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TIDMTMMG
RNS Number : 2267P
The Mission Marketing Group PLC
30 September 2011
The Mission Marketing Group plc
30 September 2011
Interim results for the six months to 30 June 2011
The Mission Marketing Group plc ("TMMG" or "the mission(tm) "), the national marketing communications and advertising group, sets out its interim results for the six months ended 30 June 2011.
Trading
-- Good new business wins in the period, including Pitney Bowes, Cisco, Barratt Homes, Norwegian Seafood, Highland Spring, Kier Homes, Ferodo, Peugeot, JCB and Tuborg
-- Strong growth from existing Clients, including BP, Bellway, Scania, Domino's Pizza
-- Net annualised new business of GBP3.6m operating income won so far
Income Statement
-- Results in line with the Board's expectations
-- Operating income (Revenue) up 14% to GBP19.8m (2010: GBP17.4m)
-- Operating margins improved to 13% (2010:10%)
-- Headline operating profit up 42% to GBP2.7m (2010: GBP1.9m)
-- Net finance costs reduced by 20% to GBP0.9m (2010: GBP1.1m)
-- Headline profit before tax up 132% to GBP1.8m (2010: GBP0.8m)
-- Reported profit before tax: GBP1.7m (2010: loss of GBP0.2m)
-- Headline Diluted EPS: 1.70 pence (2010: 1.27 pence)
-- Full year again expected to have a second-half bias
Balance sheet and cash flow
-- Cash inflow from operating activities of GBP5.4m (2010: GBP4.2m)
-- Bank debt repayments of GBP2.5m, including GBP1.5m of voluntary prepayment
-- Net bank debt reduced by GBP4.7m in the six months to GBP13.8m
-- Gearing reduced from 34% at 31 December 2010 to 25%
-- Debt leverage ratio reduced from x3.3 at 31 December 2010 to x2.2 at 30 June 2011
Commenting on the interim results, David Morgan, Chairman, said: "Last year, we set clear goals for the future. Our 2010 results illustrated good initial progress against each of these goals. The results for the first six months of 2011, with strong increases in revenue and profits, and a reduction in net debt, demonstrate our continued progress."
"Our Agencies continue to perform well in a difficult market, and we are actively seeking new ventures, additional talent and strategic acquisitions to accelerate our growth in the coming years. Whilst there is much still to do, I view the outlook with cautious optimism."
Enquiries:
David Morgan, Executive Chairman
Peter Fitzwilliam, Finance Director
The Mission Marketing Group plc 020 7758 3525
Mark Percy (Corporate Finance)
David Banks (Corporate Broking)
Seymour Pierce Limited 020 7107 8000
the mission(tm) is a national marketing communications and advertising group with 14 offices across the UK. The Group specialises in providing national and international clients with award winning marketing, advertising and business communications. Group members include April-Six, Big Communications, Bray Leino, Fuse Digital, RLA, Robson Brown, Story and ThinkBDW.
www.themission.co.uk
The Mission Marketing Group plc
Interim results for the six months to 30 June 2011
Chairman's Statement
The Group has had a good start to the year, with strong increases in turnover, operating income and profits over the same period last year.
Last year, we set clear goals for the future:
-- to focus on our core business;
-- to provide even greater value to our Clients;
-- to improve our profitability through growth and cost reductions;
-- to pay down debt; and
-- to encourage an atmosphere that drives success.
Our 2010 results illustrated good initial progress against each of these goals. The results for the first six months of 2011 demonstrate our continued progress:
-- Increased revenue, from winning new Clients and developing existing Clients;
-- Increased operating profits, from revenue growth and a reduction in central costs;
-- Reduced net debt, gearing ratio and debt leverage, from a focus on cash management.
Whilst the markets we operate in get no easier, our Agencies have performed remarkably well and we are seeing significant benefits from our onemission(tm) collaboration whereby the Agencies share best practice and broader skill sets, thereby delivering unrivalled service and quality to our Clients. In doing so, the Agencies are building on their achievements of 2010 and showing further growth so far in 2011.
In addition to growth from our core business we have embarked on a programme of integrating new Agencies into our Group. Our first example is Robson Brown, which we re-established following its collapse at the end of 2010, and which has contributed GBP0.6m of operating income in the period. We will continue to look for similar opportunities in 2011 and beyond.
