Mission Group PLC (The) Trading Statement (4456X)
20 Dezember 2023 - 8:34AM
UK Regulatory
TIDMTMG
RNS Number : 4456X
Mission Group PLC (The)
20 December 2023
20(th) December 2023
The Mission Group plc
("MISSION" the "Company" or the "Group")
BUSINESS AND TRADING UPDATE
The MISSION Group plc (AIM: TMG), creator of Work That Counts
(TM) , comprising a group of digital marketing and communications
Agencies, wishes to provide a business and trading update since the
Group's last update on 23 October 2023 (the "Update ") for the
remainder of the 2023 financial year to 31 December 2023
("FY2023").
Trading for FY2023 is currently expected to be in line with the
Board's revised outlook, as outlined in the Update .
VALUE RESTORATION PLAN
As outlined in the Update, in response to the impact of the more
challenging trading conditions on the business, the Group has
started to implement a "Value Restoration Plan" comprising of a
series of significant cost saving initiatives, margin improvements
and selected possible business disposals, to restore value to
MISSION shareholders.
This plan is now well underway and a total of GBP5m of cost
savings have been identified. An initial GBP2m of annualised costs
savings relating to headcount reduction in certain of the Group's
business units have been delivered at a cost of GBP0.4m. A further
GBP3m of annualised non-agency cost savings have been targeted and
are being implemented at a cost of GBP0.3m.
Progress has been made on the disposal of two non-core
businesses in line with the Group's strategy. In each case, a
letter of intent has been received. These discussions are ongoing
and either, or both, of these may complete in the coming months,
but at this stage there can be no certainty that they will progress
to a completed transaction.
A further update on the Group's progress against the Value
Restoration Plan will be provided with the FY2023 trading statement
in January 2024.
FINANCIAL POSITION
Our long-standing lender, NatWest has agreed to waive the
December covenant. We remain in constructive dialogue with respect
to covenants and maturity of facilities and are confident that
through this ongoing support from our Bank, we will have the
liquidity and headroom to deliver upon our medium-term
strategy.
We are actively managing our net debt position together with
that of our trade and other creditors to ensure that we have as
much flexibility as possible. At this stage, the Group's net debt
at 31 December 2023 is expected to be unchanged from that set out
in the Update, being approximately GBP24.0m.
ENDS
ENQUIRIES:
James Clifton, Chief Executive Officer
G iles Lee , Chief Financial Officer
The MISSION Group plc Via Houston
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
The person responsible for arranging the release of this
announcement on behalf of MISSION is James Clifton.
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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
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END
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