1st Apr 2020 10:04
(Alliance News) - Advertising firm Mission Group PLC on Wednesday reported a full-year earnings rise but kept its decision on a final payout on hold as it looks to save cash due to Covid-19.
In 2019, revenue rose 4.4% to GBP81.0 million from GBP77.6 million, and pretax profit was up 7.8% to GBP8.3 million from GBP7.7 million.
The company said it notched its ninth successive year of growth in 2019, despite market conditions being "challenging".
Chair David Morgan said: "Given the well documented UK and sector challenges in 2019, I can only congratulate the people who run and work in our agencies on a remarkable performance that delivered on forecast revenue and profit growth, thereby maintaining the upward progression that has been the hallmark of the rebirth of our group for the last ten years."
Mission planned to pay a 1.53 pence final dividend for the year, which would have taken its total payout to 2.3p, a 10% rise from the year prior.
The company said the decision to make the payout "remains on hold, as part of measures to conserve cash in current unprecedented trading conditions as a result of the outbreak of Covid-19".
Mission added: "2020 began well for Mission and whilst we have been delighted with the early progress we have made against our plans, the Covid-19 pandemic has resulted in an unprecedented global trading environment to which few businesses are immune."
Mission shares were trading 1.8% lower at 56.00p each in London on Wednesday morning.
By Eric Cunha; [email protected]
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