George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksM&C Saatchi Regulatory News (SAA)

Share Price Information for M&C Saatchi (SAA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 174.00
Bid: 174.00
Ask: 176.00
Change: 0.00 (0.00%)
Spread: 2.00 (1.149%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 174.00
SAA Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Half Yearly Report

10 Sep 2015 07:00

RNS Number : 5667Y
M&C Saatchi PLC
10 September 2015
 



 

 

 

 

 

M&C SAATCHI PLC

 

 

INTERIM RESULTS

 

 

SIX MONTHS ENDED

30 JUNE 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10 September 2015

 

 

 

 

 

M&C Saatchi PLC

Interim results for the six months ended 30 June 2015

 

10 September 2015

Strong revenue momentum and earnings growth

Financial Highlights 2015

Growth versus 2014

Revenue

£87.5m

+ 6% (2014: £82.6m)

 

Revenue in constant currencies

Operating Profit

 

£9.3m

+ 9%

+ 16% (2014: £8.0m)

 

Profit Before Tax

£9.6m

+ 13% (2014: £8.5m)

 

Earnings

EPS

£6.4m

8.96p

+ 25% (2014: £5.1m)

+ 13% (2014: 7.96p)

 

Dividend

1.61p

+ 15% (2014: 1.40p)

 

The highlights are headline results, see note on next page for definition.

 

 

Operational Highlights

· Successful first half with strong revenue momentum and earnings growth

· Global Network performed well:

° UK: revenues up 9%

° Europe: like-for-like revenues up 12%

° Middle East and Africa: like-for-like revenues up 3%

° Asia and Australasia: like-for-like revenues up 6%

° Americas: like-for-like revenues up 19%

· Balance sheet maintained with net cash of £1.6m

· Interim dividend increased 15% to 1.61p

 

 

 

Commenting on the results, David Kershaw, Chief Executive, said:

 

"M&C Saatchi has made good headway over the first six months of 2015. We produced positive revenue momentum and earnings growth.

 

"This stems from new business wins and continuing widening of our business offering.

 

"Looking ahead, we are confident that we will continue to make progress in the full year and beyond. The strategy is consistent and continues to deliver."

 

For further information please call:

M&C Saatchi +44 (0)20-7543-4500

David Kershaw

 

Tulchan Communications +44 (0)20-7353-4200

Andrew Grant

Louise Högberg

 

Numis Securities +44 (0)20-7260-1000

Nick Westlake, NOMAD

Charles Farquhar, Corporate Broking

 

 

Notes to Editors Headline results

The term headline is not a defined term in IFRS. The items that are excluded from headline results are the amortisation or impairment of intangible assets (including goodwill, but excluding software) acquired in business combinations, changes to deferred and contingent consideration and other acquisition related charges taken to the income statement; impairment of investment in associate; and fair value gains and losses on liabilities caused by our put and call option agreements (whether accounted under IFRS2 or IRS39).

Like-for-like

The like-for-like revenue comparisons referred to in this report are stated after excluding the impact of foreign currency movements.

 

Periods compared

This report comments on the unaudited consolidated income statement of M&C Saatchi plc (the "Group") for the six months to 30 June 2015 compared with unaudited consolidated income statement for the same period in 2014.

 

SUMMARY OF RESULTS

 

The first six months of 2015 saw strong revenue momentum and earnings growth. Like-for-like revenues increased 9% and we returned a headline operating margin of 10.6%, up from 9.7% in 2014. The headline profit before tax advanced 13% to £9.6m and headline net earnings rose 25%.

 

UK

We posted a good revenue increase in the UK of 9%, with our CRM and mobile operations continuing to do particularly well. In addition, M&C Saatchi PR and our Sport & Entertainment division as well as our research operation The Source all performed strongly. We experienced a favourable run of account wins across our group of businesses in the first half, including Airbus, Carnival, Oxfam, some adult health projects for Public Health England, Royal Mail, sofa.com, Pernod Ricard's Passport Scotch and Unilever's Toni & Guy. We are rolling out LIDA, our CRM agency together with M&C Saatchi PR internationally, which follows successful roll-outs in recent years of our Mobile and Sport & Entertainment operations. In addition, we have started a new shopper agency, to help clients drive purchase conversion. As ever, we retained a careful watch on costs to support margins. This resulted in a headline operating margin of 14.2% (2014: 14.7%, both margins exclude the impact of Group recharges). The UK headline operating profit improved 5% on 2014.

