Coronavirus impact: 1 April - raise a glass for a beneficiary of isolation
As stock markets experienced further significant falls on the first day of the new quarter and banks cut their dividends, there were positive updates from a provider of foreign exchange services and an English winemaker
Mission: talk of strong balance sheet seems misplacedMarketing communications and advertising company Mission Group (LON:TMG) announced decent results for the year ending 31 December 2019, although we question the validity of some of their statements in the current environment. Operating income for the year increased 4% to £81m, pre-tax profit rose 7.4% to £8.3m and eps was up 3.3% to 7.14p, suggesting a modest rating of 7.8x historic earnings based on the current share price of 56p. There was plenty of promise but the chairman’s reference to a strong balance sheet seems at odds with reality. Net assets at the period…