M&C Saatchi expects to report profit before tax for the year to December in line with market expectations, the company told the London Stock Exchange in a trading update
The company says it saw “improved momentum” in the second half of the year, with strong performances in Issues and Passions specialisms.
The full year result would be underpinned by "cost saving initiatives" and a "simplified structure".
M&C Saatchi has been restructuring globally with Marcus Peffers appointed UK Group CEO. In Singapore, Asia CEO Richard Morewood is stepping down. Justin Graham in Australia, who is also global head of advertising network, is taking the reins.
"It was an encouraging end to 2023 with the benefit of our strategy to focus on our priority markets, growth specialisms and the global transformation program all beginning to have an impact in the business,” says executive chair Zillah Byng-Thorne.
“Whilst economic headwinds remain, we are pleased with the progress we are making on building an enhanced and more connected operating model, which will accelerate our growth trajectory and achieve our ambitions."
In a trading update, the company says second half headline operating profit margin is expected to have improved to 16% from 8% in the first six months.
Full year net revenue is expected to be down 7% to £252 million (AUD487 million).
The company in September last year reported revenue down 7% to £120.4 million (AUD233 million) in the six months to June.
M&C Saatchi expects to announce its financial results for the 2023 year in April.
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