Source - LSE Regulatory
RNS Number : 3087A
M&C Saatchi PLC
01 June 2021
 

1 June 2021

M&C SAATCHI PLC

(the "Company")

Trading Update and Completion of Financing

Trading Update

Trading in the first four months of the year has been stronger than anticipated. As a result, the Board now believes the financial results for the full year will be ahead of consensus expectations. 

New business performance has been robust. New clients range from, the first digital UK Census campaign, to a performance marketing campaign for Tinder across Southeast Asia, to becoming the creative partner for Origin, one of Australia's leading energy companies. New assignments include briefs from Lexus, Reckitt Benckiser, Sonos and Commonwealth Bank.

The Company expects to provide a further update on trading when it reports its results for the year to 31 December 2020 at the end of June 2021.

Completion of Financing

The Company is pleased to announce it has entered into a committed revolving facility agreement with National Westminster Bank Plc and Barclays Bank PLC for up to £47,000,000 (the "Facility"). The Facility is provided on a three-year term (with two optional one-year extensions). The Facility replaces the Company's existing £33,000,000 revolving credit facility and £5,000,000 overdraft which were due to terminate on 30 June 2021.

The Facility provides the Company and its subsidiaries with enhanced liquidity and long-term financing.

The Company's current balance sheet remains strong with net cash of £30,000,000.

For further information please call:

M&C Saatchi Plc

                        +44 (0)20-7543-4500

Moray MacLennan, Mickey Kalifa




Tulchan Communications

                        +44 (0)20-7353-4200

Tom Murray, Matt Low

 


Numis Securities

                        +44 (0)20-7260-1000

Nick Westlake, Hugo Rubinstein, NOMAD

Charles Farquhar, Corporate Broking

 


Liberum

                        +44 (0)20-3100-2000

Neil Patel, Richard Bootle, Edward Phillips, Will King


 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTDKDBBDBKBNPN
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.