Interim results for the six months to 30 June 2007
Continued strong organic growth and successful integration of acquisitions means benefits of buy and build strategy are coming through Organic profit growth of 19% is 4 times adspend forecast*
25th September 2007
The Mission Marketing Group plc ("TMMG, themission®"), the national marketing communications and advertising group, today announces interim results for the six months ended 30 June 2007.
As we have added in the period under review two new companies to themission, we have used proforma figures allowing direct year-on-year comparison with the comparable interim period for 2006.
Highlights
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Turnover: £39.7m, proforma £45.9m(2006: £13.0m, proforma £42.3m) up 9%
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Operating profit: £4.0m, proforma £4.7m (2006: £1.0m, proforma £4.1m) up 15%
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Profit before tax: £3.0m, proforma £3.8m (2006: £0.7m, proforma £3.2m) up 19%
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Diluted EPS: 7.73 pence, proforma 9.27 pence (2006: 1.92 pence, proforma 7.65 pence ) up 21%
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First interim dividend of 0.36 pence per share declared - reflects confidence in the prospects for the Group
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Cash flow from operating activities of £3.1m and cash balance of £8.0m (2006: £3.0m cash net of loan notes)
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Organic growth driven by leveraging additional services across the Group's existing clients, a good new business performance and continued expansion of digital capabilities
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Acquisition strategy being actively implemented through the acquisitions of April-Six and BDW in March 2007 - both companies successfully integrated and synergy benefits coming through as planned
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Strong start to the second half with current trading in line with the Board's expectations
Commenting on the results Iain Ferguson, CEO, said:
"themission® has reported a good financial performance in the first half. We have delivered above industry organic growth by successfully implementing our stated strategy of combining good organic growth with selective acquisitions. The acquisitions of April Six and BDW have extended our geographical reach, brought new services to the Group and moved us into new markets.
The second half has started well with trading in line with our expectations. The acquired businesses have already been successfully integrated and the benefits are coming through as planned. This, coupled with the continued growth in digital and new business wins, makes us confident of delivering a good financial performance in 2007."
* Source: Carat Adspend forecast anticipates 4.1% growth in 2007 in the UK
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