17th Jul 2008 07:00
The Mission Marketing Group plc
Mission pre close update
17 July 2008
The Mission Marketing Group plc ('themission®`, AIM: TMMG), the national marketing communications and advertising group, today issued the following pre-close update for the six months to 30 June 2008, prior to entering its close period ahead of the interim results announcement on 23 September 2008.
During the first half themission continued to trade in line with the Board's expectations. The full year benefits of the four significant acquisitions made during 2007 are coming through as expected. These acquisitions have brought greater diversity to the business, further broadening the industry sectors in which themission offers specialist expertise and strengthening its position in higher growth digital and on-line communications. Within the enlarged Group, our ability to offer more services to more clients in more locations has led to significant new business wins including Hastings, AXA, WIRSPA, Fexco, Domino's Pizza and Millgate and our agencies have collaborated together to win new assignments from existing clients such as Symantec and Volkswagen.
The Board has historically accounted for up to the maximum future liabilities relating to acquisitions on the balance sheet. It currently anticipates that such liabilities, and related goodwill, will be materially reduced; in part through scheduled payments and in part through a revised estimate of the remaining liabilities over time.
Based on current trading conditions, the outlook for the full year is in line with the market's expectations. Costs are being carefully managed and cashflow is strong. This allows the Group to benefit in two ways; from a reduced rate of interest during the second half and, by offsetting its significant cash balance against the revolving credit facility, from a reduced overall interest charge.
Iain Ferguson, Chief Executive Officer, commented "Against a backdrop of economic uncertainly, the first half performance has been very good. I am particularly pleased to see the benefits of the acquisitions coming through and our group agencies working together to win business in a way that would not have been possible a year ago.
The current environment is creating uncertainty for clients in all sectors and as a result we will continue to monitor our operations closely whilst remaining focused on delivering the benefits from last year's acquisitions and organic growth. Based on our performance in the first half we remain confident of our ability to outperform in our markets again in 2008."
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Iain Ferguson, Chief Executive The Mission Marketing Group plc |
020 7395 7575 |
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Tim Alderson, Chief Financial Officer The Mission Marketing Group plc |
020 7395 7572 |
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Charles Palmer/Nicola Biles Financial Dynamics |
020 7831 3113 |
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Mark Percy/Sarah Jacobs |
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Seymour Pierce Limited |
020 7107 8000 |
www.themission.co.uk
themission® is a national marketing communications and advertising group with 13 offices across the UK. The Group specialises in providing national and international clients with award winning marketing, advertising and business communications. Group members include April-Six, Bray Leino, Big Communications, Fuse Digital, thinkBDW, Story UK and RLA. themission® employs over 600 staff nationally and is listed on AIM (TMMG).
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