M&C Saatchi PLC M&C Saatchi AGM Trading Update (6029C)

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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                                                     [phone] 
 Gareth Davis, Chairman 
  Moray MacLennan, Chief Executive Officer 
 Numis Securities                                                     [phone] 
 Nick Westlake, Iqra Amin 
 Liberum                                                              [phone] 
 Max Jones, Benjamin Cryer, Will King 
 Brunswick                                                            [phone] 
 Andrew Porter, Sumeet Desai, Kate Pope 
 

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June 14, 2023 02:00 ET (06:00 GMT)