 

Europe

We made further notable progress in Europe with like-for-like revenues up 12%. Headline operating profit was up 8%, with a headline operating margin of 12.7%. Our Stockholm office has maintained its strong new business performance and significantly won EON in June. Both Germany and Italy again produced excellent results, with Italy winning Becks, ING and Unicredit. Our Swiss office continues to do well and has started a pharmaceutical marketing business, which has already won clients. In France, advertising remained sluggish but our agency benefited from positive digital and PR contributions. In July, we acquired a minority stake in INSPI(RED) and formed M&C Saatchi Istanbul. Our associate in Spain fared a bit better compared with recent years, winning the state train operator RENFE as well as some assignments from Google.

  

Middle East and Africa

Like-for-like revenues in the Middle East and Africa were up 3%, with a slow start but a stronger second half anticipated. We see good full-year growth in both Cape Town and Johannesburg; key wins to date include some Continental Tyres projects and significantly Nando's. Our Abu Dhabi office is steadily building revenues beyond Etihad and won projects from new clients. In January, we acquired a majority stake in Ben-Natan Golan Advertising in Tel Aviv, Israel, forming a new agency M&C Saatchi Tel Aviv. With our associate in Beirut and our office in Abu Dhabi, we now potentially have a strong presence in the region. Overall with the slow start, the operating profit off a low base was down 41% and headline operating margin fell from 12.0% to 6.8%.

 

Asia and Australasia

In Asia and Australasia, like-for-like revenue increased 6% in the period. Australian revenues were up following their excellent new business run in 2014. Our associate in China continues to impress and work well. Malaysia made another very good contribution and won the global relaunch of Malaysian Airlines. Singapore picked up some more Government work for the Ministry of Health. The headline regional operating margin was up from 11.5% to 12.0%, with operating profit up 3%.

 

Americas

In the Americas our like-for-like revenues were up 19%. Our SS+K associate relationship in New York has started very well. They won the international account of J W Marriott with network support as well as the Comcast account. We are now looking to further bolster our presence in New York and are considering CRM acquisition possibilities. Our office in Los Angeles made valuable progress, extending its offering into digital content for the entertainment sector and social media through the addition of the Heavenspot team. In February, we upgraded our Sao Paulo presence, replicating the investment approach we took in China. We took a 25% investment in Santa Clara, a high quality independent agency who will be a powerful addition to our network. Overall, the operating profit increased from £0.6m to an impressive £1.7m with the operating margin up from 7.7% to 17.3%.

 

Outlook

M&C Saatchi has made good headway over the first six months of 2015. We produced positive revenue momentum and earnings growth. This stems from new business wins and continuing widening of our business offering. Looking ahead, we are confident that we will continue to make progress in the full year and beyond. The strategy is consistent and continues to deliver.

 

 

M&C SAATCHI PLC

UNAUDITED CONSOLIDATED INCOME STATEMENT

ENDED 30 JUNE 2015

Six monthsended30 June 2015

 

Six monthsended30 June 2014

 

Yearended31 December 2014

 

Note

£000

£000

£000

Billings

182,340

158,614

333,302

Revenue

4

87,568

82,616

169,373

Operating costs

(79,242)

(74,980)

(163,720)

Operating profit

4

8,326

7,636

5,653

Share of results of associates

541

573

1,350

Finance income

6

154

5,386

316

Finance costs

7

(618)

(193)

(1,087)

Profit before taxation

4

8,403

13,402

6,232

Taxation on profits

8

(1,980)

(2,331)

(4,293)

Profit for the financial period

6,423

11,071

1,939

Profit attributable to:

Equity shareholders of the Group

4

5,203

10,065

(155)

Non controlling interest

1,220

1,006

2,094

6,423

11,071

1,939

Earnings per share

4

Basic

7.36p

15.76p

(0.24)p

Diluted

7.36p

14.89p

(0.24)p

 

 

Reconciliation of the above numbers to the Headline numbers, discussed in the front of this report, can be found in note 4 page 16 to 18.

M&C SAATCHI PLC

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

ENDED 30 JUNE 2015

 

Six monthsended30 June 2015

Six monthsended30 June 2014

Yearended31 December 2014

£000

£000

£000

 

Profit for the period

 

6,423

 

11,071

 

1,939

Other comprehensive income:

Exchange differences on translating foreign operations

(1,738)

(343)

(1,212)

Total other comprehensive income for the period net of tax

(1,738)

(343)

(1,212)

Total comprehensive income for the period

4,685

 

10,728

 

727

 

Total comprehensive income attributable to:

Equity shareholders of the Group

3,465

9,722

(1,367)

Non controlling interests

1,220

1,006

2,094

4,685

10,728

727

 

