M&C Saatchi swipes up annual forecast on new robust campaigns

Wednesday, 2 June 2021 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: M&C Saatchi on Tuesday forecast annual results to be ahead of market estimates this year, as the advertising agency signed new clients ranging from the first digital UK Census campaign to a marketing drive for Tinder across Southeast Asia.

Founded in 1995 by brothers and ad moguls Maurice and Charles Saatchi, the British company this year underwent a strategic review led by new Chief Executive Officer Moray MacLennan after the repercussions of an accounting scandal in 2019 left its shares suspended in the latter half of last year.

M&C said the first four months of 2021 were better than expected and performance in new businesses was “robust,” adding that fresh assignments included briefs from Lexus and Reckitt Benckiser, among others.

It also signed a new loan facility for up to 47 million pounds ($ 66.82 million) to replace an existing 33 million pounds revolving credit facility and five million pounds in overdraft that were due to terminate at the end of this month.