Mission Group PLC (The) COVID-19 UPDATE (9435H)
28 Marzo 2020 - 03:09AM
UK Regulatory
TIDMTMG
RNS Number : 9435H
Mission Group PLC (The)
27 March 2020
THE MISSION GROUP plc
("MISSION", "THE GROUP")
COVID-19 UPDATE
MISSION (AIM:TMG), the alternative Group for ambitious brands,
today provides an update regarding the impact of the COVID-19
outbreak on its business.
2020 began well for MISSION and whilst we have been delighted
with the early progress we have made against our plans, the
Covid-19 pandemic has resulted in an unprecedented global trading
environment to which few businesses are immune.
The health and well-being of our teams is our priority and we
have taken decisive steps to protect them, in-line with the
Government guidance. The majority of our staff are used to working
remotely therefore causing minimum disruption for our Client
service and day to day operations.
In the short-term, the Board recognises that the developing
impact of COVID-19 on global economies will result in some
inevitable disruption to Client demand as companies look to reduce
costs in these unprecedented times.
Given the fast-evolving circumstances it is impossible to
predict the impact on the Group's performance in the current
financial year ended 31 December 2020. It is however clear that the
impact will be material and as such the Group is not providing
guidance at the current time.
The Group is well financed, having recently increased our
committed banking facilities to GBP20m and we have taken several
measures to conserve cash in the short-term. These include careful
management of central costs and the reduction of capital
expenditure. Additionally, the Board has placed the final dividend
for the last financial year (FY December 2019) due for payment in
July 2020 under review. All Board members have also voluntarily
reduced their salaries for the current financial year. The Group is
also reviewing the latest guidance from the UK Government regarding
its support for UK businesses through the current crisis and the
Group anticipates that its cash flows will benefit from some of
these measures.
Whilst the impact of Covid-19 on the global economy is
unprecedented, MISSION has a strong balance sheet and a resilient
business model servicing a broad range of Clients operating across
numerous sectors and geographies. As such, the Board is confident
that MISSION is well placed to continue to serve our Clients' needs
and benefit from future opportunities when normal conditions
return.
The Group will announce its Annual Results for the year ended 31
December 2019 on 1 April 2020 as previously confirmed and there
remains no change to the guidance previously given for these
results.
THE MISSION GROUP PLC Tel: 020 7462 1415
James Clifton, Chief Executive
Peter Fitzwilliam, Chief Financial
Officer
SHORE CAPITAL (Nomad and Broker) Tel: 020 7408 4090
Mark Percy / James Thomas/ Sarah
Mather
HOUSTON (Financial PR and Investor Tel: 0203 760 7668
Relations)
Kate Hoare / Laura Stewart
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END
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