27th Mar 2020 18:42
(Alliance News) - Mission Group PLC on Friday said it expects its performance for 2020 to be hurt by the Covid-19 outbreak, as it announced a dividend payout review.
The advertising agency - formerly known as Mission Marketing Group PLC - said it expects disruption arising from the outbreak to hurt client demand as companies look to reduce costs.
"Given the fast-evolving circumstances it is impossible to predict the impact on the Group's performance in the current financial year ended December 31, 2020. It is however clear that the impact will be material and as such the group is not providing guidance at the current time."
Misson Group said it is well-financed as it has recently increased its banking facilities to GBP20 million. It added that it has implemented cash-conserving measures such as reviewing the final dividend for 2019 as well as reducing board member salaries for 2020.
The stock closed 3.0% lower at 49.00 pence each on Friday in London.
By Ife Taiwo; [email protected]
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