REG - Mission Group PLC - DISPOSAL UPDATE - PATHFINDR

MissionAnnouncement

05/01/2024 07:00

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RNS Number : 7213Y  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                        Via Houston

 The MISSION Group plc

 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
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.themission.co.uk%2F&data=04%7C01%7C%7C2e2f37c792c7415afaad08d947a9c473%7Cb7e4783d67604ed5b0c156d405b9349b%7C0%7C1%7C637619616734507818%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C2000&sdata=5duO%2FyhgYrmP5I17h1eW4mAaM4%2BhySTEObFl5Dz5R%2Fs%3D&reserved=0)

 

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