(Sharecast News) - M&C Saatchi said on Thursday that trading momentum has remained strong and full-year pre-tax profit will be in line with management's expectations.
In its results on 29 April, the company had said that pre-tax profit for the year ending 31 December 2022 would be in the region of £31m.
On Wednesday, the advertising agency urged shareholders to reject a £254m takeover bid from former deputy chair Vin Murria, warning it would damage the business.
Publishing its defence document, Saatchi said the offer from Murria's investment vehicle AdvancedAdvT (ADV) - which it formerly rejected last month - "materially undervalues the business" with a premium of "only" 24.7%.
In addition, it failed to reflect M&C Saatchi's strong results in 2021, it argued, nor forecasts for headline pre-tax profits in 2022 and 2023 of £31m and £41m respectively.