release our half year trading update for the six months to 30 June 2024 by the end of July 2024.
David Morgan, MISSION's Non-Executive Chair, commented: "I am pleased to report progress on our stated commitments to focus on debt reduction, rebuilding the balance sheet and delivering on our strategy for 2024 and 2025, to deliver value for our shareholders and other stakeholders.
A series of great new business wins, some of which open up fresh strategic opportunities for the Group, are testament to the entrepreneurial spirt of our Agencies and we look forward to providing further updates as the year progresses."
ENQUIRIES
James Clifton, Chief Executive Officer Giles Lee, Chief Financial Officer The MISSION Group plc |
020 7462 1415 |
Simon Bridges/Andrew Potts/Harry Rees | |
Canaccord Genuity Limited (Nominated Adviser and Broker) | 020 7523 8000 |
Kate Hoare / Alexander Clelland | |
HOUSTON (Financial PR and Investor Relations) | 0204 529 0549 |
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
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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