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Surely at this price some of the big players in the advertising world must be mulling a takeover, hostile or otherwise. This is a very well established company with some fantastic accounts. Having over £100 m wiped out for what seems like imaginative book-keeping is well over done. A £190 m M.C. is petty cash to some of these boys.
How corrupt is this market
They knew two days ago and crashed the price
Caught me for a few quid
Today's RNS from M&C Saatchi does not, in my view, indicate fraud. But it does demonstrate the problems with aggressive accounting. One of the key attractions that I found in the company was a decentralised structure that encourages management entrepreneurialism. This could be a fault line as well as an advantage. Such a structure requires a strong financial discipline. For the moment, the issues seem relatively modest and the company claims that "It will meet expectations of operating profit for the year" before the exceptional charge of £6.4 million. And it's worth mentioning that four Directors have just made meaningful stock purchases.
Incidentally, simply an observation but the company seems to suffer from a lack of discussion and debate. With more media coverage and that includes discussion forums, issues like this may have been spotted far earlier. Leaving the analysis to institutional investors is not a good idea. At a practical level, many have large and diverse portfolios and simply lack the resources for ongoing monitoring and research.
For a £300 profit. Not bad for a mornings work
The quote on here looks out of date. It was 7.21p last year and they raised the interim to 1.85 so I guess that the 2016 full year dividend will be over 8p. A good buy, I reckon.
E Petition aimed at addressing the woeful inadequacy of the system that reports trades as either buys or sells. Worth signing IMO. If interested you know what to do . http://epetitions.direct.gov.uk/petitions/64712
Advertising agency M&C Saatchi revealed a 13 per cent increase in half year pre-tax profit, driven by a string of new contract wins. M&C Saatchi, whose clients include O2, Intercontinental Hotels, Twitter and Virgin Holidays, said profit rose to £8.7m for the six months to end of June 2012 while revenue increased 15% to £82.8m. Operating profit rose to £8.6m from £7.6m and earnings per share rose to 7.95p from 7.15p. Progress was made across all regions with UK revenues up 16%, after a strong performance from CRM and mobile services. Europe like-for-like (LFL) revenues rose by a quarter despite macro-economic challenges. In Asia and Australasia LFL revenues climbed 12% while in the Middle East and Africa they soared 146% to £2.8m as it positions itself for a fast growing African market. Revenues in the Americas gained 12% with its New York agency set for opening in the final quarter. "Looking ahead, we are confident that we will continue to make progress in 2012 and beyond. The strategy is working," the group said in company statement. M&C Saatchi has offered an increased dividend payment of 1.10p from 1p before.
Singer Capital retained its "buy" rating for M&C Saatchi (SAA) with an increased target price of 165p, from 161p. The broker noted that the advertising agency has enjoyed several contract wins since the start of the new financial year, adding that a number of deals from 2011 will make their first revenue contributions in 2012 as well. Singer raised its revenue target for 2012 by 6.4% to 164.7 million pounds, with earnings forecasts putting the shares on a prospective multiple of 8.7 times. The shares crept up by 1p to 138.5p.
"We believe the full year remains in line with management expectations."
Shares of advertising agency M&C Saatchi rose after it said it had made a good start to 2012 and it remains on track to fulfil expectations for the year. In March the group revealed a 22% increase in annual revenue, underpinned by robust UK performance. The agency, formed by brothers Maurice and Charles Saatchi in 1995, has new offices in Abu Dhabi, Singapore and has expanded office in New York. It has also won contracts in Etihad, Abu Dhabi, Edgars in South Africa and with Commonwealth Bank, Australia.
Commenting on the results, David Kershaw, Chief Executive, said: "M&C Saatchi has produced another strong performance and has made further excellent progress indelivering the best year-on-year growth in revenue since our flotation in 2004. "We are reaping the benefits of our growing global network and the roll-out of our growth specialist businesses such as M&C Saatchi Sport & Entertainment and M&C Saatchi Mobile. "2012 has started well. Despite uncertainty with the macro environment we are benefitting from new revenues from the significant wins last year, such as O2. In addition, we have already had further new business success with Eithad, the Commonwealth Bank of Australia and Edgars in South Africa. "Our successful strategy remains the same. We will continue to build scale through work with multi-national clients; we will invest in high-growth new businesses in mature markets; we will increase our presence in desirable markets; and we will roll out proven models across the network. This strategy is producing strong financial results and the Board is confident that it will continue to do so in 2012 and beyond."
