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M&C Saatchi shares to be suspended as results delayed; forecasts annual loss

By BFN News | 07:48 AM | Wednesday 30 September, 2020


Advertising firm M&C Saatchi said its shares would be suspended from trading due to delays in publishing its results for 2019, which it said would show a deeper annual loss. The company said its financial results for the year ended 31 December 2019 were expected to be complete within a matter of weeks, but not before the filing deadline of 30 September. Its shares would therefore be suspected from trading on Thursday until the publication of the results. In a preliminary release of the figures, it said pre-tax losses for the year would amount to £8.6 million, widening form a loss of £6.3m year-on-year. The loss included adjustments due to change in accounting policy for put options, and goodwill impairments. Revenue rose to £256.4 million, up from £250.3 million, though headline profit fell to £18.3 million, from £23.5 million. On current trading, M&C Saatchi that nine months into 2020, it was 'encouraged by the resilience of the business, operationally and financially, in the face of the Covid-19 pandemic'. The company said it had continued to 'trade well and profitably' in the second half of the year. New business and client retention, it added, had been strong across both geographies and disciplines. 'The performance is considerably stronger than anticipated at the outset of the Covid-19 pandemic,' M&C Saatchi said. Story provided by StockMarketWire.com

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