The MISSION Group

Investment summary

The MISSION Group’s interim announcement confirms July’s trading update, showing revenues up 17% and continuing sequential half-on-half recovery. An interim dividend of 0.8p is 4% ahead of that paid in FY19. Full year broker estimates are unchanged, implying H221 revenue growth of 14%. The group’s technology exposure has been a positive through the lockdown period, while the robust resurgence of property marketing in FY21 is driving good growth in specialist agency ThinkBDW. MISSION’s shares continue to trade at a discount to peers, despite the improving outlook and more coherent corporate strategy.