M&C SAATCHI PLC

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2015

30 June 2015

30 June 2014

31 December 2014

£000

£000

£000

NON CURRENT ASSETS

Intangible assets

28,382

35,086

29,142

Investments in associates

22,095

13,619

18,731

Plant and equipment

7,801

7,575

8,409

Deferred tax assets

1,770

1,352

1,515

Other non current assets

7,792

5,540

5,899

67,840

63,172

63,696

CURRENT ASSETS

Trade and other receivables

74,303

65,932

71,043

Current tax assets

32

822

318

Cash and cash equivalents

26,104

20,056

23,446

100,439

86,810

94,807

CURRENT LIABILITIES

Bank overdraft

(151)

(111)

(125)

Trade and other payables

(74,894)

(63,069)

(75,995)

Current tax liabilities

(801)

(2,617)

(1,995)

Other financial liabilities

(125)

(14)

(22)

Deferred and contingent consideration

-

(215)

-

Minority shareholder put options liabilities

(15,566)

(12,862)

(15,835)

(91,537)

(78,888)

(93,972)

Net current Assets / (liabilities)

8,902

7,922

835

Total assets less current liabilities

76,742

71,094

64,531

Non current liabilities

Deferred tax liabilities

(254)

(439)

(422)

Other financial liabilities

(24,389)

(10,349)

(18,226)

Minority shareholder put options liabilities

(7,303)

(14,361)

(8,708)

Other non current liabilities

(1,049)

(947)

(1,303)

(32,995)

(26,096)

(28,659)

Net assets

43,747

44,998

35,872

M&C SAATCHI PLC

UNAUDITED CONSOLIDATED BALANCE SHEET (CONTINUED)

AT 30 JUNE 2015

30 June 2015

30 June 2014

31 December 2014

£000

£000

£000

Equity

Share capital

725

647

683

Share premium

19,727

16,402

16,807

Merger reserve

29,335

22,405

27,689

Treasury reserve

(792)

(792)

(792)

Minority interest put option reserve

(14,041)

(15,594)

(13,070)

Non controlling interest acquired

(9,068)

(2,540)

(7,882)

Foreign exchange reserve

(2,406)

201

(668)

Retained earnings

14,949

21,898

9,639

TOTAL SHAREHOLDERS FUNDS

38,429

42,627

32,406

Non Controlling interestS

5,318

2,371

3,466

TOTAL EQUITY

43,747

44,998

35,872

 

 

M&C SAATCHI PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

SIX MONTHS ENDED 30 JUNE 2015

 

 

ShareCapital£000

Sharepremium£000

Merger

reserve

£000

Treasuryreserve£000

MI put option reserve£000

Non controlling interest acquired£000

Foreign exchangereserves£000

Retainedearnings£000

Subtotal£000

Non controllinginterestin equity£000

 

Total£000

At 1 January 2015

683

16,807

27,689

(792)

(13,070)

(7,882)

(668)

9,639

32,406

3,466

35,872

Reserve movement for six months ending 30 June 2015

 

Exercise of put options

12

2,612

1,646

-

1,201

(1,201)

-

(48)

4,222

36

4,258

Issue of put options

-

-

-

-

(2,214)

-

-

-

(2,214)

1,805

(409)

Disposal of a subsidiary

-

-

-

-

-

-

-

(72)

(72)

181

109

Exchange rate movements

-

-

-

-

42

15

-

-

57

(110)

(53)

Share option exercise

30

308

-

-

-

-

-

(3)

335

(338)

(3)

Share option charge

-

-

-

-

-

-

-

230

230

-

230

Dividends

-

-

-

-

-

-

-

-

-

(942)

(942)

Total transactions with owners

42

2,920

1,646

-

(971)

(1,186)

-

107

2,558

632

3,190

Total comprehensive income for year

-

-

-

-

-

-

(1,738)

5,203

3,465

1,220

4,685

At 30 June 2015

725

19,727

29,335

(792)

(14,041)

(9,068)

(2,406)

14,949

38,429

5,318

43,747

 

 

M&C SAATCHI PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

SIX MONTHS ENDED 30 JUNE 2015

 

 

ShareCapital£000

Sharepremium£000

Merger

reserve

£000

Treasuryreserve£000

MI put option reserve£000

Non controlling interest acquired£000

Foreign exchangereserves£000

Retainedearnings£000

Subtotal£000

Non controllinginterestin equity£000

 

Total£000

At 1 January 2014

690

16,402

16,736

(792)

(16,587)

(1,532)

544

33,070

48,531

2,293

50,824

Reserve movement for six months ending 30 June 2014

Exercise of put options

20

-

5,669

-

1,008

(1,008)

-

-

5,689

(9)

5,680

Share buy back

(63)

-

-

-

-

-

-

(21,414)

(21,477)

-

(21,477)

Exchange rate movements

-

-

-

-

(15)

-

-

-

(15)

