The MISSION Group is a collective of integrated and specialist creative agencies, employing 1,150 people in the UK, Europe, Asia and the US.
MISSION’s wide-ranging activities, efficient ability to work remotely and close, long-standing client relationships has enabled it to weather the pandemic in relatively good shape, continuing to win new business and run assignments throughout. Lower revenues as clients pulled or postponed campaigns mean a c £2.2m H120 loss, which we expect to be more than recouped in H220. It recently bought a psychological and behavioural insight consultancy, Innovationbubble (price undisclosed), with a strong client roster across multiple verticals, which should also offer good cross-selling opportunities. The entrepreneurialism and collaboration mix makes the group’s post-COVID-19 outlook attractive – not fully reflected in the share price. Interims are due on 23 September.
The IPA Bellwether report for Q220 was the worst in its 20-year history while the Advertising Association estimates UK advertising spend for FY20 will be down 16.7% vs 5.2% growth previously followed by a 13.6% bounce back in FY21. Q220 is anticipated to be down 39.1% with Q320 down 24.3%. However, the impact varies widely by advertising medium, sector and client. For some agencies and clients, the spur to creativity has boosted the impact of campaigns in a less crowded market.