REG - M&C Saatchi PLC - M&C Saatchi AGM Trading Update

M&C SaatchiAnnouncement

14/06/2023 07:00

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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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