Mission Marketing offers another horror show of adjustments!
The marketing communications and advertising group, announced annual results containing a host of adjustments and plenty of colourful language. Even the seemingly excellent cash flow warrants further explanation. Read on for our thoughts...
We have covered The Mission Marketing Group (AIM:TMMG) several times over the past few years with our last comment in the Blog here. The latest results for the year ended 31 December 2017 look quite encouraging at first glance but, as usual, a little digging reveals plenty of unusual items. The highlights featured another new term to us ‘Headline’ trading profit, which is defined on this occasion as operating profit, before central costs. We haven’t a clue why central costs should be stripped out of the numbers, it’s not as if they aren’t a cost of this listed business (more…