Revenue climbed ten per cent for M&C Saatchi in the first half of the year as the ad giant’s expansive acquisition strategy pays off.
M&C said headline profit before tax was underpinned by strong new business performance and cost control across UK, the Americas and Asia.d
Net cash at 30 June was £39.5m and the group’s balance sheet provides further flexibility for satisfying the future capital and investment requirements.
M&C said the results also confirm the board’s confidence in achieving expected headline profit before tax in the region of £31m by the end of the year.
Commenting on the performance, chief exec Moray MacLennan 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.”
The company has been in the midst of a turbulent takeover bid process, snubbing bids from both Vin Murria and Next Fifteen in recent months. In both instances, M&C said it had been “undervalued”.