Mission Group saw revenue jump 14% in 2021

UK agency network The Mission Group revealed a significant increase in revenue in its annual results, published today.

The group increased its turnover by more than 14% in 2021 and restored its dividend to shareholders.

The Mission Group has 17 agencies, including Bray Leino, Spark and April Six.

Its turnover rose from £61.5m to £72.5m last year, of which £10.2m was organic, representing organic growth of 14.3%. Operating profit meanwhile increased to £8m from £1.9m the previous year and operating margins increased by 8%, delivering pre-tax profit of £7.5m. of pounds sterling.

Some sectors performed particularly well. ThinkBDW, Mission’s real estate marketing agency, saw revenue increase 34%, while Mongoose (now Spark) saw revenue increase 40%.

In a statement, the group said trading in 2022 had “started well and in line with board expectations.”

Julian Hanson-Smith, Non-Executive Chairman, said: “Mission’s performance in 2021 has demonstrated the resilience, adaptability and strength of the group. We achieved a sustained improvement in revenues and profitability, as well as reinstating the group’s progressive dividend policy.

“The Board is optimistic for 2022, despite the current macroeconomic uncertainty and the implications of rising overhead costs and, in particular, wage inflation. in line with our expectations and we continue to explore opportunities to add additional capabilities in dynamic areas of our markets.”

Strategic mission

Over the past year, Mission has acquired client engagement agency Soul and creative agency Livity.

The group is working to strengthen its creative and customer experience (CX) capabilities. The launch of the Krow subsidiary’s CX practice aims to achieve this goal.

The mission still had staff on leave in 2021, although its support from the UK government was £300,000, up from £3m in 2020. Despite debts of over £10m, the situation of the group’s cash position is “solid”, the company said in its statement.

Mission expects revenue to return to pre-pandemic levels by the third quarter of 2022. This is below estimates from most holding companies and its biggest rivals, but may reflect caution given rising inflation and the economic impact of the war in Ukraine.

Managing Director James Clifton said: “The vast majority of our agencies in the advertising and digital segment saw year-over-year growth during 2021. However, it has also been particularly gratifying to see the strong performance of our agencies exposed to sectors that have been hardest hit by the pandemic.

“Trading in 2022 has started well and is in line with our expectations, although we note that, although we have no operations in the region, the war in Ukraine is heartbreaking and creates a level of economic uncertainty that is difficult to predict. We remain at the forefront of opportunities in our markets and since the end of the year we have been delighted to confirm the acquisition of Livity, the youth-focused creative consultancy.

“We are confident that Mission is well positioned for future growth and will continue to progress against its strategy in the coming year and beyond.”

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