M&C Saatchi PLC M&C Saatchi AGM Trading Update (6029C)
14 Juni 2023 - 8:00AM
UK Regulatory
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RNS Number : 6029C
M&C Saatchi PLC
14 June 2023
M&C SAATCHI PLC
(the "Company" or "M&C Saatchi")
AGM Trading Update
M&C Saatchi provides the following update on trading for the
period 1 January 2023 to date, ahead of today's Annual General
Meeting.
The more challenging trading environment, as widely reported
across the sector and previously referenced in the Company's 2022
full year results announcement, has continued, and has impacted the
pace of business into the second quarter, particularly in the
Advertising and Media specialisms.
However, the Company is benefiting from its diverse range of
businesses, with the Passions, Consultancy and Issues specialisms
continuing to perform strongly.
Whilst we expect a small decline in like-for-like net revenue
for the full year, we remain confident in delivering year-on-year
Headline PBT growth and Headline operating margin improvement. This
will be achieved through a combination of the high operational
gearing inherent in the business model, targeted cost savings and
the global cost efficiency programme.
As a result, Headline PBT is expected to be significantly
weighted towards the second half, although net revenue is expected
to be more evenly spread.
The Board remains confident in its strategy and the medium-term
growth targets set out at the Capital Markets Day held in February
2023, driven by the quality of its diverse set of businesses.
For further information please call:
M&C Saatchi plc +44 (0)20-7543-4500
Gareth Davis, Chairman
Moray MacLennan, Chief Executive Officer
Numis Securities +44 (0)20-7260-1000
Nick Westlake, Iqra Amin
Liberum +44 (0)20-3100-2000
Max Jones, Benjamin Cryer, Will King
Brunswick +44 (0)207-404-5959
Andrew Porter, Sumeet Desai, Kate Pope
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END
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