(10)

(25)

Share option charge

-

-

-

-

-

-

-

177

177

-

177

Total transactions with owners

(43)

-

5,669

-

993

(1,008)

-

(21,237)

(15,626)

(19)

(15,645)

Dividends

-

-

-

-

-

-

-

-

-

(909)

(909)

Total comprehensive income for year

-

-

-

-

-

-

(343)

10,065

9,722

1,006

10,728

At 30 June 2014

647

16,402

22,405

(792)

(15,594)

(2,540)

201

21,898

42,627

2,371

44,998

 

 

M&C SAATCHI PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

SIX MONTHS ENDED 30 JUNE 2015

ShareCapital£000

Sharepremium£000

Merger

reserve

£000

Treasuryreserve£000

MI put option reserve£000

Non controlling interest acquired£000

Foreign exchangereserves£000

Retainedearnings£000

Subtotal£000

Non controllinginterestin equity£000

 

Total£000

At 1 January 2014

690

16,402

16,736

(792)

(16,587)

(1,532)

544

33,070

48,531

2,293

50,824

Reserve movement for year ending 31 December 2014

 

Acquisition

-

-

-

-

(1,653)

-

-

-

(1,653)

5

(1,648)

Exercise of put options

47

-

13,011

-

5,151

(4,791)

-

-

13,419

(429)

12,990

Deletion of right of equity

-

-

-

-

-

(1,559)

-

-

(1,559)

1,559

-

Exchange rate movements

-

-

-

-

19

-

-

-

19

(121)

(102)

Tender offer

(63)

-

-

-

-

-

-

(21,451)

(21,514)

-

(21,514)

Merger reserve release on impairments

-

-

(2,058)

-

-

-

-

2,058

-

-

-

Option exercise

8

405

-

-

-

-

-

(413)

-

-

-

Share option charge

-

-

-

-

-

-

-

200

200

-

200

Dividends

-

-

-

-

-

-

-

(3,670)

(3,670)

(1,935)

(5,605)

Total transactions with owners

(7)

405

10,953

-

3,517

(6,350)

-

(23,276)

(14,758)

(921)

(15,679)

Total comprehensive income for the year

-

-

-

-

-

-

(1,212)

(155)

(1,367)

2,094

727

At 1 December 2014

683

16,807

27,689

(792)

(13,070)

(7,882)

(668)

9,639

32,406

3,466

35,872

 

M&C SAATCHI PLC

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

SIX MONTHS ENDED 30 JUNE 2015

 

Six months ended30 June 2015

Six months ended30 June 2014

Year Ended31 December 2014

 

Notes

£000

£000

£000

 

 

Revenue

87,568

82,616

169,373

 

Operating cost

(79,242)

(74,980)

(163,720)

 

Operating Profit

8,326

7,636

5,653

 

Adjustments for:

 

Depreciation of plant and equipment

1,120

1,065

2,055

 

Losses on sale of plant and equipment

9

137

198

 

Loss on disposal of a subsidiary

85

-

76

 

Loss on acquisition of a subsidiary

-

-

813

 

Profit on disposal of associate

(142)

-

-

Amortisation on acquired intangible assets

684

370

1,445

 

Impairment of goodwill

-

-

5,573

 

Amortisation of capitalised software intangible assets

50

59

120

 

Equity settled share based payment expenses

230

177

200

 

Operating cash flow before movements in working capital and provisions

10,362

9,444

16,133

 

Increase in trade and other receivables

(9,182)

(3,494)

(8,690)

 

Decrease in trade and other payables

4,569

(989)

8,676

 

Cash generated from operations

5,749

4,961

16,119

 

Tax paid

(2,081)

(3,066)

(5,332)

 

Net cash inflow from operating activities

3,668

1,895

10,787

 

Investing activities

 

Acquisitions net of cash acquired

10

(564)

(1,374)

(2,244)

 

Acquisitions of associates

10

(3,349)

-

(5,084)

 

Acquisition of investments

(335)

(224)

(1,187)

 

Proceeds from sale of associate

97

-

-

 

Proceeds from sale of plant and equipment

-

30

70

 

Purchase of plant and equipment

(638)

(1,504)

(3,350)

 

Purchase of capitalised software

(5)

(24)

(77)

 

Dividend from associates

76

82

660

 

Interest earned

154

31

307

 

Net cash consumed by investing activities

(4,564)

(2,983)

(10,905)

 

Net cash consumed by operating and investing activities

(896)

(1,088)

(118)

 

 

Six months ended30 June 2015

Six months ended30 June 2014

Year Ended31 December 2014

£000

£000

£000

Net cash consumed by operating and investing activities

(896)

(1,088)

(118)

