M&C Saatchi Group sees share price jump after revealing it expects profits to come in ‘materially’ higher than expected
Shares in M&C Saatchi Group have jumped over 6 per cent today after the company said it expects its annual operating profit to come in ‘materially’ ahead of expectations.
The advertising group said its bottom line had been bolstered by high demand from its existing client base.
It said its performance in the final quarter of the year had been strong across all of its divisions, adding that it expects this to filter through to its December results.
On the up: Shares in M&C Saatchi Group have jumped over 6% today
The company, which is listed on AIM, has seen its share price surge today. The group’s share price is currently up 6.48 per cent or 9.73p to 159.72p.
The company said in a stock market statement: ‘Further to the last trading update on 23 November 2021, the Company is pleased to announce that trading has continued to be strong and, as a result, management now believes full year 2021 operating profit will be materially ahead of expectations.
‘Activity in the final quarter has been strong across the group, particularly in the Performance Media and Global and Social Issues divisions and the UK Agency.’
Sophie Lewis, chief strategy officer at DentsuMB, is quitting her current role to join M&C Saatchi in the same role next month.
The group is understood to have started conducting ‘stay interviews’ with staff. Rather than waiting for employees to resign and have an exit interview, M&C Saatchi will sit down with its staff to identify areas of improvement for the business, persuading would-be leavers to stick around. The initiative has already led to policy changes at the agency.