REG - Mission Group PLC - AGM TRADING STATEMENT

MissionAnnouncement

17/06/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240617:nRSQ5978Sa&default-theme=true

RNS Number : 5978S  Mission Group PLC (The)  17 June 2024

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

 Kate Hoare / Alexander Clelland
 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
(http://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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTGPUGWQUPCGMQ