FCA investigating M&C Saatchi

M&C Saatchi said on Friday that the Financial Conduct Authority has launched an investigation into the advertising company’s accounts after it said in December that it would make £11.6m of adjustments to its 2018 and 2019 results.

"The company will co-operate fully with the FCA," it said.

Saatchi also warned in its update in December that 2019 underlying pre-tax profit would be "significantly below" the levels expected at the time of the interim results due to weaker-than-expected trading in the final quarter of the year and higher-than-expected central costs.

At 0950 GMT, the shares were down 8.6% at 101p.