DISPOSAL UPDATE - PATHFINDR

Mission Group PLC (The)

05 January 2024

 

5 January 2024

THE MISSION GROUP plc

("MISSION", "the Group") 

DISPOSAL UPDATE - PATHFINDR

MISSION Group plc (AIM: TMG), creator of Work That Counts^TM, comprising a group of digital marketing and communications Agencies, wishes to provide an update on one of its non-core disposals.

Further to the announcement on 20 December 2023, and in line with the Group's strategy, MISSION has now completed the disposal of the Group's 80 per cent stake in one of its non-core businesses, Pathfindr Limited ("Pathfindr") to Bandwidth Investments Limited, for an initial cash consideration of £1 million, along with an earn-out based on future earnings across the next three years payable in cash. The initial consideration will be used to reduce the Group's net debt position. Pathfindr has forecast losses before tax for 2023 of approximately £1.3 million. For the financial year ended 31 December 2022, Pathfindr reported revenues of £0.4m, an operating loss before tax (before exceptional costs) of £0.1m and an operating loss before tax, and after exceptional costs, of £3.0m. Net liabilities at 31 December 2022 were £2.9m.

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

 

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