28th Oct 2020 14:58
M&C Saatchi PLC - London-based advertising agency - Swings to pretax loss in the six months ended June 30 of GBP5.6 million from profit of GBP9.7 million a year prior. Revenue falls 30% to GBP149.3 million from GBP214.6 million. Billings are down 18% to GBP229.9 million from GBP280.7 million year-on-year. Says the effects of the extremely challenging economic conditions were felt in the half-year. Does not declare an interim dividend, down from 2.45 pence a year prior. Expects second-half revenue to be marginally stronger than the first half. Expects headline pretax profit for 2020 of at least GBP4 million. Headline pretax profit, which excludes exceptional items, was GBP2.0 million in first half, down 59% year-on-year from GBP4.9 million. In 2019, it was GBP18.3 million. Admits however that uncertainties remain.
By Greg Roxburgh; [email protected]
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