Due to Clients' spending patterns, we again expect the result for the twelve months to 31 December 2011 to have a bias towards the second half. All in all, it has been a steady start to the year.
Results and dividend
Trading for the first half of 2011 was in line with management's expectations. Turnover for the six month period was significantly higher than the previous year, at GBP59.9m (2010: GBP43.4m), reflecting both the media launch of the 2011 Census (our largest ever project) and strong growth in media placement activity handled by ThinkBDW, our property-specialist Agency.
Operating income ("revenue") increased 14% to GBP19.8m (2010: GBP17.4m), mainly the result of strong growth in ThinkBDW and RLA (our automotive-specialist Agency), and also the first contribution from Robson Brown. Agency operating expenses increased by only 12% to support the higher levels of activity, whilst central costs reduced by almost 30%, resulting in an improvement in operating margins to 13% (2010: 10%). Pre-exceptional operating profit increased by nearly 50% to GBP2.7m (2010: GBP1.8m) and headline operating profit increased to GBP2.7m from GBP1.9m.
The conversion of outstanding vendor debt to equity in June 2010 resulted in a reduction in both the level of debt on which interest was being paid and also the average interest rate. The consequential reduction in net interest payable has been partly offset by the cost of 2010's bank debt renegotiation, where bank arrangement fees are being amortised over the term of the group's credit facilities, resulting in net interest payable of GBP0.9m, down from GBP1.1m in 2010.
After exceptional restructuring costs of GBP0.1m (2010: GBP0.8m relating to the bank refinancing, and redundancy and restructuring costs), profit before taxation was GBP1.7m (2010: loss of GBP0.2m) and the profit after tax was GBP1.2m (2010: loss of GBP0.1m). The headline diluted EPS was 1.70 pence (2010: 1.27 pence).
In line with our continuing focus on debt reduction, the Board does not propose the payment of an interim dividend.
Balance sheet and cash flow
The major restructuring of the balance sheet was completed last year, with a private placing raising GBP1.3m, all remaining acquisition liabilities eliminated through conversion to equity or settlement in cash, and new committed bank facilities agreed until 2013.
Accordingly, changes to our balance sheet have been less significant in the first six months of 2011, but our continued focus on cash and working capital management has enabled not only the first scheduled debt repayment to be made but also a voluntary prepayment of GBP1.5m. Cash flow from operating activities in the six months was GBP5.4m (2010; GBP4.2m), leading to a reduction in net debt to GBP13.8m (2010: GBP15.9m) and a further reduction in our gearing ratio (net debt to equity) from 34% at 31 December 2010 to 25% at the end of the period. As predicted, our "leverage ratio" (ratio of net bank debt to pre-exceptional EBITDA) also reduced, from x3.3 at 31 December 2010 to x2.2 at 30 June 2011.
Operating cash flows are traditionally stronger in the first half of the year than the second and an increase in net debt is therefore predicted at 31 December 2011. However, we anticipate little change to our leverage ratio.
Board responsibilities
Following Brian Child's departure from the Board, Stephen Boyd assumes his role as Chairman of the Remuneration Committee and becomes Senior Independent Non-Executive Director. Chris Morris, a Non-Executive Director since December 2009, has been appointed Deputy Chairman, and will become a member of the Audit, Remuneration and Nomination Committees.
Current trading and outlook
Our Agencies continue to perform well in a difficult market, and we are actively seeking new ventures, additional talent and strategic acquisitions to accelerate our growth in the coming years. Whilst there is much still to do, I view the outlook with cautious optimism.
