Last checked at 13 Jul 2022 07:00
13 July 2022
THE MISSION GROUP plc
("MISSION", "the Group")
TRADING UPDATE AND NOTICE OF INTERIM RESULTS
Continued positive trading momentum - full year guidance reaffirmed
The MISSION Group plc (AIM: TMG), creator of Work That Counts TM, comprising a network of 16 Agencies delivering real, sustainable growth for its Clients, today provides the following trading update for the six months ended 30 June 2022 ("the period").
MISSION has traded well during the first half of 2022 and performance has been in line with the Board's expectations.
Despite the ongoing turbulent global economic backdrop, the Group has maintained its growth trajectory, continued to deliver against its strategy and successfully managed previously flagged cost headwinds including wage inflation.
As a result, the Group expects to report revenues for the period of £37.5m (30 June 2021: £34.1m) with Headline operating profit of £2.2m (30 June 2021: £2.0m). MISSION has a historic second half year weighting in profitability and remains on track to meet full year guidance.
Strong cash management remains a key priority for the Group and the period has seen further improvements delivered. Net bank debt at 30 June 2022 was £7.0m, (31 December 2021: £10.3m). Acquisition obligations remain 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 Co. and MISSION also secured new wins in the beverages sector with Bottlegreen and Shloer, as well as CRM for the tourism retailer, On the Beach.
Notice of results
MISSION intends to publish its Interim results for the six months ended 30 June 2022 on 27 September 2022.
Commenting on the trading update, James Clifton, Group Chief Executive of The MISSION Group plc, said:
"I am pleased to report a good performance in the first half, a continuation of the positive momentum achieved in 2021. 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."
ENQUIRIES
James Clifton, Chief Executive Officer Giles Lee, Chief Financial Officer The MISSION Group plc |
020 7462 1415 |
Mark Percy / James Thomas / Fiona Conroy Shore Capital (Nomad and Broker) | 020 7408 4090 |
Kate Hoare / Laura Stewart HOUSTON (Financial PR and Investor Relations) | 0204 529 0549 |
NOTES TO EDITORS
MISSION is a collective of Creative and MarTech Agencies led by entrepreneurs who encourage an independent spirit. 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 our 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