Dividends paid to equity holders of the Company

-

-

(3,670)

Purchase of own shares

-

(21,477)

(21,514)

Dividends paid to non controlling interest

(1,912)

(909)

(1,935)

Issue of own shares

497

-

1

Repayment of finance leases

(17)

(22)

(61)

Inception of bank loans

6,451

10,022

17,913

Repayment of bank loans

(293)

-

-

Interest paid

(378)

(187)

(532)

Net cash generated / (consumed) from financing activities

4,348

 

(12,573)

 

(9,798)

Net increase / (decrease) in cash and cash equivalents

3,452

 

(13,661)

 

(9,916)

Cash and cash equivalents at the beginning of the period

23,321

33,587

33,587

Effect of exchange rate changes

(820)

19

(350)

Cash and cash equivalents at the end of the period

25,953

 

19,945

 

23,321

 

 

1. GENERAL INFORMATION

 

The Company is a public limited company incorporated and domiciled in the UK. The address of its registered office is 36 Golden Square, London W1F 9EE.

The Company has its primary listing on the AIM market of the London Stock Exchange.

This consolidated half-yearly financial information was approved for issue on 9 September 2015.

These results do not constitute the Group's statutory accounts. The information presented in relation to 31 December 2014 is extracted from the statutory financial statements for the year then ended and which have been delivered to the Registrar of Companies. The auditor's report on the statutory financial statements for the year ended 31 December 2014 was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report(s) and did not contain statements under Section 498 (2) or (3) of the Companies Act 2006.

 

2. Basis of preparation

 

This consolidated half-yearly financial information for the half-year ended 30 June 2015 has been prepared in accordance with the AIM Rules for companies. The half-yearly consolidated financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2014.

 

 

3. Accounting policies

 

The financial information in these interim results is that of the holding company and all of its subsidiaries (the Group). It has been prepared in accordance with the recognition and measurement requirements of International Financial Reporting Standards as adopted for use in the EU (IFRSs). The accounting policies applied by the Group in this financial information are the same as those applied by the Group in its financial statements for the year ended31 December 2014 and which will form the basis of the 2015 financial statements.

 

4. Earnings per share and reconciliation between headline and statutory results

The analysis below provides a reconciliation between the Group's statutory results and the headline results.

 

 

Six Months to30 June 2015

Reported results£000

Amortisationof acquired intangibles

£000

Profit on disposal of an associate

£000

Loss on disposal of subsidiary £000

Contingent acquisition cost classified as expense£000

Fair value adjustments to minority put option liabilities £000

Headlineresults

£000

Revenue

87,568

-

-

-

-

-

87,568

Operating profit

8,326

684

(142)

85

142

200

9,295

Share of results of associates & JV

541

-

-

-

-

-

541

Finance income

154

-

-

-

-

-

154

Finance cost

(618)

-

-

-

-

238

(380)

Profit before taxation

8,403

684

(142)

85

142

438

9,610

Taxation

(1,980)

(124)

71

-

-

-

(2,033)

Profit for the year

6,423

560

(71)

85

142

438

7,577

Non controlling interests

(1,220)

(27)

-

-

-

-

(1,247)

Profit attributable to equity holders of the Group

5,203

533

(71)

85

142

438

6,330

BASIC AND DILUTED EARNINGS PER SHARE*

Weighted average number of shares (Thousands)

70,677

70,677

Basic and diluted EPS*

7.36p

8.96p

* At 30 June 2015 there are no dilutive options, so basic and diluted EPS are the same.

 

The Directors believe that the headline results and headline earnings per share provide additional useful information on the underlying performance. The headline result is used for internal performance management, calculating the value of subsidiary convertible shares and minority interest put options. The term headline is not a defined term in IFRS.

 

The items that are excluded from headline results are the amortisation or impairment of intangible assets (including goodwill, but excluding software) acquired in business combinations, changes to deferred and contingent consideration and other acquisition related charges taken to the income statement; impairment of investment in associate; and fair value gains and losses on liabilities caused by our put and call option agreements (whether accounted under IFRS2 or IRS39).