David Morgan
Chairman
Condensed Consolidated Statement of Comprehensive Income
for the 6 months ended 30 June 2011
6 months 6 months
to to Year ended
30 June 30 June 31 December
2011 2010 2010
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
TURNOVER 2 59,862 43,423 90,364
Cost of sales (40,036) (26,003) (54,292)
OPERATING INCOME 2 19,826 17,420 36,072
Operating expenses before
exceptional items (17,162) (15,616) (31,155)
OPERATING PROFIT BEFORE
EXCEPTIONAL ITEMS 2 2,664 1,804 4,917
Exceptional items 4 (100) (833) (1,154)
OPERATING PROFIT 2,564 971 3,763
Investment income 5 4 - 6
Finance costs 5 (908) (1,119) (2,147)
IFRS interest charges 5 - (5) (5)
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION 1,660 (153) 1,617
Taxation 6 (465) 42 (680)
PROFIT/(LOSS) FOR THE PERIOD 1,195 (111) 937
---------- ---------- ------------
Other comprehensive income - - -
---------- ---------- ------------
TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE PERIOD 1,195 (111) 937
========== ========== ============
Basic earnings per share
(pence) 7 1.68 (0.27) 1.67
Diluted earnings per share
(pence) 7 1.60 (0.27) 1.59
Headline basic earnings per
share (pence) 7 1.79 1.34 3.66
Headline diluted earnings
per share (pence) 7 1.70 1.27 3.48
Condensed Consolidated Balance Sheet
as at 30 June 2011
As at As at As at
30 June 30 June 31 December
2011 2010 2010
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
FIXED ASSETS
Intangible assets 8 68,259 68,254 68,261
Property, plant and equipment 2,354 1,971 1,972
---------- ---------- ------------
70,613 70,225 70,233
---------- ---------- ------------
CURRENT ASSETS
Work in progress 823 494 489
Trade and other receivables 20,784 15,548 22,297
Cash and short term deposits 9 3,522 4,499 1,438
---------- ---------- ------------
25,129 20,541 24,224
---------- ---------- ------------
CURRENT LIABILITIES
Trade and other payables (12,427) (8,268) (8,687)
Accruals (9,406) (8,037) (10,726)
Corporation tax payable (587) (261) (342)
Bank loans 9 (4,000) (1,012) (3,000)
Acquisition loan notes and
shares - (3) -
Acquisition contingent payments - (69) -
(26,420) (17,650) (22,755)
---------- ---------- ------------
NET CURRENT (LIABILITIES)/ASSETS (1,291) 2,891 1,469
---------- ---------- ------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 69,322 73,116 71,702
NON CURRENT LIABILITIES
Bank loans 9 (13,310) (19,339) (16,903)
Obligations under finance
leases (71) (122) (96)
Deferred tax liabilities - (24) (2)
NET ASSETS 55,941 53,631 54,701
========== ========== ============
CAPITAL AND RESERVES
Called up share capital 7,246 7,246 7,246
Share premium account 39,542 39,542 39,542
Own shares (1,259) (1,259) (1,259)
Staff remuneration reserve 179 112 134
Retained earnings 10,233 7,990 9,038
---------- ---------- ------------
TOTAL EQUITY 55,941 53,631 54,701
========== ========== ============
Condensed Consolidated Cash Flow Statement
for the 6 months ended 30 June 2011
6 months 6 months
to to Year ended
30 June 30 June 31 December
2011 2010 2010
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
OPERATING CASH FLOW 10 6,827 5,837 5,206
Net finance costs (1,229) (1,125) (2,351)
Tax paid (234) (504) (1,229)
---------- ---------- ------------
Net cash inflow from operating
activities 5,364 4,208 1,626
---------- ---------- ------------
INVESTING ACTIVITIES
Proceeds on disposal of
property, plant and equipment 31 4 16
Purchase of property, plant
and equipment (772) (309) (664)
Acquisition of subsidiaries - (40) (52)
Net cash outflow from investing
activities (741) (345) (700)
---------- ---------- ------------
FINANCING ACTIVITIES
Repayments of amounts borrowed (2,500) (876) (945)
Movement in HP creditor
and finance leases (39) (26) (69)
Repayment of long term
loans - - (12)
Proceeds on issue of ordinary
share capital - 1,279 1,279
Financing and share issue
costs - (22) (22)
Net cash (outflow)/inflow
from financing activities (2,539) 355 231
---------- ---------- ------------
Increase in cash and cash
equivalents 2,084 4,218 1,157
Cash and cash equivalents
at beginning of period 1,438 281 281
---------- ---------- ------------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD 3,522 4,499 1,438
========== ========== ============
Condensed Consolidated Statement of Changes in Equity
for the 6 months ended 30 June 2011
Staff
Share Share Own Retained remuneration
capital premium shares earnings reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------- -------- -------- -------- --------- ------------- ---------
Changes in
equity
----------- -------- -------- -------- --------- ------------- ---------
At 1
January
2010 3,959 38,578 (1,398) 8,220 60 49,419
New shares
issued 3,287 964 - - - 4,251
Credit for
share
option
scheme - - - - 52 52
Shares
awarded
to
employees
from own
shares - - 139 (119) - 20
Loss for
the
period - - - (111) - (111)
At 30 June
2010 7,246 39,542 (1,259) 7,990 112 53,631
Credit for
share
option
scheme - - - - 22 22
Profit for
the
period - - - 1,048 - 1,048
At 31
December
2010 7,246 39,542 (1,259) 9,038 134 54,701
Credit for
share
option
scheme - - - - 45 45
Profit for
the
period - - - 1,195 - 1,195
At 30 June
2011 7,246 39,542 (1,259) 10,233 179 55,941
----------- -------- -------- -------- --------- ------------- ---------
Notes to the unaudited Interim Report
for the 6 months ended 30 June 2011
1. Accounting Policies
Basis of preparation
The condensed consolidated interim financial statements for the six months ended 30 June 2011 have been prepared in accordance with the IAS 34 "Interim Financial Reporting" and the Group's accounting policies.
