Correction to The Marketing Group PLC - Interim Report for the nine months ended 30 September 2016
Published on November 18, 2016
It has been deemed necessary to make a clarification of some of the financial figures reported in the ‘Interim Report for the nine months ended 30 September 2016’. The updated figures are reported in the revised version below.
Below the revised press release.
Stockholm, 18 November, 2016 – THE MARKETING GROUP PLC (“the Group”), the world’s leading digital marketing and advertising agglomeration, announces financial results for the third quarter and interim period ended 30 September.
- Turnover of €6,188,327*
- EBITDA of €614,365*
- Net income amounted to €511,268*
- Earnings per share of 1.79 cents*
- 12 new companies acquired
- Wholly owned subsidiaries at the end of the period total 18
- Total number of employees is 250*
Nine months to 30 September
- Turnover of €8,596,496*
- EBITDA of €1,310,047*
- Earnings per share of 3.3 cents*
- Pro forma turnover with all companies contributing a full 9 months of €28,191,275**
- Pro forma EBITDA with all companies contributing a full 9 months of €4,381,547**
*Figures exclude the operational performance of Astute Ltd., pending the completion of the acquisition. Should the acquisition of Astute, Ltd. not complete 5.6 million ordinary shares will be cancelled reducing the total number of ordinary shares outstanding to 28,585,911. Accordingly, adjusted earnings per share for the nine months to 30 September would increase from 3.3 cents to 3.9 cents.
**Pro-forma numbers should not be viewed as a measure of 2016 performance but reflect what the Group’s performance would look like if all companies contributed for the full nine-month period. This is shown to provide a guide as to the Group’s performance in 2017 when all companies will be contributing for the full year.
The Executive Chairman’s Statement
Dear fellow shareholders,
I am pleased to report that during the third quarter we have continued to make excellent progress delivering our strategy aimed at building a leading global marketing and advertising company by adding a further twelve new businesses to the group. Each acquisition was accretive to earnings per share (EPS) and was strategically selected to enhance our service offering and strengthen our position in key international markets.
As of 30 September 2016 The Marketing Group stood at 18 subsidiary brands with 31 offices in 8 countries, delivering outstanding services to clients in the USA, Europe, Asia, Australia and New Zealand. Our service offering is becoming increasingly focused on digital capabilities, which we believe are transforming the marketing and advertising industry and for which we are seeing the greatest demand from our clients.
Our digital offering is highly specialised and yet at the same time is becoming increasingly diverse, ranging from media buying and production to digital communications, from e-learning to game development and from digital advertising to brand development.
We are more and more looking for opportunities to enhance the profitability of each of our subsidiary brands through collaboration and synergies that enable the Group to offer a more cohesive client service. To this end, on 15-16 September we held our first Founder’s Summit, which brought together the leadership of each subsidiary business and our Executive Board to discuss opportunities for greater cooperation to support organic growth.
The appointment of Adam Graham as Chief Executive of The Marketing Group will also help to facilitate greater coordination between subsidiaries. Adam’s appointment, together with that of Mats Lundkvist as a non-executive director and Carl Thunström as investor relations advisor, significantly strengthens our senior leadership team, corporate governance structures and investor communications capabilities.
For the rest of 2016 we plan to continue to add new, profitable, debt-free companies to the group, in the same manner as we have done so far. We have a strong near-term pipeline of high quality, fast growth agencies ready to join the group, many of which had been identified by Adam Graham ahead of his appointment as our CEO.
Through our acquisition strategy we are rapidly building a company that can compete with the major global networks in terms of service offering and geographical reach. This journey has only just begun but I am confident that the Group will continue to grow from strength to strength and create value for all our shareholders.
Thank you all for being a part of our journey.
Jeremy Harbour will be conducting an Investor Webinar regarding this press release on 18th November 2016, 9am CET. Kindly join the call with the following link: https://zoom.us/j/330287984.
For more information, please contact
Malcolm Robertson / Tom Evrard
Phone: +65 6831 7829 / 6831 7801
This information is information that The Marketing Group plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 7am CET on 18th of November 2016.
The Marketing Group in brief
The Marketing Group plc is a global marketing and advertising company that brings together a portfolio of successful and independent digital marketing businesses, each offering unique and complementary products and services. Together these businesses make up a global network offering a full suite of digital marketing and advertising services. The consolidated group supports its subsidiaries with management and coordinating activities as well as a common operating platform. The Marketing Group was incorporated in May 2015 and listed on Nasdaq First North Stockholm on 8 June 2016. Mangold Fondkommission AB, +46 8-5030 15 50, is the Company’s Certified Adviser and liquidity provider.
For more information, please visit the Company’s website www.tmg-plc.com.