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Sparks commentary

TMT

Sparks

M&C Saatchi (LSE: SAA) H124 results
Published by Fiona Orford-Williams

M&C Saatchi’s first results under its new CEO, Zaid Al-Qassab, show encouraging progress, with net revenue ahead by 6% organically against what has been a difficult market and, more importantly, a step up in group operating margin from 10.8% to 14.2%. This is still a work-in-progress to equip the group for sustainable growth, with a back office cost saving programme on track to deliver an annualised £10m and new leadership in functional roles. The withdrawal from loss-making business is also helping drive the margin improvements, which were particularly marked in the Advertising segment, with non-advertising specialisms, which represent the larger proportion of net revenue, also seeing the benefits. The group is on track to meet full year market expectations.

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