PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2007
Rapid group development combined with strong organic growth delivers market beating performance
17th April 2008
The Mission Marketing Group plc ("TMMG, themission®"), the UK marketing communications group, today announces its preliminary results for the year ended 31 December 2007.
The highlights below show the results for the period with comparable results for the previous year. Proforma numbers assume all the existing Group companies have been owned since 1 January 2006.
Operating income up 120% to £33.0m (2006: £15.1m)
Operating profit up 195% to £7.4m (2006: £2.5m)
Operating margin increased from 16.8% to 22.5%
Proforma turnover up 10% to £103.7m (2006: £94.6m)
Proforma operating income up 14% to £42.3m (2006: £37.1m)
Proforma operating profit up 15% to £11.0m (2006: £9.6m)
Proforma profit before tax up 19% to £9.0m (2006: £7.5m)
Diluted EPS up 173% to 13.44 pence (2006: 4.92 pence)
Diluted EPS excluding IFRS interest up 162% to 17.82 pence (2006: 6.79 pence)
Final dividend of 0.74 pence per share proposed, full year up 10% to 1.1 pence (2006:1.0 pence)
Net cash of £8.9m (2006: £5.2m) with strong operating cash flow and cash conversion
Digital revenue trebled (proforma 61%) and made up 14% of full year operating income
New on-line and off-line clients include West Indies Rum and Spirit Producers Association, AEGON, Domino's Pizza, Sharwoods, Grant Thornton, Sugar Puffs and St Austell Tribute Ale
Acquisition strategy actively implemented: four major acquisitions made during the year. Integration benefits coming through as planned
The current year has started well and the Board remains confident of the prospects for the year.
Iain Ferguson, CEO of themission® said:
"Record operating profit growth of 195% has made 2007 another good year for the Group. themission®'s dramatic growth in the last two years has seen it become one of the largest networks in the UK and continue to deliver market beating performance. The Group's strong proforma growth demonstrates that all of our agencies are performing well. In addition, network development is enhancing our service offer and has attracted significant new clients. The rapid assimilation of our high-quality acquisitions continues to create opportunities to deliver new and improved services to clients and to leverage the collective strength of themission®'s expanding portfolio of capabilities.
"The current year has started well with all of the acquisitions already successfully integrated. The benefits are beginning to come through as planned and significant growth compared with 2007 will be delivered through the full year effect of the acquisitions and continued organic growth. While we continue to monitor the volatile economic environment, trading is good and we are confident that the enlarged Group is well positioned to continue to outperform the markets in which we operate and that 2008 will be another successful year for themission."
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