The Mission Marketing Group plc (the missiontm) has today reported targets for growth are indeed on track in its pre-close statement showing the business is in "fighting fit" form.
The pre-close statement, ahead of its interim results announced in September, follows a "stellar performance" by the national marketing communications and advertising group in the last financial year, which saw an increase in turnover of 28% from £90.3m to £116m.
With an end of year reported operating income of £41.5m, the mission's seven Agencies (April-Six, Big Communications, Bray Leino, RLA, Robson Brown, Story and ThinkBDW), experienced a strong year of new business wins and solid Client retention figures.
Group chairman, David Morgan, said of the statement: "Trading for the first half of 2012 shows the mission is in fighting form. In line with management's expectations, billings, revenue and operating profit are all expected to be ahead of the equivalent period last year.
"As predicted in our preliminary announcement at the end of March, the Group's leverage ratio has reduced to below the Board's target in the first half of the year, and the Group's gearing ratio fell from 26% at 31 December 2011 to c20% at 30 June 2012 as a result of strong cash flow which is typically experienced in the first half of the year. As a result of the reduction in net debt, lower interest costs have resulted in a strong year-on-year increase in pre-tax profits."
The Group's success to date has also been as a result of strategic acquisitions and developments throughout the last year which have enhanced the skills, resources and Client base of the existing Agencies.
David Morgan added: "As the Group further reduces its debt levels, the Board anticipates that it will be able to declare a dividend next year and is looking forward to returning to the dividend list. This is a result of significant progress since the Group's refinancing in 2010."