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Pin to quick picksThe Mission Group Regulatory News (TMG)

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Trading Update

17 Jan 2024 07:00

RNS Number : 9008Z
Mission Group PLC (The)
17 January 2024
 

17th January 2024

The Mission Group plc

("MISSION" the "Company" or the "Group")

 

Trading Update

 

The MISSION Group plc (AIM: TMG), creator of Work That CountsTM, comprising a group of digital marketing and communications Agencies, provides a trading update for the financial year ended 31 December 2023 ("FY2023").

 

TRADING

 

Trading in the final three months of 2023 was significantly improved on the previous quarter and the Group's performance for FY2023 is expected to be in line with the revised guidance issued in its update to the market on 23 October 2023 ("the Update").

 

The Group expects to report FY2023 revenue (operating income) of £87.0m representing growth of 9% on 2022, including the impact of 2023 acquisitions, and at the higher end of the guidance provided in the Update and ahead of Advertising Association expectations for 2023 of 2.6%.

 

Headline profit before tax from continuing operations, (excluding the trading loss relating to the Group's Pathfindr business, the disposal of which was announced on 5 January 2024), is expected to be in line with the revised guidance in the Update of £4.3m. Earnings before Interest, Taxation, Depreciation and Amortisation (EBITDA) from continuing operations are expected to be approximately £10.0m on the same basis.

 

Trading in 2024 has started well with a number of new business wins already secured including assignments with existing Client Boehringer Ingelheim, expanding our involvement with the animal health arm of their business. The new remit includes activity from top-level strategy, through to activation for an exciting portfolio of brands.

 

Other new business wins across the Group since the start of the new financial year include new Client Herta UK for MISSION Agency Speed. Speed will be working closely with the UK arm of German based Herta, which provides quality chilled goods to consumers and will be focused on amplifying Herta UK's presence within trade and consumer media.  Bray Leino have also been delighted to announce a new Client mandate with global pharmaceutical company Dr. Reddy's. The new scope includes all facets of marketing from branding and packaging to event creation and delivery.

 

 

VALUE RESTORATION PLAN ("VRP")

 

The Group continues to make good progress against its recovery plan to drive significant cost saving initiatives and margin improvements and has now secured an annualised, projected £5m of profit improvements for 2024. This includes an initial £2m of annualised costs savings relating to headcount reduction in certain of the Group's business units and a further £3m of annualised non-agency cost savings and profit improvements.

 

Part of the Group's VRP also includes the selected disposals of two non-core businesses and on 5th January 2024 the Group was pleased to confirm the disposal of its 80% shareholding in Pathfindr ltd, with the initial proceeds of £1m being deployed to reduce debt. 

 

BALANCE SHEET

 

Net bank debt as at 31 December 2023 is estimated to be £15.5m. This is a considerable improvement on the previously stated guidance of £24m, provided in the Update.

 

This improvement has been driven by strong working capital control both in regard to billing and debtor days management and the active management of our creditors, including an agreed £4.3m HMRC Time To Pay arrangement phased over the first quarter of 2024.

 

The Group enters 2024 with the benefit of significantly improved headroom against its current debt facility of £29m.

 

Chief Executive of MISSION, James Clifton, commented: "Whilst 2023 has not been without significant challenges, the Board is pleased with the progress being made to restore value for shareholders through the Value Restoration Plan.

 

"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."

 

ENDS

 

 

ENQUIRIES

 

James Clifton, Chief Executive Officer

Giles Lee, Chief Financial Officer

The MISSION Group plc

 

Via Houston

 

Simon Bridges/Andrew Potts/Harry Rees

Canaccord Genuity Limited (Nominated Adviser and Broker)

020 7523 8000

 

Kate Hoare / Alexander Clelland / India Spencer

HOUSTON (Financial PR and Investor Relations)

0204 529 0549

 

 

NOTES TO EDITORS

 

MISSION is a collective of digital marketing and communications Agencies employing over 1,000 people across 29 locations and 3 continents. The Group successfully combines its diverse expertise to produce Work That Counts TM for Clients, whatever their ambitions. Creating real standout, sharing real innovation and delivering real growth for some of the world's biggest brands. www.themission.co.uk

The person responsible for arranging the release of this announcement on behalf of MISSION is James Clifton.

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTUNABRSOUAAAR
Date   Source Headline
16th Nov 20107:00 amRNSDirectorate Change
24th Sep 20107:02 amRNSDirectorate Change
24th Sep 20107:00 amRNSInterim Results
17th Sep 20109:00 amRNSNotice of Results
14th Jul 20106:31 pmRNSGrant of Options
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20th May 20107:00 amRNSAnnual Report and Notice of AGM
13th May 20107:00 amRNSIssue of Equity
15th Apr 20105:44 pmRNSDirector Disclosures
15th Apr 20107:00 amRNSBoard Changes
15th Apr 20107:00 amRNSPreliminary Results
26th Mar 20103:26 pmRNSHolding(s) in Company
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25th Sep 20097:00 amRNSHalf Yearly Report
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22nd May 20092:28 pmRNSRescheduling of certain Group liabilities
15th May 20097:00 amRNSPlacing of New Shares
6th May 200910:59 amRNSDirector Declaration
16th Apr 20097:00 amRNSFinal Results
16th Feb 20097:00 amRNSTrading Statement
21st Jan 200911:43 amRNSHolding(s) in Company
14th Jan 20093:34 pmRNSNotification of date of Preliminary Results
21st Oct 200812:15 pmRNSDirector Declaration
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25th Jul 20087:00 amRNSBoard Change
18th Jul 20084:31 pmRNSDirector/PDMR Shareholding
18th Jul 20084:20 pmRNSHolding(s) in Company
17th Jul 20087:00 amRNSMission pre close up date
20th Jun 200812:35 pmRNSSharesave Scheme
3rd Jun 200812:48 pmRNSResult of AGM
3rd Jun 20087:00 amRNSAGM Statement

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