 

Six months to30 June 2014

Reported results£000

Amortisationof acquired intangibles

£000

Fair value adjustments to minority put option liabilities £000

Headlineresults

£000

Revenue

82,616

-

-

82,616

Operating profit

7,636

370

-

8,006

Share of results of associates & JV

573

-

-

573

Finance income

5,386

-

(5,270)

116

Finance cost

(193)

-

-

(193)

Profit before taxation

13,402

370

(5,270)

8,502

Taxation

(2,331)

(78)

-

(2,409)

Profit for the year

11,071

292

(5,270)

6,093

Non controlling interests

(1,006)

-

-

(1,006)

Profit attributable to equity holders of the Group

10,065

292

(5,270)

5,087

BASIC EARNINGS PER SHARE

Weighted average number of shares (Thousands)

63,882

63,882

Basic EPS

15.76p

7.96p

DILUTED EARNINGS PER SHARE

Weighted average number of shares (Thousands) as above

63,882

63,882

Add

- LTIP

55

55

- 2012 LTIP

230

230

- New LTIP

2,322

2,322

- UK Growth shares

641

641

- Dilutive put options

472

472

Total

67,602

67,602

Diluted earnings per share

14.89p

7.52p

Year ended31 December 2014

Reported results£000

Amortisationof acquired intangibles

£000

Acquisition of remaining shares in loss making associate

£000

Impairment of Goodwill £000

Contingent acquisition cost classified as expense£000

Fair value adjustments to minority put option liabilities £000

Headlineresults

£000

Revenue

169,373

-

-

-

-

-

169,373

Operating profit

5,653

1,445

813

5,649**

2,465

-

16,025

Share of results of associates & JV

1,350

-

-

-

-

-

1,350

Finance income

316

-

-

-

-

-

316

Finance cost

(1,087)

-

-

-

-

539

(548)

Profit before taxation

6,232

1,445

813

5,649

2,465

539

17,143

Taxation

(4,293)

(391)

-

-

-

-

(4,684)

Profit for the year

1,939

1,054

813

5,649

2,465

539

12,459

Non controlling interests

(2,094)

-

-

-

-

-

(2,094)

(Loss) / profit attributable to equity holders of the Group

(155)

1,054

813

5,649

2,465

539

10,365

BASIC EARNINGS PER SHARE

Weighted average number of shares (Thousands)

65,285

65,285

Basic EPS

(0.24)p

15.88p

DILUTED EARNINGS PER SHARE

Weighted average number of shares (Thousands) as above

65,285

65,285

Add

- LTIP

55

55

- 2012 LTIP

230

230

- New LTIP

2,772

2,772

Total

68,342

68,342

Diluted earnings per share***

(0.24)p

15.17p

 **Of the £5,649k, £76k relates to a loss on disposal of an Indian subsidiary and £5,573k relates to impairment of goodwill.

*** There is no dilutive effect of losses

 

 

5. SEGMENTAL INFORMATION

This segmental information is reconciled to the statutory results in Note 4.

 

 

Six months to30 June 2015

UK

£000

Europe

£000

Middle East and Africa£000

Asia and Australasia

£000

Americas

£000

Total

£000

Revenue

41,111

10,427

4,076

21,930

10,024

87,568

Operating profit excluding Group costs

5,837

1,327

278

2,621

1,731

11,794

Group costs

(2,281)

(36)

-

(161)

(21)

(2,499)

Operating profit

3,556

1,291

278

2,460

1,710

9,295

Share of results of associatesand JV

347

(6)

-

78

122

541

Financial income and cost

(267)

(23)

(2)

47

19

(226)

Profit before taxation

3,636

1,262

276

2,585

1,851

9,610

Taxation

(500)

(387)

(47)

(779)

(320)

(2,033)

Profit for the period

3,136

875

229

1,806

1,531

7,577

Non controlling interests

(538)

(185)

(82)

(235)

(207)

(1,247)

Profit attributable to equity shareholdersof the Group

2,598

690

147

1,571

1,324

6,330

HEADLINE BASIC EPS

8.96p

Non cash costs included in operating profit:

Depreciation & Amortisation of software

(653)

(119)

(94)

(131)

(123)

(1,119)

Share option charges

(30)

-

-

-

-

(30)

OFFICE LOCATION

London

Paris

Berlin

Madrid

Geneva

MilanMoscow

Stockholm

Abu Dhabi

Beirut

Cape Town

Johannesburg

Tel Aviv

Sydney

Melbourne

New Delhi

Kuala Lumpur

Hong Kong

Beijing

Shanghai

Tokyo

Singapore

Los Angeles

São Paulo

New York

San Francisco

 

 

Six months to30 June 2014

UK

£000

Europe

£000

Middle East and Africa£000

Asia and Australasia

£000

Americas

£000

Total

£000

Revenue

37,821

10,372

3,934

22,134

8,355

82,616

Operating profit excluding Group costs

5,566

1,231

473

2,541

647

10,458

Group costs

(2,235)

(36)

-

(165)

(16)

(2,452)

Operating profit

3,331

1,195

473

2,376

631

8,006

Share of results of associatesand JV

430

(17)

-

160

-

573

Financial income and cost

(67)

(24)

9

19

(14)

(77)

