With a robust business model, a strong track record and a far-reaching programme of growth, there are many good reasons to invest in MISSION. From the way our Agencies foster lasting relationships with their Clients; to the development of owned marketable technology and acquisitions that add new skills and offerings; we are an Agency Group committed to building a better, more prosperous future.
Our key operational priorities can be simply stated:
Collaboration to strengthen and grow Client relationships
Innovation to extend and differentiate our capabilities
Streamlining to optimise and improve processes
We have a strong track record in delivering profitable growth. Whilst our performance in 2020 has inevitably been impacted by the COVID-19 pandemic, our model has proved to be resilient and we expect to return to pre-pandemic PBT levels during FY21.
Creative and innovative
In challenging trading conditions our creative and innovative culture has seen us move quickly to address our Clients’ rapidly evolving needs. Our Blue-chip, global Client base helps underpin the quality of our earnings. The diversity of our Client portfolio ensures we remain at the forefront of activity in more resilient markets.
Significant growth opportunities
We see significant opportunity for the Group to expand our service capabilities and geographic reach.
We have proven our ability to successfully integrate earnings accretive acquisitions, with 10 businesses acquired and successfully integrated in the past 8 years.
Strategic brand growth
We are making good progress against our strategic plans to optimise the MISSION central brand, supporting further margin growth with significant opportunity for cross-Group collaboration
Strong record of
We have a strong track record in cash conversion, with an 84% average conversion ratio over the past 3 years.
Headroom to fund
We have a strong balance sheet with Net Debt: EBITDA at our half year at x0.1 and appropriate headroom to fund our strategic plans.
Our long-standing progressive dividend policy has been temporarily paused in light of the current market uncertainty. We have made clear our intention to resume this policy as soon as it is appropriate to do so.
We aim to reward shareholders both through capital growth and dividends. We will grow first and foremost by organic growth but we will add services, expertise and talent where we find it complementary to our objectives and financially affordable.
1. New business activity in each Agency
2. Client-focussed cross-selling and collaboration between Agencies
We have an investment strategy targeting growth and margin-improvement opportunities. In assessing how best to deploy the Group's capital we:
When considering what form our investment should take, we consider the full range of options:
Although primarily operating in the UK, we will continue to develop our international footprint in response to Client demand and where we see strong opportunities to leverage our well-established UK strengths elsewhere in the world.
Acquisitions must be earnings-enhancing. We aim, wherever possible, to spread payment over three years. All consideration beyond the initial amount is based on post-acquisition profits.
Start-up businesses may require more time to become established but will have a smaller investment cost/lower risk profile. We will maintain a balance of equity and debt financing to give shareholders the advantages of financial leverage but without placing the business at financial risk.