The Group's accounting policies are in accordance with International Financial Reporting Standards as adopted by the European Union and are set out in the Group's Annual Report and Accounts 2010 on pages 21-24. These are consistent with the accounting policies which the Group expects to adopt in its 2011 Annual Report. The Group has not early adopted any Standard, Interpretation or Amendment that has been issued but is not yet effective.
The information relating to the six months ended 30 June 2011 and 30 June 2010 is unaudited and does not constitute statutory financial statements as defined in Section 434 of the Companies Act 2006. The comparative figures for the year ended 31 December 2010 have been extracted from the Group's Annual Report and Accounts 2010, on which the auditors gave an unqualified opinion and did not include a statement under section 498 (2) or (3) of the Companies Act 2006. The Group Annual Report and Accounts for the year ended 31 December 2010 have been filed with the Registrar of Companies.
Going concern
The Group has committed bank facilities available to 2013 and no remaining acquisition liabilities. The available banking facilities provide comfortable levels of headroom against the Group's projected cash flows and the Directors accordingly consider that it is appropriate to continue to adopt the going concern basis in preparing these interim financial statements.
Accounting estimates and judgements
The Group makes estimates and judgements concerning the future and the resulting estimates may, by definition, vary from the actual results. The Directors considered the critical accounting estimates and judgements used in the financial statements and concluded that the main areas of judgement are:
-- Revenue recognition policies in respect of contracts which straddle the period end;
-- Recognition and quantification of share based payments; and
-- Valuation of intangible assets.
These estimates are based on historical experience and various other assumptions that management and the Board of Directors believe are reasonable under the circumstances.
2. Segmental Information
Business segmentation
For management purposes the Group had seven operating subsidiaries during the period: Bray Leino Limited, Big Communications Limited, Fuse Digital Limited, thinkBDW Limited, April-Six Limited, Story UK Limited and RLA Group Limited. These have been divided into four segments which form the basis of the Group's primary segmentation, namely: Branding, Advertising and Digital; Events and Learning; Media; and Public Relations.
6 months to 6 months to Year ended
31 December
30 June 2011 30 June 2010 2010
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Turnover
Business segment
Branding, Advertising
& Digital 24,850 20,763 44,163
Events and Learning 5,210 4,854 10,025
Media 28,595 16,388 33,565
Public Relations 1,207 1,418 2,611
------------- ------------- ------------
59,862 43,423 90,364
------------- ------------- ------------
Operating
income
Business segment
Branding, Advertising
& Digital 14,974 13,019 26,916
Events and Learning 1,749 1,900 3,799
Media 2,224 1,468 3,434
Public Relations 879 1,033 1,923
------- ---------- -------
19,826 17,420 36,072
------- ---------- -------
Operating
profit before
exceptional
items
Business segment
Branding, Advertising
& Digital 2,594 2,225 4,820
Events and Learning 67 20 199
Media 589 375 1,035
Public Relations 1 6 91
------ --------------- --------
3,251 2,626 6,145
Central costs (587) (822) (1,228)
2,664 1,804 4,917
------ --------------- --------
Geographical segmentation
The Group's operations are all based in the UK and substantially all the Group's business is executed in the UK.
