The Marketing Group - Q3 update gives reassurance and upgrade

The Marketing Group’s Q3 results show that it is now properly focused on growing the business, with group agencies worldwide taking on larger pieces of work in collaboration. EBITDA margin to net revenue has grown in each of the last three quarters and we have moved our full year, FY18 and FY19 earnings’ forecasts ahead by c 10%. Net cash at the end of the quarter had increased to €1.7m from €0.9m at end June. This is facilitating investment in new initiatives, including the group’s new blockchain-enabled global media agency, Truth. The rating should start to improve as confidence builds that management can deliver on its strategy.