The Mission Marketing Group
STRONG BUYEarnings enhancing acquisitions, a broad suite of services, and a focus on the lower cost regions rather than London are all colluding to create a profitable growth cocktail at regional communications counter TMMG, chaired by Tory leading light Francis Maude.
Pro-forma preliminary figures to December 2006 – TMMG only floated on AIM in April – demonstrated 22% growth in pre-tax profits to £3.74m on turnover lifted 15% to £54.1m. Diluted earnings sped 23% higher to 11.86p and a maiden dividend of 1p was proposed – year-end cash was £3.86m.
Chief executive Iain Ferguson, who argues that clients are looking for agencies that can do things faster, more flexibly and more cost-effectively than ever before, flagged up a strong performance from TMMG in its first year, with the important Bray Leino acquisition (completed at float) meeting or exceeding targets.
Ferguson says clients are using more of the group’s services in more of its locations as the business expands, and the group’s new media and on-line operations are also performing well, having delivered near-70% sales growth last year. Recent acquisitions BDW, whose clients include many of the UK’s best-known builders and estate agents, and April-Six (both completed since the year-end) have taken the group into the fast growing property and IT marketing sectors, further protecting the business against potential cyclical downturns.
With new on and off-line clients including giants such as Sugar Puffs, Superdrug and Mates, the current year off to a flyer, and management running the rule over a strong pipeline of acquisitive deals, our faith in TMMG continues to grow. Trading on only 11.25 times last year’s earnings, the shares look good value indeed.
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Market cap: £34.76m
Share price: 133.5p
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