3. Reconciliation of Headline Profit to Reported Profit
6 months
6 months to Year to
to 30 June 31 December
30 June 2011 2010 2010
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Headline profit before finance
costs, income from investments
and taxation 2,664 1,878 5,304
Net finance costs (904) (1,119) (2,141)
-------------- ---------- -------------
Headline profit before taxation 1,760 759 3,163
-------------- ---------- -------------
Adjustments
Redundancy costs - (74) (387)
Exceptional items (100) (833) (1,154)
IFRS interest charges - (5) (5)
Reported profit/(loss) before
taxation 1,660 (153) 1,617
-------------- ---------- -------------
Headline profit before tax 1,760 759 3,163
Headline taxation (493) (213) (1,111)
-------------- ---------- -------------
Headline profit after taxation 1,267 546 2,052
-------------- ---------- -------------
Adjustments
Redundancy costs - (74) (387)
Exceptional items (100) (833) (1,154)
IFRS interest charges - (5) (5)
Taxation impact 28 255 431
-------------- ---------- -------------
Reported profit/(loss) after
taxation 1,195 (111) 937
-------------- ---------- -------------
4. Exceptional items
Exceptional items represent revenue or costs that, either by their size or nature, require separate disclosure in order to give a fuller understanding of the Group's financial performance.
Exceptional items in 2011 consist of restructuring costs. Exceptional items in 2010 comprise professional fees relating to the re-structuring and re-scheduling of bank facilities and outstanding acquisition obligations, including the equity conversion and placing of new shares, and amounts payable as a result of the restructuring of the Board and the exit of vendor management following refinancing.
5. Investment income and Finance costs
6 months 6 months Year
to to ended
30 June 30 June 31 December
2011 2010 2010
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Investment income:
Interest receivable 4 - 6
========== ========== ============
Finance costs:
On bank loans and overdrafts (669) (730) (1,508)
On loan notes - (299) (306)
Amortisation of bank debt
renegotiation fees (239) (90) (333)
---------- ---------- ------------
(908) (1,119) (2,147)
---------- ---------- ------------
IFRS interest charges:
Finance cost of deferred consideration - (5) (5)
========== ========== ============
Total net finance cost (904) (1,124) (2,146)
========== ========== ============
Debt arrangement fees arising on the renegotiation of credit facilities in 2010 are being amortised over the life of the credit agreement.
6. Taxation
The taxation charge for the period ended 30 June 2011 has been based on an estimated effective tax rate on profit on ordinary activities prior to IFRS interest charges of 28%
(30 June 2010: 28%).
7. Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data, determined in accordance with the provisions of IAS33: "Earnings per Share".
6 months 6 months Year
to to ended
30 June 30 June 31 December
2011 2010 2010
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Earnings
Earnings for the purpose of
reported earnings per share
being net profit attributable
to equity holders of the parent 1,195 (111) 937
Earnings for the purposes of
headline earnings per share
(see note 3) 1,267 546 2,052
----------- ----------- ------------
Number of shares
Weighted average number of ordinary
shares for the purpose of basic
earnings per share and reported
diluted earnings per share 70,932,403 40,866,663 56,024,579
Dilutive effect of securities:
Employee share options 1,476,000 1,250,000 1,355,879
Bank warrants 2,333,434 976,790 1,662,172
----------- ----------- ------------
Weighted average number of ordinary
shares for the purpose of headline
diluted earnings per share 74,741,837 43,093,453 59,042,630
----------- ----------- ------------
Reported basis:
Basic earnings per share (pence) 1.68 (0.27) 1.67
Diluted earnings per share (pence) 1.60 (0.27) 1.59
Headline basis:
Basic earnings per share (pence) 1.79 1.34 3.66
Diluted earnings per share (pence) 1.70 1.27 3.48
----------- ----------- ------------
Basic earnings per share includes shares to be issued subject only to time as if they had been issued at the beginning of the period.
