The Mission Marketing Group - Successful incubation
Themission has announced the disposal of BroadCare, a software application that had been developed within the group’s ‘fuse’ initiative to incubate new and innovative business concepts. The sale, for 8.8x FY17 EBIT, will realise £4.4m in cash (subject to working capital adjustments). The proceeds will be used to reduce net debt, which stood at £7.8m at the half year stage, and to fund further fuse projects. The disposal highlights the value being created within the group, which, alongside the lengthening record of delivering on expectations and of earnings growth, is inconsistent with the deeply discounted rating.Mission Marketing Group is engaged in the business of delivering marketing and advertising related services to clients. Co. has four business and operating segments, namely: branding, advertising and digital; media; events and learning; and public relations.
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