Advertising agency Mission Group posted first half results in line with expectations as it gears up to open a new office in Saudi Arabia to muscle in on the region.
The London-listed company reported revenue edged up two per cent to £42.2m in the six months to 30 June.
Excluding the results of the group’s 80 per cent stake in Pathfindr, which was sold in December 2023, operating profit rose four peer cent to £2.6m, while pre-tax profit fell 19 per cent to £1.3m.
David Morgan, Mission’s non-executive chair, said: “Despite an unpredictable trading environment in the first half of the year, the Group has remained firmly focused on the delivery of profit targets, deleveraging and strengthening the balance sheet.
“The creativity of our agencies demonstrates our commitment to delivering work that underpins real business growth and in July we were pleased to update the market, reporting positive ongoing momentum across the group as we entered the second half of the year.
“These latest strategic new client wins announced today reflect the growing strength of Mission’s capabilities and underpin our confidence in the long-term outlook,” he added.
The agency, which specialises in sports and entertainment, has recently won major clients such as Mastercard and England Cricket Board.
It has also announced a new office in Saudi Arabia to support new clients.
Mission expects the majority of its profit to be generated in the second half of the year and remains “cautiously optimistic” it can deliver on full year revenue and operating profit expectations.
In June, Mission Group rebuffed two takeover bids by rival digital marketing agency Brave Bison, owned by Steven Bartlett founded Social Chain, that valued the firm at £32.3m.