Profit before taxation

3,694

1,154

482

2,555

617

8,502

Taxation

(879)

(355)

(124)

(813)

(238)

(2,409)

Profit for the period

2,815

799

358

1,742

379

6,093

Non controlling interests

(475)

(211)

(173)

(437)

290

(1,006)

Profit attributable to equity shareholdersof the Group

2,340

588

185

1,305

669

5,087

HEADLINE BASIC EPS

7.96p

Non cash costs included in operating profit:

Depreciation & Amortisation of software

(676)

(136)

(98)

(176)

(38)

(1,124)

Share option charges

(177)

-

-

-

-

(177)

OFFICE LOCATION

London

Paris

Berlin

Madrid

Geneva

MilanMoscow

Stockholm

Abu Dhabi

Beirut

Cape Town

Johannesburg

 

Sydney

Melbourne

New Delhi

Kuala Lumpur

Hong Kong

Beijing

Shanghai

Tokyo

Singapore

Los Angeles

São Paulo

New York

San Francisco

 

 

 

Year ended31 December 2014

UK

£000

Europe

£000

Middle East and Africa£000

Asia and Australasia

£000

Americas

£000

Total

£000

Revenue

79,144

21,092

8,004

44,173

16,960

169,373

Operating profit excluding Group costs

11,757

2,892

1,027

5,064

445

21,185

Group costs

(4,710)

(72)

-

(331)

(47)

(5,160)

Operating profit

7,047

2,820

1,027

4,733

398

16,025

Share of results of associatesand JV

1,074

(19)

-

224

71

1,350

Financial income and cost

(146)

(54)

(11)

58

(79)

(232)

Profit before taxation

7,975

2,747

1,016

5,015

390

17,143

Taxation

(1,593)

(954)

(271)

(1,652)

(214)

(4,684)

Profit for the year

6,382

1,793

745

3,363

176

12,459

Non controlling interests

(1,276)

(406)

(354)

(533)

475

(2,094)

Profit attributable to equity shareholdersof the Group

5,106

1,387

391

2,830

651

10,365

HEADLINE BASIC EPS

15.88p

Non cash costs included in operating profit:

Depreciation & Amortisation of software

(1,128)

(286)

(210)

(297)

(254)

(2,175)

Share option charges

(200)

-

-

-

-

(200)

OFFICE LOCATION

London

Paris

Berlin

Madrid

Geneva

MilanMoscow

Stockholm

Abu Dhabi

Beirut

Cape Town

Johannesburg

 

Sydney

Melbourne

New Delhi

Kuala Lumpur

Hong Kong

Beijing

Shanghai

Tokyo

Singapore

Los Angeles

São Paulo

New York

San Francisco

 

 

 

 

6. Finance Income

Six monthsended30 June 2015

Six monthsended30 June 2014

Year ended31 December2013

£000

£000

£000

Bank interest receivable

98

99

256

Other interest receivable

56

17

60

Total finance income

154

116

316

Fair value adjustments to minority shareholder put option liabilities

-

5,270

-

Total

154

5,386

316

 

 

7. Finance COsts

 

Six monthsended30 June 2015

Six monthsended30 June 2014

Year ended31 December 2014

£000

£000

£000

Finance costs

Bank interest payable

(366)

(189)

(541)

Other interest payable

(14)

(4)

(7)

Total interest payable

(380)

(193)

(548)

Fair value adjustments to minority shareholder put option liabilities

(238)

-

(539)

Total

(618)

(193)

(1,087)

 

8. Taxation

 

Income tax expenses are recognised based on management's estimate of the average annual headline income tax expected for the full financial year.

 

The estimated headline effective annual tax rate (excluding associates) used for the period to 30 June 2015 is 21.2% (30 June 2014: 28.3%). The decrease in the headline tax rate is due to reduced losses in subsidiaries that we were investing in, and the reduced UK tax rate.

 

The estimated effective annual tax rate for the period to 30 June 2015 is 17.4% (30 June 2014: 132.1%). The difference between the headline and statutory tax rates is caused by a difference in the profit before tax due to the impact of fair value adjustments to minority shareholder put option liabilities that have no effect on the tax charge.

 

 

9. Dividends

 

Six monthsended30 June 2015

Six monthsended30 June 2014

Year ended31 December 2014

£000

£000

£000

2013 final dividend 4.24p (2012: 3.85p)

-

-

2,723

2014 interim dividend 1.40p (2013: 1.21p)

-

-

947

-

-

3,670

 

The directors propose an interim dividend of 1.61p per share (2014: 1.40p per share) payable on13 November 2015 to shareholders who are on the register at 30 October 2015. This interim dividend, amounting to £1,158k (2014: £947k) has not been recognised as a liability in this half-yearly financial report.

