M&C Saatchi - Trading Update

RNS Number : 0024U

M&C Saatchi PLC

28 July 2022

 

M&C SAATCHI PLC

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

Trading update

M&C Saatchi today is pleased to announce that trading for the six months ended 30 June 2022 ("H1 2022") has continued in line with the Board's expectations.

H1 2022 net revenue growth of 10%, versus the same period in 2021, reflects a strong performance in our high growth specialisms and in the UK, Americas and Asia, and is further evidence of the successful growth strategy launched at the start of 2021. Headline profit before tax for H1 2022 is underpinned by strong new business performance and cost control, and supports the Board's confidence in achieving its expected headline profit before tax in the region of £31m for the year ending 31 December 2022 ("FY22")⁽¹⁾.

Net cash at 30 June 2022 was £39.5m (31 December 2021: £34.4m) and the Group's strong balance sheet provides further flexibility for satisfying the Group's future capital and investment requirements.

This strong first half trading performance is expected to continue into the second half as the Group remains focussed on accelerating the implementation of the strategy.

M&C Saatchi expects to announce its financial results for the six months to 30 June 2022 in early September.

Commenting on the H1 2022 performance and outlook, Moray MacLennan, Chief Executive Officer said:

"This first six months' performance has been delivered through an acceleration of the strategy, careful control of costs, and a laser like focus on client delivery. This gives us confidence for the remainder of 2022."

⁽¹⁾ As per the Company's announcement on 29 April in respect of its profit forecasts of headline profit before tax in the region of £31 million and £41 million for the years ending 31 December 2022 and 31 December 2023 respectively and subsequent confirmations of those profit forecasts in the announcement on 20 May 2022, the scheme document published on 17 June 2022 and the defence circular published on 28 June 2022.

For further information please call: M&C Saatchi plc	[phone]
Gareth Davis, Chairman
Numis Securities	[phone]
Nick Westlake, Stuart Ord, Iqra Amin, Gary Barford
Liberum	[phone]
Neil Patel, Benjamin Cryer, Will King Tim Medak, Mark Harrison, M&A
Brunswick	[phone]
Sumeet Desai, Stuart Donnelly, Kate Pope

 

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