The Mission Marketing Group plc (AIM: TMMG), the technology-embraced marketing communications and advertising group, is pleased to announce its audited results for the year ended 31 December 2017.
Summary
- Revenue up 6% to £70.0m (2016: £65.9m):
– c20% from Clients of 20+ years standing
– c60% from Clients of 5+ years standing - Headline trading profit (operating profit before central costs) up 8% to £10.0m (2016: £9.3m)
- Headline operating profit up 9% to £8.2m (2016: £7.6m)
- Headline profit before tax up 10% to £7.7m (2016: £7.0m)
- Headline diluted EPS up by 11% to 7.12 pence (2016: 6.41 pence)
- Strong cash management in period:
– Free cash flow up 70% to £9.1m (2016: £5.3m)
– Bank debt reduced by £4.1m; total debt (including contingent acquisition liabilities) reduced by £1.5m
– Bank debt leverage ratio reduced to x0.8 (2016: x1.3) - Full year dividend up by 13% to 1.7p (2016: 1.5p)
- 2018 started well and is expected to be a year of strong growth
David Morgan, Chairman, commented: “2017 was another year of strong progress, with all financial KPIs again met. In addition, we expanded our capabilities through the acquisition of RJW, launched our fuse technology offering and started the process of centralising a number of back-office functions.
Trading in the first quarter of 2018 was ahead of last year and current indications are that prospects for organic growth are good despite the backdrop of economic uncertainty. Added to that, we will benefit from the contribution of newly-acquired Krow Communications, announced today, and we also expect to see an improvement in margins as our various initiatives kick in. All in all, we expect 2018 to be a year of strong growth.”