27th Mar 2019 09:00
LONDON (Alliance News) - M&C Saatchi PLC hiked its annual dividend Wednesday after profit almost doubled as revenue grew and cost fell in a "record" performance for the advertising firm.
In 2018, pretax profit nearly doubled to GBP17.6 million from GBP9.3 million the year prior. This was after net revenue rose 1.6% to GBP255.4 million from GBP251.5 million the year before. Billings jumped 13% to GBP607.5 million from GBP536.0 million the year before.
Profit performance was also helped by operating costs falling 2.4% to GBP240.2 million from GBP246.1 million the year prior.
"2018 was another record year for M&C Saatchi in terms of net revenue and earnings," M&C Saatchi Chief Executive Officer David Kershaw said. "Our unique business model of starting and growing companies with the best entrepreneurial talent continues to flourish."
M&C Saatchi proposed a 8.51 pence per share final dividend, up 15% from 7.40p the year prior. For the full year, the dividend also rose 15%, to 10.96p from 9.53p the year before.
"This year has begun well, and we are confident that we will continue to make good progress in 2019 and beyond", Kershaw added.
Shares in M&C Saatchi were 0.8% lower at 389.00 pence on Wednesday.
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