THE MISSION GROUP
plc
("MISSION", "the
Group")
AGM TRADING
STATEMENT
17 June 2024
Ahead of its Annual General Meeting
to be held today, the Board of MISSION (AIM: TMG), is pleased to
provide the following trading update for the period 3 April 2024 to
17 June 2024 ("the Period").
TRADING
Trading in the Period has continued
in line with the Board's expectations. The Group is pleased to
report further new business wins underpinned by the investments made in previous years to enhance MISSION's service offering and
capabilities. New Client mandates signed during the Period have
included Okta, Popeyes, FatFace, GoHenry,
Mastercard, BNP Paribas, England Cricket Board, Guinness Homes,
Fonterra and McCarthy Stone.
VALUE RESTORATION PLAN
("VRP")
The Group has delivered good
progress against the Value Restoration Plan announced on 17 January
2024, with the vast majority of the £5.0m of annualised projected
profit improvements already secured for the year. The initial phase
of this involved significant one-off headcount reductions completed
late in 2023, equating to c£2m of annualised costs savings. The
second phase of this involves £3m from a combination of cost
savings and profit improvements through efficiency gains. Most of
the cost savings have been implemented, the operating efficiency
improvements are tracking to expectations and are expected to be
fully delivered by the end of 2024.
As previously announced, the Group
continues to progress discussions regarding options to
deleverage the Group's balance sheet, alongside
the successful refinancing of the existing debt facility with
long-standing lender NatWest, announced on 28 March 2024. A further
update will be provided when appropriate.
We intend to release our half year
trading update for the six months to 30 June 2024 by the end of
July 2024.
David Morgan, MISSION's Non-Executive Chair, commented:
"I am pleased to report
progress on our stated commitments to focus
on debt reduction, rebuilding the balance sheet and
delivering on our strategy for 2024 and 2025, to deliver value for
our shareholders and other stakeholders.
A series of great new business wins,
some of which open up fresh strategic opportunities for the Group,
are testament to the entrepreneurial spirt of our Agencies and we
look forward to providing further updates as the year
progresses."
ENQUIRIES
|
James Clifton, Chief Executive
Officer
Giles
Lee, Chief Financial
Officer
The MISSION Group plc
|
020 7462 1415
|
|
Simon
Bridges/Andrew Potts/Harry Rees
|
|
|
Canaccord Genuity Limited (Nominated
Adviser and Broker)
|
020 7523 8000
|
|
|
|
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Kate Hoare / Alexander
Clelland
|
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|
HOUSTON (Financial PR and Investor
Relations)
|
0204 529 0549
|
NOTES TO EDITORS
The MISSION Group Plc. is The Brand Performance Group.
Delivering measurable,
results-driven campaigns as the preferred creative partner for real
business growth. We offer top-tier agencies, strategic specialisms
and global reach delivering outstanding performance for brands. We
call it Work That
Counts™ www.themission.co.uk
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse (Amendment) (EU Exit) Regulations
2019. Upon the publication of this announcement, this inside
information is now considered to be in the public
domain.