M&C Saatchi revenues rise as it pushes on with international expansion
LONDON - M&C Saatchi has seen profits jump 8.5% with revenues up for the 10th successive year, as the agency pushes forward its European expansion plans with negotiations for offices in France and Spain.
In its first year as a listed company since being floating on the Alternative Investment Market in July last year, M&C Saatchi reported pre-tax profits up by 8.5% to £8.1m and revenues up by 4.8% to £62.2m.
With offices in 13 locations, such as New York and across Asia Pacific including a new office in Thailand, the agency is continuing its expanion plans laid out at the time of its flotation last year.
In the UK, the agency said it has seen a strong new-business performance, offsetting the losses of Matalan and Rover, with revenues roughly flat at £36.5m, representing just over half of the group's overall income.
M&C Saatchi won accounts such as Privilege Insurance, US Department of Commerce, Krug, Thames Water and Halfords.
The US division returned to profit with revenues up by 40.6% to £2.5m and operating profit growing to £200,000, from a loss of £251,000 in 2003. New York picked up work from the NFL and Los Angeles office won San Diego Zoo.
M&C Saatchi said it hopes its expansion in Europe will provide it with local, regional and global revenue opportunities in the future with new assignments including British Airways, Dyson, ITV, Mini, Royal Bank of Scotland, Twinings and most recently Ribena, owned by GlaxoSmithkline.
David Kersaw, chief executive of M&C Saatchi, said: "We continue to see good opportunities for organic growth and further international expansion and are encouraged by the new business performance in the current year."
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