Britain's M&C Saatchi posts higher profit as clients' ad spend improves
Corrects company ticker symbol for Ford in paragraph 2
Sept 18 (Reuters) -British advertising group M&C Saatchi SAA.L posted a 26% rise in first-half profit on Wednesday, and forecast its annual results in line with market view, aided by improved advertising spend from clients, cost-saving measures and asset sales.
Business from the existing client base remained strong with about 75% of last year's clients choosing to spend in the first half of the year, the company said, adding that it now has high-profile clients such as McDonald's MCD.N, Ford F.N,IKEA and Sony Pictures to its blue-chip roster.
In response to pressure from tech clients' marketing cutbacks last year, M&C Saatchi, under new CEO Zaid Al-Qassab, had been strategically divesting some businesses to enhance margins and profitability.
The advertising group, with clients such as Amazon AMZN.O and Japan's Rakuten 4755.T posted 14.2 million pounds ($18.71 million) in like-for-like profit before tax for the six-month period ended June 30, from 11.3 million pounds a year earlier.
($1 = 0.7591 pounds)
Reporting by Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips
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