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.

FTSE AIM All-Share

717.40

13:14 24/12/24

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M&C Saatchi

178.00p

12:40 24/12/24

-0.56%

-1.00p

Media

12,822.20

12:54 24/12/24

0.31%

39.51

"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.