Business
Final Results - 2008 Prelimin
Final Results - 2008 Prelimin.
About this update from M&c Saatchi Plc
[{"type":"text","content":"\n RNS Number : 5006P M&C Saatchi PLC 26 March 2009 \n \n\nM&C SAATCHI PLC\n\nPRELIMINARY RESULTS\n\nYEAR ENDED\n31 DECEMBER 2008\n\n\n\n\n\n\n\n\n\n\n\n26 MARCH 2009\n\n\n \n \n \n \n \n \nGROUP HIGHLIGHTS\n\n\n\nRevenues up 19% to £104.4m (2007: £87.6m)\n\n\nLike-for-like revenue growth of 11%\n\n\nHeadline operating profit up by 34% to £13.7m (2007: £10.2m)\n\n\nHeadline operating margin increased to 13.2% (2007: 11.7%)\n\n\nHeadline profit before tax up by 18% to £14.1m (2007: £11.9m)\n\n\nHeadline basic EPS up 20% to 15.05p (2007: 12.55p)\n\n\nProposed full year dividend held at 3.62p\n\n\nThe headline results referred to above are stated before accounting for the following items:\n\n\nAmortisation and impairment of acquired intangibles (including goodwill)\n\n\nFair value adjustments to minority put option liabilities\n\n\nNotional interest on deferred consideration\n\n\nThe reconciliation of the difference between the headline results and the statutory results is shown in note 3. Like-for-like revenue is stated after excluding the impact of foreign exchange, acquisitions in 2007 or 2008 and discontinued operations. \n\nCommenting on the results, David Kershaw, Chief Executive, said:\n\n'M&C Saatchi delivered a solid performance in 2008, in spite of the difficult economic environment. We enjoyed significant revenue growth in most regions with good new business momentum and the extension of assignments with existing clients. After a particularly strong first half, market conditions became increasingly challenging through the year. In overall terms, however, our global network remains strong and we continued to win new business.\n\n'Looking ahead we are confident that the business is in good shape. The on-going economic uncertainty and limited visibility mean we remain cautious. Against that backdrop we will keep a tight focus on controlling costs. We continue to believe in the underlying business model and our balance sheet remains strong. We will, therefore, invest more in our organic growth strategy. We have announced openings in Switzerland and Brazil and we will look for further opportunities to expand our network and enhance our capabilit...