Last checked at 22 Jan 2019 07:00
The Mission Marketing Group plc
Trading update and Notice of results
The Mission Marketing Group plc ("themission", "the Company" or "the Group", AIM: TMMG), the technology-embraced marketing communications and advertising group, today issues a trading update for the year ended 31 December 2018.
Trading update
2018 finished strongly, as anticipated, and results for the year are expected to be in line with market expectations. We expect revenue to be over 10% ahead of last year, reflecting core growth of c5% and the first contribution from our 2018 acquisition, krow Communications. Headline profit before tax** is expected to be over 20% higher than last year, at £9.4m, representing the eighth year of consecutive growth. Against a background of continuing uncertainty and challenges in our sector, we are particularly pleased with this progress.
Our net debt position in 2017 benefitted from some exceptional working capital benefits which we anticipated would unwind during 2018. Nevertheless, as a result of positive working capital management and the sale of our BroadCare healthcare services software business, the net bank debt position at 31 December 2018 was £4.0m, slightly better than market expectations. The ratio of net bank debt to EBITDA consequently reduced to below x0.5, strengthening the balance sheet further and triggering another reduction in interest rates on the Group's debt facilities from this month to 1.25% over LIBOR.
Notice of results
The Company expects to announce its final results on 9 April 2019.
David Morgan, Chairman, commented: "Our performance in 2018 fully illustrates how having the right people backed by innovative technologies and creative solutions delivers great results for our Clients and in turn for our business. themission is a truly joined up group of talented people and we are well positioned for continued growth in 2019 and beyond."
Enquiries:
David Morgan, Executive Chairman Peter Fitzwilliam, Finance Director The Mission Marketing Group plc |
020 7462 1415 |
Mark Percy / James Thomas (Corporate Advisory) | |
Shore Capital (Nomad and Broker) | 020 7408 4090 |
** Headline profits are calculated before losses from start-up activities, acquisition adjustments and profits on the disposal of BroadCare.
themission is a network of entrepreneurial marketing communications Agencies employing over 1,000 people in the UK, Asia and US, working together to provide Clients with the expertise and resource to make them more successful in today's dynamic environment.
www.themission.co.uk