- Wednesday, October 16, 2024
Mission Group, a U.K. marketing company, has announced that it is cancelling its planned interim dividend and expects to miss full-year market forecasts. Despite meeting the board's expectations in the first half of the year, recent challenging trading conditions have led to significant losses and reduced spending by clients.
The company now anticipates that its full-year adjusted pretax profit will not exceed £3.1 million, compared to market expectations of £7.9 million. Similarly, earnings before interest, taxes, depreciation and amortization are expected to be no more than £9.0 million.
In light of these circumstances, Mission Group has made the decision to cancel the interim dividend of 0.87 pence per share that was scheduled to be paid on December 1. A final dividend will be reviewed based on trading conditions and the company's cash position at that time.
Mission Group expressed disappointment regarding the recent adverse change in current trading and the outlook for the remainder of FY 2023. However, it believes that its strategic approach, combined with cost reductions, will position the group well as markets improve.
As of October 20, the company's net debt stood at approximately £25.5 million, compared to £14.9 million on June 30.
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