M&C Saatchi expects progress in 2019, sells Walker stake

Ad agency M&C Saatchi told investors on Friday that it expects its full-year results to be in line with board expectations

Saatchi revealed that it had seen solid organic revenue growth ahead of sector averages in the year ended 2018.

The AIM-listed firm, which will report its fully audited results on 27 March, also expects to make "further good progress" in the year ahead.

Chief executive David Kershaw said: "The group continues to deliver above industry average organic growth with our proven strategy of starting new businesses and winning new business."

"We have made a good start to 2019 with trading in line with expectations."

Saatchi reported a 26% increase in first-half pre-tax profits to £16.7m back in September after a strong performance from its UK operations.

In a separate announcement, Saatchi revealed that it had disposed of its remaining stake in British media agency Walker Media.

Saatchi sold its 24.9% stake in Walker Media to French multinational advertising and public relations company Publicis Groupe for a total consideration of £25m.

The London-based firm intends to use the cash proceeds of the sale to fund future growth.

As of 0830 GMT, Saatchi shares had picked up 3.51% to 295p.