M&C Saatchi PLC - London-based advertising agency - Sells loss-making subsidiaries in Sweden and Hong Kong to their local managers for little or no money, saying they are non-core activities. Reduces stake in M&C Saatchi AB in Sweden to 30% from 70% and sells entire shareholding in M&C Saatchi Spencer Hong Kong Ltd. Also is in negotiations to divest M&C Saatchi Holdings Asia Pte Ltd.
M&C Saatchi as a whole has been suffering from a weak advertising market this year. It swung to a pretax loss of GBP5.1 million in the first half of 2023 from a GBP300,000 profit a year before, and it said at the time it expected a "small single-digit" percentage decline in net revenue in the second half.
Current stock price: 159.50 pence, up 1.3% in London on Friday morning
12-month change: up 8.1%
By Tom Waite, Alliance News editor
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M&C Saatchi (SAA)