REG - Mission Group PLC - Trading Update

MissionAnnouncement

19/01/2022 07:05

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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         020 7408 4090

 Shore Capital (Nomad and Broker)

 Kate Hoare / Laura Stewart                       0204 529 0549

 HOUSTON (Financial PR and Investor Relations)

 

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
(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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