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On 5 January 2024, The Mission Group PLC completed the disposal of its 80% stake in Pathfindr Limited to Bandwidth Investments Limited. The transaction involved an initial cash consideration of £1 million, along with an earn-out based on future earnings across the next three years payable in cash. For the financial year ended 31 December 2022, Pathfindr reported revenues of £0.4m and an operating loss before tax (after exceptional costs) of £3.0m.
| Date | 5 Jan 2024 |
| Time | 07:00:02 |
| Category | Disposals |
| ID | 7213Y |
5 January 2024
THE MISSION GROUP plc
("MISSION", "the Group")
DISPOSAL UPDATE - PATHFINDR
MISSION Group plc (AIM: TMG), creator of Work That CountsTM, comprising a group of digital marketing and communications Agencies, wishes to provide an update on one of its non-core disposals.
Further to the announcement on 20 December 2023, and in line with the Group's strategy, MISSION has now completed the disposal of the Group's 80 per cent stake in one of its non-core businesses, Pathfindr Limited ("Pathfindr") to Bandwidth Investments Limited, for an initial cash consideration of £1 million, along with an earn-out based on future earnings across the next three years payable in cash. The initial consideration will be used to reduce the Group's net debt position. Pathfindr has forecast losses before tax for 2023 of approximately £1.3 million. For the financial year ended 31 December 2022, Pathfindr reported revenues of £0.4m, an operating loss before tax (before exceptional costs) of £0.1m and an operating loss before tax, and after exceptional costs, of £3.0m. Net liabilities at 31 December 2022 were £2.9m.
ENQUIRIES
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James Clifton, Chief Executive Officer Giles Lee, Chief Financial Officer The MISSION Group plc |
Via Houston |
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Simon Bridges/Andrew Potts/Harry Rees |
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Canaccord Genuity Limited (Nominated Adviser and Broker) |
020 7523 8000 |
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Kate Hoare / Alexander Clelland / India Spencer |
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HOUSTON (Financial PR and Investor Relations) |
0204 529 0549 |
NOTES TO EDITORS
MISSION is a collective of digital marketing and communications Agencies employing over 1,000 people across 29 locations and 3 continents. The Group successfully combines its diverse expertise to produce Work That Counts TM for Clients, whatever their ambitions. Creating real standout, sharing real innovation and delivering real growth for some of the world's biggest brands. www.themission.co.uk