The Mission Group profits fall, despite 19% revenue rise

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UK-listed marketing firm The Mission Group report a 19% rise in revenue for 2022 to £182.7m, although operating profit fell to just £1.6m compared with £7.3m for the previous year.

The mission Group results

The creator of Work That Counts, comprising a group of digital marketing and communications agencies, said the fall in profit was due to a series of one-off charges regarding its Asian operations.

“Operating profit of £1.6m was significantly down (2021: £7.3m), reflecting a series of one-off adjustments relating to the strategic review of non-core operations, including the Group’s Asian operations and Industrial IoT solutions business Pathfindr”, Mission wrote in its full year results statement.

On its outlook, Mission Group said that trading in 2023 had started well and was in line with the Board’s expectations.

“(The) Group continues to monitor and capture market opportunities – post-year end acquisition of Mezzo Labs, a global data science and digital analytics consultancy and launch of Turbine, an integrated Growth Media agency specialising in earned, owned and paid media for consumer brands”, it wrote.

Julian Hanson-Smith, Mission’s Non-Executive Chair, said: “Mission’s continued growth in 2022 highlights the resilience and strength of the Group across all of its agencies, and our ability to deliver value for clients in a time of economic uncertainty.

“This reflects Mission’s strategic growth plan and progress to drive improved performance. Trading in the year-to-date is in line with our expectations.

“The investments we have made as part of our plan mean Mission is well positioned for growth in 2023 and beyond.”

Mission’s shares were trading 2.8% higher at 54p in London on Tuesday morning.