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Britain's M&C Saatchi posts higher profit as clients' ad spend improves
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Britain's M&C Saatchi posts higher profit as clients' ad spend improves
Sep 22, 2024 6:46 PM

Sept 18 (Reuters) - British advertising group M&C

Saatchi posted a 26% rise in first-half profit on

Wednesday, and forecast its annual results in line with market

view, aided by improved advertising spend from clients,

cost-saving measures and asset sales.

Business from the existing client base remained strong with

about 75% of last year's clients choosing to spend in the first

half of the year, the company said, adding that it now has

high-profile clients such as McDonald's, Ford,

IKEA and Sony Pictures to its blue-chip roster.

In response to pressure from tech clients' marketing

cutbacks last year, M&C Saatchi, under new CEO Zaid Al-Qassab,

had been strategically divesting some businesses to enhance

margins and profitability.

The advertising group, with clients such as Amazon ( AMZN )

and Japan's Rakuten ( RKUNF ) posted 14.2 million pounds

($18.71 million) in like-for-like profit before tax for the

six-month period ended June 30, from 11.3 million pounds a year

earlier.

($1 = 0.7591 pounds)

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