The Mission Marketing Group announce pre-tax profits of £1.7m
The Mission Marketing Group has today announced its half year figures, showing pre-tax profit of £1.7m, down from £2.1m in 2012.
The interim dividend follows further net debt reduction to £8.8m (down from £12.3m in 2012) and the acquisition of Balloon Dog and Addiction.
“The first half profit is more or less where we expected but was negatively impacted by the losses incurred following the significant scaling back of activity on the Aviva account at Bray Leino and poor performance within the Addiction Agency which required a major management restructure,” David Morgan, group chairman for The Mission, said.
He added: “We will continue to pursue our growth strategy and are also looking to invest this autumn in San Francisco and Singapore.
“With the difficulties of Addiction and Aviva now behind us, profitability is much improved and tracking in line with last year, no mean feat given the volatility in the market. We anticipate a strong second half and expect a similar result to that achieved last year.”
The half year results revealed that net finance costs have been reduced by over 40 per cent to £0.4m (2012: £0.6m).
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