Mission Group PLC (The) DISPOSAL UPDATE - PATHFINDR (7213Y)
05 Gennaio 2024 - 8:00AM
UK Regulatory
TIDMTMG
RNS Number : 7213Y
Mission Group PLC (The)
05 January 2024
5 January 2024
THE MISSION GROUP plc
("MISSION", "the Group")
DISPOSAL UPDATE - PATHFINDR
MISSION Group plc (AIM: TMG), creator of Work That Counts (TM) ,
comprising a group of digital marketing and communications
Agencies, wishes to provide an update on one of its non-core
disposals.
Further to the announcement on 20 December 2023, and in line
with the Group's strategy, MISSION has now completed the disposal
of the Group's 80 per cent stake in one of its non-core businesses,
Pathfindr Limited ("Pathfindr") to Bandwidth Investments Limited,
for an initial cash consideration of GBP1 million, along with an
earn-out based on future earnings across the next three years
payable in cash. The initial consideration will be used to reduce
the Group's net debt position. Pathfindr has forecast losses before
tax for 2023 of approximately GBP1.3 million. For the financial
year ended 31 December 2022, Pathfindr reported revenues of
GBP0.4m, an operating loss before tax (before exceptional costs) of
GBP0.1m and an operating loss before tax, and after exceptional
costs, of GBP3.0m. Net liabilities at 31 December 2022 were
GBP2.9m.
ENQUIRIES
James Clifton, Chief Executive Officer
G iles Lee , Chief Financial Officer Via Houston
The MISSION Group plc
S imon Bridges/Andrew Potts/Harry Rees
Canaccord Genuity Limited (Nominated Adviser
and Broker) 020 7523 8000
Kate Hoare / Alexander Clelland / India Spencer
HOUSTON (Financial PR and Investor Relations) 0204 529 0549
NOTES TO EDITORS
MISSION is a collective of digital marketing and communications
Agencies employing over 1,000 people across 29 locations and 3
continents. The Group successfully combines its diverse expertise
to produce Work That Counts TM for Clients, whatever their
ambitions. Creating real standout, sharing real innovation and
delivering real
growth for some of the world's biggest brands. www.themission.co.uk
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