M&C Saatchi reports that full-year 2023 net revenue is expected to be down 7% to approximately 252 million GBP (about $320 million at today’s exchange rate).  

The London-based agency said that cost-saving initiatives implemented in the second half of the year helped to boost pre-tax profit margin to 16% from 8% in the first half.  

Earlier the firm noted that first-half media revenue was down 30% while advertising revenue fell 16%. It did not provide updated figures for the second half. More detailed results for 2023 will be reported in April, the agency said. 

Net cash at year end 2023 was 8.2 million GBP. The firm said it had access to 31 million GBP from a revolving credit facility.  

The company’s board has appointed Odgers Berndtson to assist with the search for a new CEO to succeed Moray MacLennan, who stepped down at the end of September after 30 years with the company. Zillah Byng-Thorne, the Board's Non-Executive Chair, is leading the company in the interim.  

“Whilst economic headwinds remain, we are pleased with the progress we are making on building an enhanced and more connected operating model,” stated Byng-Thorne.  

Separately the agency announced that Heather Rabbatts has been appointed senior independent non-executive director to the board. She succeeds Lisa Gordon who stepped down after her term expired in June of last year. Rabbatts has held a number of executive and non-executive roles in local government, infrastructure, media and sports.