Mission Marketing sales go down but profits rise

25th Sep 2014 14:34

teerngasThe marketing communications and advertising Mission Marketing Group saw a 7% decrease in its sales during the first half of the year.Turnover decreased to £62.8m compared to £67.6m during the same period last year.However, its profits rose significantly during the first six months of the year to £2.2m compared to 0.69m in the previous year.The company gained several new clients during the period, including Sainsbury, Samsung and Fiat.Earnings per share also increased during the period to 224p from 0.07p, while cash and equivalents rose to £2m from £0.56m.Chairman David Morgan said: "With results for the first half going largely to plan we have moved into a programme of development whereby we have invested in people, new facilities and systems that have beefed up our agencies."Our second half weighting creates challenges ahead but, as we stand, we are confident that our business remains on track to deliver against our year-end expectations," he continued.FinnCap analyst Mark Paddon said: "The group has reported interim results in line with expectations, good progress with its two new overseas offices, several significant client wins, a growing pipeline of acquisition opportunities and a current trading profile in line with full-year forecasts."The group's shares were down 10.20% to 44p on Thursday at 13:48.