Options issued are included in diluted earnings per share to the extent that the market price is above the exercise price in accordance with IAS33. Dilutive options are not incorporated into the reported diluted earnings per share calculation if the effect would be to lower the loss per share.
8. Goodwill
GBP'000
At 1 January 2010 68,140
Adjustment to consideration 42
At 30 June 2010 68,182
Adjustment to consideration 9
At 31 December 2010 68,191
Adjustment to consideration -
At 30 June 2011 68,191
--------
The adjustments to consideration relate to changes in the estimated deferred consideration in the earn-out period under the terms of the relevant sale and purchase agreement.
In accordance with the Group's accounting policies, an annual impairment test is applied to the carrying value of goodwill. Goodwill is not amortised. The goodwill impairment provision of GBP3,995,000 made in 2009 has remained unchanged in subsequent periods. Goodwill is comprised of the following substantial components:
30 June 30 June 31 December
2011 2010 2010
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Big Communications Ltd/Fuse
Digital Ltd 8,125 8,125 8,125
Bray Leino Ltd* 30,831 28,413 30,831
April-Six Ltd 9,411 9,411 9,411
ThinkBDW Ltd 6,283 6,283 6,283
The Driver Is Ltd* - 349 -
Story UK Ltd 6,969 6,969 6,969
PCM Ltd* - 707 -
RLA Group Ltd 6,572 6,575 6,572
Rhythmm Communications Group
Ltd* - 520 -
BroadSkill Ltd* - 830 -
---------- ---------- ------------
68,191 68,182 68,191
---------- ---------- ------------
* The Driver Is Ltd, PCM Ltd, Rhythmm Communications Group Ltd and BroadSkill Ltd operations have been merged into the business of Bray Leino Ltd. All goodwill relating to these entities has therefore been reallocated to Bray Leino Ltd.
Other Intangible Assets
30 June 30 June 31 December
2011 2010 2010
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Intellectual property rights 68 72 70
Other intangible assets consist of intellectual property rights which are amortised over 20 years. The amortisation charge forthe period ended 30 June 2011 was GBP2,000 (2010: GBP2,000).
9. Bank Loans and Net Debt
30 June 30 June 31 December
2011 2010 2010
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Bank loan outstanding 17,814 20,326 20,314
Accumulated interest 282 223 114
Adjustment to
amortised cost (786) (198) (525)
-------------------- -------------------- --------------------
Carrying value of
loan outstanding 17,310 20,351 19,903
Less: Cash and short
term deposits (3,522) (4,499) (1,438)
-------------------- -------------------- --------------------
Net bank debt 13,788 15,852 18,465
-------------------- -------------------- --------------------
The borrowings are
repayable as
follows:
Less than one year 4,000 1,012 3,000
In one to two years 10,814 4,000 4,000
In more than two
years but less than
three years 3,000 12,314 13,314
In more than three
years but less than
four years - 3,000 -
-------------------- -------------------- --------------------
17,814 20,326 20,314
Accumulated interest 282 223 114
Adjustment to
amortised cost (786) (198) (525)
-------------------- -------------------- --------------------
17,310 20,351 19,903
Less: Amount due for
settlement within 12
months (shown under
current
liabilities) (4,000) (1,012) (3,000)
-------------------- -------------------- --------------------
Amount due for
settlement after 12
months 13,310 19,339 16,903
-------------------- -------------------- --------------------
10. Notes to the consolidated cash flow statement
Reconciliation of operating income to operating cash flow
6 months 6 months
to to Year ended
30 June 30 June 31 December
2011 2010 2010
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating profit 2,564 971 3,763
Depreciation charges 350 371 725
Loss/ (Gain) on disposal of
property, plant and equipment 11 (4) (14)
Non cash charge for share options
and shares awarded 45 72 94
Decrease/(increase) in receivables 1,525 1,410 (5,277)
(Increase)/decrease in work
in progress (334) 31 36
Increase in payables 2,666 2,986 5,879
---------- ---------- ------------
Operating cash flow 6,827 5,837 5,206
========== ========== ============
11. Post balance sheet events
There were no material post balance sheet events.
12. Availability of the Interim Report
Copies of the Interim Report are available by writing to the Company Secretary at the Company's Head Office at 8/9 Carlisle Street, London, W1D 3BP and on the Group's website, www.themission.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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