M&C Saatchi PLC 2022 FY Trading Update and Proposed Board Change (6134N)
24 1월 2023 - 4:00PM
UK Regulatory
TIDMSAA
RNS Number : 6134N
M&C Saatchi PLC
24 January 2023
M&C SAATCHI PLC
(the "Company" or "M&C Saatchi")
2022 Full Year Trading Update and Proposed Board Change
Record performance in line with expectations
Strong revenue performance in higher growth specialisms and in
the UK and Americas
M&C Saatchi today is pleased to announce the following
update on trading for the twelve months ended 31 December 2022 ("FY
2022").
FY 2022 net revenue is expected to be GBP271m, representing
growth of 9% versus 2021 (FY 2021: GBP249m). This reflects a strong
performance in the Company's higher growth specialisms (which grew
17%) and in the UK and Americas, demonstrating the successful
delivery of the Company's growth strategy launched at the start of
2021.
FY 2022 headline profit before tax is expected to be at least
GBP31m, in line with previous expectations set out in April 2022,
underpinned by strong new business wins and central cost savings.
This represents growth of at least 14% versus 2021 (FY 2021:
GBP27.3m) and the largest headline profit ever generated by the
Company.
Net cash at 31 December 2022 was GBP30.0m (31 December 2021:
GBP34.4m), and the drawdown on the Company's revolving credit
facility has reduced to GBP7m (31 December 2021: GBP20m). The
strong balance sheet provides further flexibility for resuming the
payment of dividends in 2023 and satisfying future capital and
investment requirements. The Company continues to plan to settle
the remaining put option liabilities in cash and has sufficient
resources to do so.
M&C Saatchi expects to announce its financial results for
the twelve months to 31 December 2022 in April 2023.
A Capital Markets Day (M&C Saatchi: Moving Forward) will be
held on 8 February 2023, which will focus on enhancements to the
Company's strategy and, in particular, investment plans for high
margin businesses.
Commenting on the FY 2022 performance, Moray MacLennan, Chief
Executive Officer said:
"2022 was another record year for M&C Saatchi. We remained
focussed on delivery for our clients, resulting in excellent
retention and new business wins. Investment in new capabilities and
our unique specialist expertise position us well for 2023, and
beyond."
Proposed Board Change
Gareth Davis, Chair, has notified the Board that he does not
intend to seek re-election to the Board at this year's annual
general meeting. The process to identify and appoint a new
independent Non-Executive Chair is already underway and is being
managed by Lisa Gordon, Senior Independent Director, in accordance
with corporate governance best practice. Gareth will continue to
act as Chair until his replacement is appointed. The Board
continues to review its composition to ensure it has the relevant
skills and experience and will make further appointments as
appropriate.
Gareth Davis, Chair said:
"It has been a privilege to chair M&C Saatchi through a
three-year turnaround. Today's trading update highlights another
record year for M&C Saatchi, demonstrating the successful
delivery of its growth strategy and marks a further milestone in
the Company's transformation journey."
Moray MacLennan, Chief Executive Officer said:
"On behalf of everyone who works at M&C Saatchi I would like
to thank Gareth for the key role he has played in not only
stabilising our business, but laying the foundations for future
growth. I would like to thank him for his support, wisdom and
humour, which has been central to the extraordinary
turnaround."
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
Tim Medak, Mark Harrison, 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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