Mission Group PLC – TMG – Interim Results

Mission Group PLC – TMG – Interim Results

MISSION (AIM: TMG), the alternative group for ambitious brands, today announces interim results for the six months ended 30 June 2020.

FINANCIAL HIGHLIGHTS

Six months ended 30 June

2020

2019

·       Revenue

£29.1m

£39.2m

·      Operating (Loss)/Profit*

£(1.8)m

£3.6m

·       Headline (Loss)/Profit Before Tax*

£(2.2)m

£3.4m

·       Reported (Loss)/Profit Before Tax

£(2.3)m

£2.4m

·       Earnings Per Share*

(1.92)p

3.20p

·       Diluted Earnings Per Share*

(1.92)p

3.12p

     ·       Cash conservation measures resulted in a reduction in the Group’s net debt position     at 30 June to £0.9m (2019: £5.1m).

     ·       Bank debt leverage ratio reduced to 0.1x (2019: 0.4x).

     *Headline results are calculated before acquisition adjustments, start-up costs and profit/loss on investments.

BUSINESS HIGHLIGHTS

·      

Robust trading performance in challenging market conditions, ahead of initial projections at the outset of the pandemic.

·      

Strong Client retention throughout period with teams successfully focused on delivering new, innovative solutions for Clients.

·      

Continued to win new Clients and assignments.

·      

Diversity of Client portfolio ensured Group has been at forefront of activity in more robust sectors with strong performances in healthcare and technology.

·      

Continuing to embrace ‘New Ways of Working’ with office portfolio restructuring now completed.

·      

Impending launch of centralised 24/7 Digital Production and Innovation studio MISSION MADE.

·      

Completed acquisition of Innovationbubble, the psychological insights and behavioural solutions consultancy with integration progressing well.

 

OUTLOOK

·      

Second half of the financial year has started well under the current trading circumstances, with the impact of COVID-19 on revenues easing.

·      

Further significant Client wins include Bray Leino being awarded a significant contract with global chemical company INEOS and a large digital programme in China for Croda Trading, both for delivery in the second half.

·      

Board’s expectations to report a profit for the full year remain unchanged.

 

Commenting on the results, David Morgan, Chairman of The MISSION Group plc, said: “I would like to congratulate our team on this robust performance, in the face of incredibly challenging market conditions. COVID-19 has accelerated certain structural shifts across our industry which the Group is well positioned to capitalise on. I am confident that the proactive and entrepreneurial decisions that we have taken during this period will ensure we can emerge from this pandemic as an even stronger business, better positioned to make further progress against our long-term plans.”

No Comments

Post a Comment