M&C Saatchi Swings to Loss as Tech Firms Slash Ad Budgets
- The Advertising Agency Posted a £5.1m Pre-Tax Loss for the Six Months to June
- Saatchi’s Half-Year Results Are Set to be the Last with Moray MacLennan as CEO
- Diageo, Coca-Cola, Adidas are Among the Firm’s Prominent Corporate Clients
M&C Saatchi experienced a significant decline in spending by its technology clients in the UK and US, resulting in a first-half loss.
For the six months ending in June, the advertising agency reported a £5.1 million statutory pre-tax loss, compared to a £305,000 profit during the same period last year.
The company’s net revenue dropped 7% to £120.4 million due to the weaker economic environment affecting businesses in the technology sector and clients with discretionary spending.
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