Mission almost breaks even after eliminating acquisition debts
The Mission Marketing Group has reported a small loss of £111,000 for the half year to 30 June after an extensive restructuring of its board and balance sheet (see Mission successfully completes financial restructure).
The AIM listed company’s trading performance was not as good as in the corresponding period of 2009 despite broadly similar turnover. Its operating profit margin fell from 12.8% to 5.6% after incurring exceptional restructuring costs of £833,000.
The balance sheet showed a much improved short-term position, with readily realisable assets exceeding short-term liabilities by £2.9 million after vendors of various subsidiary companies agreed to accept shares in the group in lieu of future cash payments totalling £6 million. However, the group still owed almost £16 million at 30 June, although much of this is not due for repayment for at least two years.
Interim finance manager Peter Fitzwilliam has now been formally appointed finance director and non-executive director Nick Bacon has retired from the board.
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