10. Cash consumed by acquisitions

Six monthsended30 June 2015

Six monthsended30 June 2014

Year ended31 December 2014

£000

£000

£000

Acquisitions

Initial cash consideration paid

(577)

(1,232)

(2,284)

Cash and cash equivalents acquired

13

(142)

83

Cash lost on nominal value disposal

-

-

(43)

(564)

(1,374)

(2,244)

Purchase of associates

(3,349)

-

(5,084)

(3,914)

(1,374)

(7,328)

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR SSMFEUFISESU
Date   Source Headline
25th Mar 20247:36 amRNSHolding(s) in Company
11th Mar 20249:00 amRNSNotice of Results
8th Mar 202411:01 amRNSHolding(s) in Company
22nd Feb 20247:00 amRNSDirectorate Change
30th Jan 20244:55 pmRNSHolding(s) in Company
23rd Jan 20243:11 pmRNSHolding(s) in Company
22nd Jan 20247:00 amRNSConfirmation of Director Appointment
18th Jan 20247:00 amRNS2023 Full Year Trading Update
22nd Dec 20237:00 amRNSDivestment of subsidiaries
14th Dec 20233:31 pmRNSUpdate in relation to 2023 Annual General Meeting
22nd Nov 20232:22 pmRNSHolding(s) in Company
26th Sep 20237:00 amRNSDirector and PDMR Shareholding
18th Sep 202311:43 amRNSDirector/PDMR Shareholding
14th Sep 20237:00 amRNSM&C Saatchi – 2023 Interim Results
6th Sep 20237:00 amRNSNotice of Interim Results
24th Aug 20234:18 pmRNSTR-1: Notification of major holdings
3rd Aug 20237:00 amRNSGrant of Long-Term Incentive Plan Award
24th Jul 20237:00 amRNSM&C Saatchi - Board Changes
15th Jun 20237:00 amRNSConfirmation of Director Appointments
14th Jun 20234:00 pmRNSResult of Annual General Meeting
14th Jun 20237:00 amRNSM&C Saatchi AGM Trading Update
25th May 20237:00 amRNSTR-1:Standard form-notification of major holdings
15th May 20234:19 pmRNSStandard form for notification of major holdings
15th May 202312:11 pmRNSNotice of Annual General Meeting
24th Apr 20237:00 amRNSShare Purchase by Incoming Chair
18th Apr 20237:00 amRNSAudited Results Full Year 2022
12th Apr 20231:03 pmRNSM&C Saatchi - Confirmation of Director Appointment
3rd Apr 20234:33 pmRNSTR-1: Notification of Major Holdings
30th Mar 20233:05 pmRNSM&C Saatchi Proposed Board Changes
24th Mar 20237:00 amRNSStandard form for notification of major holdings
24th Feb 20237:00 amRNSStandard form for notification of major holdings
8th Feb 20237:38 amRNSCapital Markets Day
8th Feb 20237:00 amRNSM&C Saatchi Capital Markets Day
24th Jan 20237:00 amRNS2022 FY Trading Update and Proposed Board Change
13th Dec 20227:00 amRNSGrant of Long-Term Incentive Plan Awards
15th Nov 20224:37 pmRNSDirectors’ and PDMRs’ Shareholding
2nd Nov 20227:00 amRNSNotice of Capital Markets Day
31st Oct 20222:32 pmRNSForm 8.3 - Next Fifteen Communications Group Plc
31st Oct 202212:53 pmRNSResponse to Outcome of M&C Saatchi Meetings
31st Oct 202212:16 pmRNSResults of Court Meeting and General Meeting
26th Oct 20223:00 pmGNWForm 8.3 - Octopus Investments - M&C Saatchi plc
26th Oct 20222:39 pmRNSForm 8.3 - NEXT FIFTEEN COMMUNICATIONS GROUP PLC
25th Oct 20222:29 pmRNSForm 8.3 - Next Fifteen Communications Group Plc
25th Oct 202212:46 pmGNWForm 8.3 - Octopus Investments - M&C Saatchi plc
24th Oct 20222:37 pmRNSForm 8.3 -NEXT FIFTEEN COMMUNICATIONS GROUP PLC
24th Oct 202212:49 pmGNWForm 8.3 - Octopus Investments - M&C Saatchi plc
21st Oct 20227:15 amRNSUpdate on Offer for M&C Saatchi
21st Oct 20227:00 amRNSNotice of Reconvened Meetings
20th Oct 20221:43 pmGNWForm 8.3 - Octopus Investments - M&C Saatchi plc
20th Oct 202211:11 amRNSForm 8.3 - M&C SAATCHI PLC ORD 1P

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.