The MISSION Group - FY23 starting well

The MISSION Group’s trading update outlines FY22 revenue a little ahead of market forecasts, with headline PBT of at least £7.6m edged ahead of FY21 (£7.5m) despite the inflationary pressures and higher interest costs prevalent in H2. While this PBT figure is a little below earlier expectations, the group’s fundamentals continue to improve as it builds its capabilities through acquisition and organic growth and capitalises on the benefits of scale, with management anticipating margin expansion in FY23, which has started well with new client wins. The shares have performed broadly in line with peers over one year, continuing to trade at a substantial discount.