Strategy working · Best year-on-year revenue growth since flotation in 2004 · Group Revenues up 22% to 153.1m (2010: £125.1m); up 20% using constant currencies · Group reaping the benefits of expanding global network and the continued roll-out of high-growth diversified businesses · Headline profit before tax up 17% to £15.6m (2010: £13.3m) · Strong balance sheet and positive cashflow · Headline basic earnings per share up 14% at 14.30p (2010: 12.59p) · Final dividend of 3.50p per share (2010: 3.03p); total dividend up 15.4% to 4.50p (2010: 3.90p) · Global Network performed well across all geographies: o UK: like-for-like revenues up 25%, with mobile performing particularly well o Europe: like-for-like revenues up 23%, in spite of challenging trading conditions o Asia and Australasia: like-for-like revenues up 6% o Africa's revenues up fivefold to £3m o Sao Paulo acquisition driven up Americas' revenues 65% · Clear performed well following restructuring with like-for-like revenue up 11% and operating profit up 2% · Strong new business performance - particular success in with multinational clients · Start-ups in data and social media making good progress
http://www.investegate.co.uk/Article.aspx?id=201203200700166353Z
A rare positive note in all the gloom: when the economy last turned down, one of the first businesses to notice was Clear, M&C Saatchi’s brand consultant. The work disappeared very quickly in August 2008, Saatchi chief executive David Kershaw says, only to bounce back fast by the end of 2009. The shares, up 8p at 125p, stand exactly where they were when the company floated in 2004 and profits were little more than a quarter of their present level. On less than nine times’ earnings, this looks like a good entry point for the long-term investor, says the Times.
Commenting on the results, David Kershaw, the Chief Executive, said: "The results for the period show significant progress. Trading has been strong in a tough market. We experienced good growth in our UK and other European businesses. The Asia and Australasia region had a more challenging half but we are pleased that our African and American operations are all moving towards profit. Revenue was 23% up on the same period last year and profit before tax increased 24%. "The network is now in place and the new offices are all on course to be profitable by the end of the year. We have more multi-national clients as well as rolling out our higher growth companies. We are confident about our progress but conscious of any macro effects beyond our control in 2012. We remain vigilant about costs and maintaining our strong balance sheet."
http://www.investegate.co.uk/Article.aspx?id=201109210700096078O
M&C Saatchi (SAA) reported a 23% increase in revenues to 71.9 million pounds for the sixth months ended June, following strong performance across Europe, including in the UK. Pre-tax profits at the advertising agency were up 24% to 7.7 million, and while the Asia and Australasian regions experienced a more challenging half, the areas continue to move towards profitability. The group is conscious of macro effect beyond its control, and thus will remain vigilant about costs, ensuring its balance sheet remains robust. The shares rose 8p to 125p.
M&C Saatchi, which, of the two founding brothers still includes Maurice, has been repeating their strategy in the 1980s of building an agency with global reach, but on a necessarily smaller scale. Saatchi shares crashed to as low as 26p in 2009 but have recovered sharply, up 6 ½p to 145 ½p yesterday. This puts them on a little more than ten times this year’s earnings, a discount to the sector, such as it is. The growth story is convincing enough; buy if you can find them says the Times. The ad agency is in a strong financial position with cash double that of 2009 at GBP31m and group debt almost halved to GBP2.3m. At around 10 times forward earnings, the shares also look like a good bet. Buy adds the Independent.
As part of a progressive dividend policy, the Board of M&C Saatchi plc is proposing to pay a final dividend of 3.03p per share (2009: 2.75p), giving a total dividend of 3.90p compared to 3.62p in 2009, this is an increase of 7.7%. The final dividend will be paid subject to shareholder approval on 8 July 2011 to shareholders on the register at 10 June 2011.
http://www.investegate.co.uk/Article.aspx?id=201103250700096090D
Commenting on the results, David Kershaw, Chief Executive, said: "M&C Saatchi made excellent progress in 2010 - delivering strong growth in revenues and profitability against a backdrop of competitive markets. At the same time, we continued to invest for future growth, expanding into more geographies and taking our brands into new market segments. "That success leaves us well placed to make further progress and winning more global new business is a key focus. With the formation of a joint venture in Russia, our global network is complete - operating from 26 offices in 19 countries across six continents - meaning we are better placed than ever before to drive international revenue growth. M&C Saatchi has grown internationally by backing owner managers starting up agencies, rather than through acquisition. This ensures that our clients have the benefit of the best and most entrepreneurial operators in each market. At the same time, we are also exporting our newer businesses such as Clear, Sport & Entertainment and Mobile, across our unique international network. "2011 has started well with the good revenue momentum built through 2010 continuing into the new year. Given this backdrop, while we remain cautious about the macro environment, the Board is confident that we will continue to make progress in 2011 and beyond."