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M&C Saatchi swings to loss; expects better performance in second half

By BFN News | 07:41 AM | Wednesday 28 October, 2020


Advertising company M&C Saatchi swung to a first-half loss that nevertheless beat its expectations at the start of the pandemic. Pre-tax losses for the six months through June amounted to £5.6 million, compared to a profit of £9.7 million year-on-year. Revenue fell 13% to £103.4 million, though the company said trends had improved in the second quarter. Headline pre-tax before exceptional costs dropped 59% to £2 million. M&C Saatchi scrapped its interim dividend, having paid 2.45p per share in the previous year. Looking forward, the company said revenue was expected to marginally stronger in the second half, with full-year headline pre-tax profit excluding exceptional items expected to be at least £4 million. 'We have been hugely encouraged by the resilience of the business, both operationally and financially, in the face of the global Covid-19 pandemic,' chief executive David Kershaw said. 'We are looking ahead with optimism. We are refocusing our business to ensure it is in the best possible shape to thrive.' 'Additionally, we are now well advanced in our strategic review and it is clear that we have both the strength and the potential to take advantage of the considerable long-term opportunities we see ahead of us.' Story provided by StockMarketWire.com

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