Last checked at 28 Jan 2011 07:00
The Mission Marketing Group plc
Close Period update
28 January 2011
The Mission Marketing Group plc ('themission®`, AIM: TMMG), the national marketing communications and advertising group, today issued the following close period update for the year ended 31 December 2010.
2010 has been a year of transition for themission®. Board changes completed earlier in the year alongside a successful refinancing of the Group have resulted in a much strengthened business with an ambition to match. The revitalised management teams are now working cohesively and positively towards a common goal which is creating new opportunities and renewed optimism within the Group.
As predicted at the interim stage, trading improved in the second half of 2010, and turnover and operating income were ahead of both the first half of the year and the equivalent period in 2009. With margins also improved, second half profits have exceeded both H1 and the prior year. As a result, full year profits are expected to be slightly ahead of City expectations.
Although 2010 was another difficult year for the marketing services sector, themission® is well positioned to take advantage of opportunities. In October, ThinkBDW, the Group's property specialist agency, stepped in to offer virtually continuous service to both clients and staff of a failing competitor as it fell into Administration. In addition, the Group acquired certain assets of Robson Brown, formerly the North East's largest regional agency, following its collapse in December. We have subsequently been able to re-engage a number of former clients and employees and begun to re-establish this successful regional agency.
The Board is cautious about prospects for the coming year. The consumer has yet to experience the impact of the various Government debt reduction measures and all indications are that marketing budgets will remain under extreme pressure. As a result, the Group will continue to focus on what it does best: providing outstanding quality for its clients whilst keeping a tight control over costs. Continuing strong cash management and debt reduction will also remain a priority.
Enquiries:
David Morgan, Executive Chairman Peter Fitzwilliam, Finance Director The Mission Marketing Group plc |
020 7758 3525 |
Mark Percy/Jeremy Porter (Corporate Finance) David Banks (Corporate Broking) | |
Seymour Pierce Limited | 020 7107 8000 |
themission® is a national marketing communications and advertising group with 12 offices across the UK. The Group specialises in providing national and international clients with award winning marketing, advertising and business communications. Group members include April-Six, Big Communications, Bray Leino, Fuse Digital, RLA, Robson Brown, Story and ThinkBDW. themission® employs 600 staff nationally and is listed on AIM (TMMG).
www.themission.co.uk