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Mission Marketing Group

  • BY: Andrew Hore |
  • POSTED: 23/10/2013 |

Mission Marketing Group has expanded its healthcare expertise through the purchase of Solaris Healthcare Network for an undisclosed cash payment.

Richmond-based Solaris is a medical communications and clients include GlaxoSmithKline and Bayer. Solaris is cash generative and will make a modest profit this year. The business will be combined with the existing Bray Leino Healthcare operations and they will all trade under the Solaris name.

At 25.75p a share, up 0.5p, Mission Marketing is valued at £19.8m.

In the first half of 2013, operating income rose 13% to£25.4m, while underlying profit fell from £2.1m to £1.7m - before exceptional restructuring costs and intangible write-offs of £1.5m. There was a scaling back of business with Aviva. There was a £5m cash inflow from operations and net bank debt was reduced by £3.5m to £8.8m. A interim dividend of 0.25p a share was announced.

More add-on acquisitions are likely.

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