The Marketing Group (TMG) has published H117 numbers, laid out the new management’s vision for a global marketing platform and drawn a line under legacy issues. With the (post period end) disposal of the three agencies that had dragged down Q117 figures, the Q217 EBITDA has shown good growth over the adjusted Q1 figure, with margin building to 10.9% from 7.3%. The group has a strong client list, a highly experienced management team and a wide geographic spread (with Australia the largest region at a quarter of H117 revenues). The current market valuation is not according credit for any of these factors.

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