Mission Marketing Group restructure sees Child return as non-exec director
With the announcement of a £4.2m profit before tax until December, Mission Marketing Group has also announced that David Morgan has joined as executive chairman, while Brian Child has returned to his previous role of non-executive director.
Tim Alderson has also resigned as CFO and will be replaced on an interim basis by Peter Fitzwilliam, formerly deputy CFO at Photo-Me International.
The move followed the announcement of a drop in profits of £7.4m and a fall in turnover of 17% to £86.0m from £104.2m.
The group did report that Digital income had risen by 1% and accounted for 17% of its full year operating income.
Mission Marketing Group has also announced that it will look to restructure its balance sheet and will eliminate acquisition liabilities through an equity scheme.
The company has also agreed terms with its lenders to alter its loan facilities.
Iain Ferguson, CEO of Mission Group, who is also set to step down, said: “Despite an overall year-on year reduction in income as experienced throughout the sector, our digital and PR performance and the level of new business wins were most encouraging.”
He added: “A return to pre-downturn profit levels will, however, take time and our focus is now solely on organic growth and on structuring the group most effectively to develop existing businesses, minimise overheads and reduce debt.”
'We are therefore taking a number of initiatives, alongside a second stage in re-structuring the group's balance sheet, to help ensure that the Mission is best positioned to benefit, along with all of its stakeholders, from an economic recovery.”
The Mission Marketing Group is made up of Big Communications, Story, Bray Leino, Fuse Digital, thinkApril-Six, thinkBDW and thinkRLA.