11 Jun 2009 11:20
Chairman's Statement
2008 was our 14th year and appropriately enough we made a record £14m profit. Revenue was up, margins were up and earnings per share followed suit. Great credit is due to all our people for tremendous results in trying circumstances.
This year promises to be more challenging. The degree of caution and pessimism is unparalleled in my time in the industry.
However, undaunted, we have opened 3 new offices this year: Brazil, the world's 9th biggest ad market; Japan, where a highly regarded team joined up with us; and Switzerland, where many multinationals are based and the opportunities for regional accounts are reported to be favourable.
So far, 2009 is in line with management expectations and although in the recent Report and Accounts, we said it was getting harder and harder to peer beyond the immediate future , the fog does now seem to be lifting. What we see may not always be to our liking, but at least it is clearing.
Since we last met, we have promoted two members of the Executive Committee. Moray McLennan is now Chief Executive of our Global Advertising Network, and Tom Dery is its Chairman. We wish them well, and hope that under their direction, momentum can be increased further.
Tim Duffy became the CEO of our UK agency group, a well-deserved promotion for a man in whom we have great confidence.
Walker Media promoted Simon Davis to Managing Director, another well-earned move for one of the Company's rising stars.
In summary, the position is not as bad as once feared but not as rosy as one would hope for. We intend to pursue our established strategy and take advantage of any opportunity to expand into new geography, or into new categories in countries where we already have a presence.
We are constantly looking to find and back ambitious men and women with the vision and entrepreneurial drive to seek out profitable business streams in pastures old or new.
M&C Saatchi plc
Jeremy Sinclair, Chairman 020 7543 4500
David Kershaw, Chief Executive
Numis Securities Ltd 020 7260 1000
Lee Aston, NOMAD
Charles Farquhar, Corporate Broking
Tulchan Communications 020 7353 4200
Susanna Voyle
Tom Ryner
M&C Saatchi (SAA)