M&C Saatchi London
Wed, 01 Jul 2020 09:49:07 GMT
M&C Saatchi PLC has announced the following updates:
The Group announced on 2nd April 2020 that trading in the first two months of 2020 was in line with the Board's expectations. Since that date, although Covid-19 has affected the business worldwide, results from April and May were not quite as severe as first expected. In addition, the early actions taken to reduce costs and access government support programmes across the world have protected the Group from the most severe effects of the crisis to date. However, it is still too early to predict with any certainty the likely impact of the economic slowdown on full year 2020 results.
A large number of offices around the world have now re-opened, with client-facing staff, in particular, returning to work. Even during the lock-down period, the Group has continued to engage with clients and has successfully secured a number of new client assignments including the UK government, Australia government, Iceland Tourism and others. Group companies have shown considerable agility in adapting their business and client servicing to the unprecedented pressures of recent months.
Cash and Banking Update
The Group has a solid balance sheet and as at 23rd June had total cash of £52million. The Group has a £36million revolving credit facility (RCF) and £5million overdraft with NatWest, which comes up for renewal on 31st July 2021.
The Group recently commenced a fundamental review of strategy and its execution to ensure it is best placed to take advantage of the opportunities in its markets. It expects the exercise will run to September 2020. The updated strategic plan will be presented at a capital markets day shortly thereafter.view more - Hires, Wins & BusinessM&C Saatchi London, Wed, 01 Jul 2020 09:49:07 GMT