M&C Saatchi today announced a $15.1M adjustment to 2018 and 2019 financials following an independent review of its books by PwC. That’s an increase from the $8.3M adjustment announced in August.
 |
M&C revised financial guidance for all of 2019, saying underlying profit before tax and exceptional costs is expected to be “significantly below the levels expected.”
It blamed lackluster business and higher costs for the weak outlook.
CEO David Kershaw said the restatement of the numbers and cut in forecast “make for very difficult reading, both for us as a management team and for all our stakeholders.”
Looking on the bright side, Kershaw said in his statement, “The only positives that we can offer are that a robust review has been undertaken and we have under our new group finance director, started implementing processes and procedures to prevent such issues from arising again.”
Tulchan Communications works M&C’s restatement beat.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”
Why M&A activity in the PR and marketing sector could pick up in 2024.
WPP reported Q4 revenues inched ahead 0.3 percent to $4.1B as CEO Mark Read wrapped up a year that he said was more challenging than expected due to cutbacks, mainly by technology clients.
Have a comment? Send it to 
No comments have been submitted for this story yet.