Advertising agency firm Mission Group said it has traded in line with lowered expectations outlined late last year, as it steams ahead with its turnaround plan
Back in October, the publicly-listed firm flagged “more challenging” trading conditions and as a result said profits before tax would be over £3m pounds.
It followed a cost-saving plan launched by the business, which included selling its 80 per cent stake in technology platform Pathfindr.
This morning, the board issued an update, saying that revenue was up £6.7m to £86.3m but losses widened by £14m to £10.7m.
Headline profit before tax came in at £4.2m down by £3.7m when compared to the year before.
David Morgan, non-executive chair, said: “The difficulties encountered in 2023 as a result of the challenging trading backdrop have been well recorded. Nevertheless the year has still seen the group continue to grow revenues with strong client retention and strategic new business wins.
“We have made quick progress in executing on our Value Restoration Plan, ensuring we have a platform from which Group profitability will improve in 2024 and remain focussed on continuing to strengthen our balance sheet.
He added: “Trading in the new financial year remains in line with expectations and this further underpins our confidence for the year ahead and beyond.”
“In 2023 we had some great new business wins and two contributory factors to our downturn that I am pleased to report have already been rectified. We sold the Pathfindr business in December 2023 and thereby removed the losses in running costs for the current year. “
“We have also turned around our US Technology Agency that had had a horrendous first six months in 2023 but showed some recovery over the final six months.”