Mission Marketing 'frabjously optimistic' as profits and revenues rise

Advertising agency Mission Marketing saw its share price jump on Wednesday after the firm reported increases to profits and revenues in the wake of its acquisition of Krow Communications.

For the six-month period ended 30 June, the firm’s revenue increased by 10% to £37m, with Krow contributing £1.6m, while Mission’s profit before tax jumped by 23% to £3.5m, leading the outfit to hike its interim dividend by 27% to 0.70p per share.

Krow, acquired for £8.3m in April, is a London-based agency with clients such as DFS, Ferrero, Fiat and RNLI, and will be used by Mission Marketing to assist with its integrated agencies business unit.

Elsewhere, the three start-ups launched by Mission within the last three years have all now moved into profit and the company has strengthened its foothold in China after expanding its April Six Technology Agency to Beijing in May.

The AIM traded company had cash and cash equivalents of £6.1m at 30 June, up from £5.1m at the same point last year.

Chairman David Morgan said it was a strong start to the year and that Krow was "trading well".

"We continue to identify opportunities to make efficiency improvements from our shared services initiative and are confident that not only will we deliver against 2018 forecasts but remain frabjously optimistic about our long-term prospects," he said.

Mission Marketing’s shares were up 10.80% at 55.40p at 1628 BST.