1st Jun 2021 07:00
1 June 2021
M&C SAATCHI PLC
(the "Company")
Trading Update and Completion of Financing
Trading Update
Trading in the first four months of the year has been stronger than anticipated. As a result, the Board now believes the financial results for the full year will be ahead of consensus expectations.
New business performance has been robust. New clients range from, the first digital UK Census campaign, to a performance marketing campaign for Tinder across Southeast Asia, to becoming the creative partner for Origin, one of Australia's leading energy companies. New assignments include briefs from Lexus, Reckitt Benckiser, Sonos and Commonwealth Bank.
The Company expects to provide a further update on trading when it reports its results for the year to 31 December 2020 at the end of June 2021.
Completion of Financing
The Company is pleased to announce it has entered into a committed revolving facility agreement with National Westminster Bank Plc and Barclays Bank PLC for up to £47,000,000 (the "Facility"). The Facility is provided on a three-year term (with two optional one-year extensions). The Facility replaces the Company's existing £33,000,000 revolving credit facility and £5,000,000 overdraft which were due to terminate on 30 June 2021.
The Facility provides the Company and its subsidiaries with enhanced liquidity and long-term financing.
The Company's current balance sheet remains strong with net cash of £30,000,000.
For further information please call:
M&C Saatchi Plc | +44 (0)20-7543-4500 |
Moray MacLennan, Mickey Kalifa | |
Tulchan Communications | +44 (0)20-7353-4200 |
Tom Murray, Matt Low
| |
Numis Securities | +44 (0)20-7260-1000 |
Nick Westlake, Hugo Rubinstein, NOMAD Charles Farquhar, Corporate Broking
| |
Liberum | +44 (0)20-3100-2000 |
Neil Patel, Richard Bootle, Edward Phillips, Will King |
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