M&C Saatchi announced this morning that the Financial Conduct Authority has closed its investigation into the ad giant and no action is being taken against it.
The City watchdog has launched an inquiry into the accounting crisis at M&C Saatchi at the beginning of 2020, after the company wiped more than £200m off its market value.
The FCA look into whether stock market disclosures were timely and accurate, and it has the power to fine the company and its directors, to ban them from working at listed companies or even to recommend criminal prosecutions.
The firm, which earlier this month said it did not see much merit in a possible all-share takeover instigated by its biggest investor, software entrepreneur Vin Murria, also upgraded its profit outlook.
It said that as a result of a strong end to the year, full year 2021 headline profit before tax will be materially ahead of its previous expectations. It added that momentum has continued into the start of 2022 with major client wins, helping it to settle put option liabilities when they fall, and resume dividend payments.