Business
Final Results - 2007 Prelims
Final Results - 2007 Prelims.
About this update from M&c Saatchi Plc
[{"type":"text","content":"\n M&C Saatchi PLC\n27 March 2008\n\n\n M&C SAATCHI PLC\n\n PRELIMINARY STATEMENT\n\n FOR YEAR ENDED\n 31 DECEMBER 2007\n \n\nGROUP HIGHLIGHTS\n\n• Revenues up 15.5% to £87.6m (2006: £75.9m)\n\n• Headline profit before tax up 53.2% to £11.9m (2006: £7.8m)\n\n• Headline profit after tax up 66.6% to £8.2m (2006: £4.9m)\n\n• Headline basic EPS up 78.3% to 12.55p (2006: 7.04p)\n\n• Proposed full year dividend up 13.1% to 3.62p (2006: 3.20p)\n\nThe headline results referred to above are stated before taking account items\nexcluded from the statutory results. A summary reconciliation of the statutory \nto headline results is presented on page 2.\n\n\nCommenting on the results, David Kershaw, Chief Executive, said\n\n'2007 was a very successful year for the Group in terms of revenue, profit and\nexecuting our strategy for growth. The core business has continued to thrive and\nwe have made significant investments in higher growth, higher margin sectors.\n\nWe have made a good start to the year and the outlook for the rest of the year\nremains in line with current expectations.'\n\n\nFor further information please call:\n\n\nM&C Saatchi plc 020 7543 4500\nDavid Kershaw, Chief Executive\n\nTulchan Communications 020 7353 4200\nCelia Gordon Shute\n\nNumis Securities\nCharles Farquhar 020 7260 1233\nLee Aston 020 7260 1200\n\n\nM&C SAATCHI PLC\nSUMMARY OF RESULTS\n\nINTRODUCTION\n\nThe reported statutory results for 2007 reflect the impact of the accounting\nchanges to which the Group has been subject as a result of adopting and\nreporting IFRS (International Financial Reporting Standards) for the first time.\nThe board considers that these changes do not affect the underlying operating\nperformance or the cash flows of the Group. Therefore, and in common with our\npeers, we have excluded those accounting charges which have materially altered\nthe results. Those accounting charges are:\n\n •The amortisation of intangible assets under IAS 36.\n •The revaluation of minority shareholder put options under IAS 32 & IAS 39.\n •The fair value adjustment to deferred consideration (notional interest)\n under IFRS 3 & IAS 39\n\nThis commentary reports on the financial results for the Group excluding the\nimpact of these accounting charges.\n\nA reconciliation of the statutory to headline operating results...