25th Sep 2014 09:02
LONDON (Alliance News) - The Mission Marketing Group PLC Thursday expressed confidence in meeting its full-year expectations, with a strong second-half weighting, as it posted a rise in pretax profit in the half-year to the end of June.
The marketing communications and advertising company maintained its interim dividend at 0.25 pence.
Mission Marketing posted a pretax profit of GBP2.2 million, up from GBP69,000, despite seeing revenue drop to GBP62.8 million from GBP67.6 million, as it saw lower cost of sales, and restructuring costs in the previous year did not recur. In 2013 the company posted costs relating to the restructuring of its Bray Leino business in London.
Revenue was down due to lower levels of media buying activity, Mission Marketing said, with a heavier bias to the second-half than usual due to the timing of specific campaigns.
New client wins during the period included Fiat SpA, Rolls Royce Holdings PLC and Samsung Group.
Profit margins in the half-year were maintained at 8%, the company said, as improved margins in its PR and Branding, Advertising and Digital activities offset lower revenues from Media.
Mission Marketing said its pipeline of acquisition opportunities is "fuller than it has been for many years." The company said it is continuing to seek suitable acquisitions.
"As in previous years, our second half weighting creates challenges ahead but, as we stand, we are confident that our business remains on track to deliver against our year-end expectations," said Chairman David Morgan in a statement. "We look forward with optimism as we continue on our exciting journey.
Shares in Mission Marketing were trading 5.7% lower at 46.20 pence per share Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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