COVID-19 UPDATE
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 £20m 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.
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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 |
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