StockMarketWire.com - Advertising firm M&C Saatchi booked a full-year loss but upgraded its annual guidance, citing a corporate restructure that saw it cut costs.

Pre-tax losses for the year through December amounted to £8.5 million, compared to year-on-year losses of £8.6 million. Revenue fell 12% to £225.4 million.

The company said its 'headline' profit fell 52% to £8.3 million, but was nevertheless ahead of its expectations.

Looking ahead, M&C Saatchi said it expected its full-year results to be ahead of consensus market expectations.

It had traded ahead of expectations for first five months of 2021 and anticipated posting a headline pre-tax profit for the first half in excess of £10 million.

'2020 was undoubtedly a watershed year for the company,' chief executive Moray MacLennan said.

'We went into the year confronted by Covid-19 and ended with a new strategy and the unswerving support of the group's employees and a new structure in place for 2021.'


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