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 platforms and acquisitions that add new skills and offerings; we are an Agency Group committed to building a better, more prosperous future.
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Collaboration to strengthen and grow Client relationships -
Innovation to extend and differentiate our capabilities -
Streamlining and sharing to optimise and improve processes
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Consistently delivering profits
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 deliver sustained profit and margin growth, targeting 10% profit growth each year and aiming for operating margins of 14% or more -
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 16 businesses acquired and successfully integrated in the past 10 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 and use of shared platforms and technologies. -
Strong record of cash conversion
We have a strong track record in cash conversion, consistently delivery operating cashflows in excess of headline operating profits over the past 5 years. -
Headroom to fund our plans
We have a good balance sheet with Net Debt: EBITDA at our full year at x1.2 and appropriate headroom to fund our strategic plans. -
Progressive dividend policy
We have a long-standing policy to provide progressive dividend growth in line with earnings and, with the exception of 2020 when no dividend was paid, have demonstrated 10 years of dividend growth.
Growth
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.
Organic growth is achieved from:
1. New business activity in each Agency
2. Client-focussed cross-selling and collaboration between Agencies
3. Centrally provided services and platforms enabling increasingly effective product delivery
We have an investment strategy targeting growth and margin-improvement opportunities. In assessing how best to deploy the Group’s capital we:
• Support existing management who have clearly demonstrated an ability to grow and to achieve sustainable high profits and margins
• Target new high-growth market sectors and service or technology opportunities which meet strict return on investment criteria
• Target profitable businesses that are core to our current activities and whose growth can be accelerated beyond their current trajectory through membership of the Group
When considering what form our investment should take, we consider the full range of options:
• New talent hired in
• New technologies developed
• New offices/new territories
• Start-up ventures and joint ventures
• Acquisitions
• Entrepreneurial opportunities
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.
