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LONDON, Jan 21 (Reuters) - British advertising group M&C
Saatchi raised its 2021 profit outlook on Friday and
said an official accounting investigation had closed without any
action being taken, in a boost to a firm being circled by its
largest investor.
One of the biggest names in British advertising said a
strong end to the year and continued major client wins would
also enable it to settle put option liabilities when they fall
this year, and resume the payment of dividends.
"These results demonstrate the success of the strategy
outlined at the Capital Markets Day in January 2021 - connecting
specialist expertise; further embedding digital, data and tech
to fuel growth; and driving efficiencies through
simplification," it said.
M&C is in the process of fending off an all-share takeover
approach from its biggest investor, the software entrepreneur
Vin Murria, a defence that has been made more difficult by a
2019 accounting scandal that led to the departure of several
senior executives.
It said on Friday that the Financial Conduct Authority had
closed its investigation into M&C and that no enforcement action
would be taken.
(Reporting by James Davey; Editing by Kate Holton)
