Trading Update

RNS Number : 8685Y

Mission Group PLC (The)

19 January 2022

 

19 January 2022

THE MISSION GROUP plc

("MISSION", "the Group") 

TRADING UPDATE AND NOTICE OF RESULTS

The MISSION Group plc  (AIM: TMG), creator of  Work That  Counts   comprising a network of 16 Agencies delivering real, sustainable growth for its Clients, today issues a trading update for the year ended 31 December 2021.

Trading update

MISSION  continued to deliver an impressive and strong sequential trading recovery throughout the second half of the financial year. As a direct consequence, the Group was pleased to achieve an outstanding increase in profit levels against both H1 2021 and FY2020 and so expects a healthy full year headline PBT performance that is in line with market expectations.

Whilst trading conditions throughout 2021 remained challenging, due to the impact and disruption caused by the evolving pandemic on the Group's markets, the resilience of MISSION'S business model has underpinned its continued ability to deliver against this backdrop.

Further strategic progress has been made over the course of the year to expand MISSION'S Agency portfolio with the acquisition of Soul, a full-service customer engagement Agency that works with psychologists to help businesses better understand human nature and human behaviour, enhancing MISSION's creative and customer experience capability.

The Group has also benefitted from a full year of the now fully embedded behavioural science practice, Innovation Bubble, acquired in 2020. MISSION expects to continue to grow its roster of Agencies in 2022, alongside investing in building additional and enhanced capability to further support its Clients.

The development of its people also continues to be of key strategic importance to the Group and in 2022 MISSION will invest at record levels in recruiting and retaining the best talent. Whilst the Group recognises this will have some short-term impact on its cost base, it will ultimately underpin its ability to deliver in future years.

Strong cash management remains a key priority for the Group and, even after settling its last significant earn-out obligation, its year end net bank debt was £10.2m, in line with market expectations and giving MISSION significant headroom against its current debt facility. The highly cash generative nature of the Group means it is well placed to capitalise on the opportunities that 2022 will undoubtedly bring.

Whilst uncertainties remain about Covid-19 and its impact on the economy over the current year, the Board is confident that the Group is well positioned for sustainable growth and expects to achieve double-digit year on year PBT growth in 2022.

Notice of results

The Group expects to announce its final results on 29 March 2022.

James Clifton, Chief Executive of The MISSION Group plc, commented:   " I am pleased that MISSION's strong trading momentum has continued, demonstrating our continued ability to deliver growth against an ever changing and challenging backdrop.

"Over the course of the year we have further strengthened the Group and our market proposition, meaning we are increasingly well positioned to continue to progress against our strategic priorities in 2022 and beyond. The coming year will see us place a significant focus on our biggest and most important asset - our people - as we look to recruit and retain the best talent to provide the best service to our Clients."

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 1,000 people across 27 locations and 3 continents, the Group successfully combines its diverse expertise to produce Work That Counts for our Clients, whatever their ambitions. Creating real standout, sharing real innovation and delivering real business growth for some of the world's biggest brands.  www.themission.co.uk

 

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