The Mission Marketing Group claims reduction in net debt during first half of 2012
National marketing communications company The Mission Marketing Group has described the first half of 2012 as being ‘in-line’ with expectations, claiming that billings, revenue and operating profit are ahead of last year.
In a pre-close trading update, the company has claimed that it has reduced its net debt to equity, falling from 26 per cent at the end of last year to 20 per cent by the end of June this year, as a result of ‘strong cash flow’. This has results in a strong year-on-year increase in pre-tax profits, the statement added.
However, the statement also added that it expects conditions within the marketing communications sector to ‘remain difficult’ during the second half of 2012.
“As the Group further reduces its debt levels, the Board anticipates that it will be able to declare a dividend next year. The Board looks forward to returning to the dividend list and this is a result of significant progress since the Group's refinancing in 2010,” the statement concluded.