Mice results indicate recovery under way

The latest figures for marketing services agency Mice Group indicate strong signs of recovery after an extended period of restructure and consolidation.

Preliminary results for the year ending 28 February showed profit from operations was up 48% at £12.2m, despite a loss before tax of £6.3m incurred by the exceptional £15.2m cost of consolidating the business and reviewing its accounting policy. Accordingly, Mice's debt was down to £44.1m from £56.7m for the same period last year.

"I am pleased but not complacent," said Mice Group chief executive Brian Shepherd. "We want to sustain growth margins in both cash flow and profits."

He added: "Following a period of aggressive and acquisitive growth we are committed to consolidating and rationalising the business - a process which started 16 months ago."

The consolidation, which Shepherd indicated is nearing its end, involved selling one business and closing other non-core or underperforming divisions.

Shepherd added: "In future we want to concentrate on our experiential marketing practices and as we build a geographical footprint and enhance our processes further we'll see what's core to our growth. We want to continue to become a valued partner to our client base and do more with our clients worldwide."

As part of Mice's recent development the company has launched sports marketing division Mice Sportcel and made a number of senior appointments.

Andrew Collis was made global client services director for the international division last month. He was previously director, global sports and corporate sponsorships at Hewlett-Packard. In the same month, David Preston, formerly of IBM, was appointed managing director of subsidiary company Delegate Management Services.

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