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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March 27, 2020 22:09 ET (02:09 GMT)

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