Mission Group PLC (The) Covid-19 and AGM Update (5414N)
21 Maggio 2020 - 8:00AM
UK Regulatory
TIDMTMG
RNS Number : 5414N
Mission Group PLC (The)
21 May 2020
THE MISSION GROUP plc
("MISSION", "THE GROUP")
COVID-19 AND AGM UPDATE
Ahead of its AGM on 15 June 2020, MISSION (AIM: TMG), the
alternative group for ambitious brands, today provides a further
update regarding the impact of the COVID-19 pandemic on its
business.
COVID-19 Update
In unprecedented circumstances, the Group has been quick to
adapt to a fast-changing trading environment.
Whilst the nature of our business means that many of our teams
are already accustomed to working from home, prior investments in
centralising our IT and operations functions have been timely,
ensuring all our colleagues across the UK, Europe, Asia and the US
have easy access to the full breadth of support they need through
this sustained period of home-working. This has resulted in minimum
disruption to our client service and day to day operations.
Whilst the pandemic has inevitably impacted on Client demand as
companies adjust their marketing strategies in these uncertain
times, MISSION's track record of establishing trusted partnerships
with our Clients that deliver real business growth is a core
strength.
Furthermore, our agile culture and focus on innovation means we
are well placed to take advantage of opportunities that may arise
from the crisis. An early example of this is Pathfindr's recent
launch of a new Safe Distancing Assistant, a wearable device which
helps people maintain safe distancing and keep businesses open. For
more information, visit Pathfindr's website and yesterday's Sky
News piece.
Overall, while visibility on how trading will be impacted
remains limited, we are encouraged to see some early signs of
increased activity in certain sectors, including technology,
healthcare and property, as economies start to exit lockdown.
The Group came into the crisis period in strong financial health
and remains well financed. We have taken several decisive actions
to conserve cash in the short term. These include voluntary salary
reductions, including all Board members and senior management, and
the furlough of staff under the Government's Coronavirus Job
Retention Scheme (CJRS). The Board has also reviewed the final
dividend for the last financial year (FY December 2019) due for
payment in July 2020 and has decided that, while the Group
continues to benefit from Government assistance via the CJRS, it
would not be appropriate to recommend its payment at the Group's
forthcoming AGM.
Overall, the Board is encouraged with the Group's response to
COVID-19 and, despite the short-term challenges, feels confident
that MISSION is well placed to benefit once the economic recovery
gains real momentum.
Forthcoming Annual General Meeting
Copies of the Report and Accounts for the year ended 31 December
2019 and Notice of AGM were sent to shareholders on 21 April
2020.
The AGM will be held at 36 Percy Street, London W1T 2DH on 15
June 2020 at 12 noon. The expected format of the AGM this year will
cover formal resolutions only. The Board notes the current advice
from Government which still restricts social gatherings. Providing
this guidance remains in place on the date of the AGM, shareholders
will be prohibited from attending the AGM and the Board requests
that shareholders appoint a proxy and provide voting instructions
in advance of the AGM, in accordance with the instructions set out
in the notes to the Notice of AGM.
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
NOTES TO EDITORS
MISSION is a collective of creative Agencies. Employing 1,150
people in the UK, Europe, Asia and US, the Group combines the
expertise of Integrated and Specialist Agencies to bring
commercially effective solutions to business challenges.
Founded as a cooperative of like-minded entrepreneurs, MISSION
has built an impressive track record. The Group has grown revenue
and profit each year for the last nine years, winning prestigious
and progressively bigger business across its blue-chip Client base
and acquiring new Agencies with fantastic reputations, expanding
its service capability even further.
In addition to the Group's creative Agencies sits Fuse,
MISSION's central innovation hub through which the Group has
successfully trialled and developed a number of emerging
technologies. Many of these have been grown into successful
commercial products that not only bring value to the MISSION family
of Agencies, but which have been successfully able to realise
market value at sale.
www.themission.co.uk
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END
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