Mission on track

The mission has again posted good growth in revenue and earnings, with both increasing by 8%, well ahead of FY16 ad spend at 4.4% (WARC). FY17 forecasts are unchanged. Start-ups and acquisitions are adding to the mission’s reach and breadth, increasing opportunities for cross-selling to the loyal client base (20% of revenues are from 20-year+ relationships). Margins should improve as recent start-ups move into profit and investment in technology and software products translate into sales and profit. The shares trade on an overly large discount.