The MISSION Group - Good H122 despite market headwinds

The MISSION Group’s first-half results are as presaged in July’s trading update, with 10% growth in both revenue and operating profit. Exposure to the technology and healthcare industries is a net positive and recovery in live events and property also contributed to progress. The strengthened balance sheet equips the group to continue with infill M&A. FY22e and FY23e market estimates are unchanged, with profits (as usual) weighted to Q4, taking into account a likely less favourable trading backdrop in H222 in some operating territories. The shares have outperformed peers year to date, but continue to trade at a substantial discount.