Mission Group implements 'value restoration plan'

Digital marketing and communications firm The Mission Group said on Wednesday that its "Value Restoration Plan" was well underway.

Mission Group stated it had implemented a series of "significant cost-saving initiatives", margin improvements, and selected possible business disposals, all aimed at restoring value to shareholders.

"This plan is now well underway and a total of £5.0m of cost savings have been identified. An initial £2.0m of annualised costs savings relating to headcount reduction in certain of the group's business units have been delivered at a cost of £400,000," said Mission,

The AIM-listed group added that a further £3.0m of annualised non-agency cost savings have been targeted and were being implemented at a cost of £300,000.

Mission added that progress has been made on the disposal of two non-core businesses. In each case, a letter of intent has been received, with discussions ongoing and either, or both, of the acquisitions potentially being completed "in the coming months".

As of 1025 GMT, Mission Group shares were down 1.07% at 18.55p.

Reporting by Iain Gilbert at Sharecast.com