Credit: M&C Saatchi
M+C Saatchi told shareholders at its annual general meeting that trading for the first four months of the year was in line with market expectations.
Trading was also described as supportive of the market’s full-year outlook, with growth in its Issues and Media businesses offsetting a difficult trading environment.
Like-for-like net revenue was in line with expectations and supportive of the market’s full-year outlook. Growth in high-margin Issues and Media specialisms helped balance continued macroeconomic and geopolitical headwinds across parts of the business.
The group also pointed to recent client wins, including UNICEF, Ras Al Khaimah Tourism Development Authority, RAC Motoring Service and Brand USA.
The update comes after a weaker prior year, when M+C Saatchi reported a 7.3% fall in like-for-like net revenue and a 26.1% decline in operating profit, with Australia a drag on performance.
Dame Heather Rabbatts, who assumed the role of executive chair in April, said the business was making progress despite continued volatility.
"Although the global macro and geopolitical situation remains volatile, I am pleased with the progress that the business has made," Rabbatts said.
She said momentum in higher-margin areas was supporting performance.
"We continue to target net revenue and operating margin growth this year, supported by the momentum in our high-margin specialisms," she said.
Rabbatts said the focus remained on simplifying the business, refining its go-to-market approach and unlocking shareholder value.
She added that this included streamlining operations, refining how the group goes to market and unlocking intrinsic value for shareholders, alongside an ongoing share buyback programme.
Shareholders approved all resolutions at the AGM, including director re-elections and capital management authorities.
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