Covid-19 and AGM Update
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.
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THE MISSION GROUP PLC James Clifton, Chief Executive Peter Fitzwilliam, Chief Financial Officer |
Tel: 020 7462 1415 |
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SHORE CAPITAL (Nomad and Broker) Mark Percy / James Thomas / Sarah Mather |
Tel: 020 7408 4090
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HOUSTON (Financial PR and Investor Relations) Kate Hoare / Laura Stewart |
Tel: 0203 760 7668 |
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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