Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.

M&C Saatchi sees annual profit 5%-10% below forecast

Euronews logo
Text size Aa Aa

(Reuters) – Ad agency M&C Saatchi Plc <SAA.L> warned on Tuesday that it expects its annual operating profit and pretax profit to come in 5%-10% below estimates, hurt by losses at investee startup businesses and an accounting charge of 6.4 million pounds.

M&C Saatchi said it had engaged PwC to conduct an independent accounting review of the company after an internal review of specific units in the United Kingdom.

The company expects the accounting review to lead to a restatement of 2018 results to reflect any misstatements, it said.

Shares in the company were seen trading 10% lower on Tuesday.

(Reporting by Noor Zainab Hussain in Bengaluru, Editing by Sherry Jacob-Phillips)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.