- Advertising company M&C Saatchi said it expected its annual underlying profit to be in line with the downgraded guidance it delivered last month.

In a short trading update for the year through December, the company also said net cash was expected to be at least £15m, substantially ahead of expectations, owing to 'improved cash collection processes'.

'As previously announced, we will confirm the appointment of new independent non-executive directors in the near future,' M&C Saatchi.

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