The Mission Marketing Group plc (AIM:TMMG) delivering the numbers and seemingly modestly valued
The modestly rated marketing communications and advertising group, which paid the price for some over ambitious expansion plans several years ago, delivered encouraging interim results for the six months ended 30 June 2015. The Director profiles on the Group’s web site are worth a read – other public companies should follow their lead!
The Group has seen it shares stage a good recovery following the dark days of 2010. For the 6 months to June, operating income was up 12% to £29.5m and the now well used term ‘headline’ operating profit up 15% to £2.4m. Reported operating profit was actually £0.5m lower at £2m due to some exceptional items, notably restructuring costs. Net bank debt was reduced by £1.5m in the six months to £7.9m. Although this equates to modest gearing of only 11% the Group’s asset base is primarily Goodwill from acquisition so net gearing is not a great metric. At 30…