Business
AGM TRADING STATEMENT
AGM TRADING STATEMENT.
About this update from Mission Group Public Limited Company
[{"type":"text","content":"\n\nTHE MISSION GROUP plc\n(\"MISSION\", \"the Group\")\n \nAGM TRADING STATEMENT\n \n \n17 June 2024\n \nAhead of its Annual General Meeting to be held today, the Board of MISSION (AIM: TMG), is pleased to provide the following trading update for the period 3 April 2024 to 17 June 2024 (\"the Period\").\nTRADING\nTrading in the Period has continued in line with the Board's expectations. The Group is pleased to report further new business wins underpinned by the investments made in previous years to enhance MISSION's service offering and capabilities. New Client mandates signed during the Period have included Okta, Popeyes, FatFace, GoHenry, Mastercard, BNP Paribas, England Cricket Board, Guinness Homes, Fonterra and McCarthy Stone.\nVALUE RESTORATION PLAN (\"VRP\")\nThe Group has delivered good progress against the Value Restoration Plan announced on 17 January 2024, with the vast majority of the £5.0m of annualised projected profit improvements already secured for the year. The initial phase of this involved significant one-off headcount reductions completed late in 2023, equating to c£2m of annualised costs savings. The second phase of this involves £3m from a combination of cost savings and profit improvements through efficiency gains. Most of the cost savings have been implemented, the operating efficiency improvements are tracking to expectations and are expected to be fully delivered by the end of 2024. \nAs previously announced, the Group continues to progress discussions regarding options to deleverage the Group's balance sheet, alongside the successful refinancing of the existing debt facility with long-standing lender NatWest, announced on 28 March 2024. A further update will be provided when appropriate.\nWe intend to release our half year trading update for the six months to 30 June 2024 by the end of July 2024.\nDavid Morgan, MISSION's Non-Executive Chair, commented: \"I am pleased to report progress on our stated commitments to focus on debt reduction, rebuilding the balance sheet and delivering on our strategy for 2024 and 2025, to deliver value for our shareholders and other stakeholders.\n \nA series of great new business wins, some of which open up fresh strategic opportunities for the Group, are testament to the entrepreneurial spirt of our Agencies and...