Closure of FCA Investigation and Trading Update

RNS Number : 1642Z

M&C Saatchi PLC

21 January 2022

 

21 January 2022

M&C SAATCHI PLC

(the "Company" or "M&C Saatchi")

Closure of FCA Investigation and Trading Update

The Company is pleased to report that the Financial Conduct Authority has notified the Company that its investigation of the Company, first announced in January 2020, is being closed and that no enforcement action will be taken against the Company by it.

The Board of M&C Saatchi provides the following trading update in relation to its financial year ended 31 December 2021.

As a result of a strong end to the year, the Board now believes full year 2021 headline profit before tax will be materially ahead of its previous expectations which gives the Board confidence in its future growth prospects.

The strong trading performance has further strengthened the group's cash position, providing the balance sheet flexibility to settle put option liabilities as they fall due in 2022, resume the payment of dividends and to continue the delivery of the group's growth strategy.

These results demonstrate the success of the strategy outlined at the Capital Markets Day in January 2021 - connecting specialist expertise; further embedding digital, data and tech to fuel growth; and driving efficiencies through simplification.

Momentum has continued into the start of 2022 with major client wins.

For further information please call:

M&C Saatchi plc	[phone]
Moray MacLennan, Mickey Kalifa
Brunswick Sumeet Desai, Stuart Donnelly, Kate Pope	[phone]
Numis Securities	[phone]
Nick Westlake, Hugo Rubinstein, NOMAD Iqra Amin, Corporate Broking
Liberum	[phone]
Neil Patel, Benjamin Cryer, Edward Phillips, Will King

 

END

 

 

MSCBKKBDBBKBFDB