M&C Saatchi PLC on Friday said it was ‘mindful of ongoing macro volatility’ but reported continued positive trading in the second half of last year.

Shares in the firm were up 6.5% at 188.5 pence on Friday morning in London.

Supported by strong growth in Issues, Media and the UAE, the London-based advertising agency said first-half momentum was maintained in the second half of 2024.

Like-for-like net revenue growth of 3.5% is anticipated for the year, with reported net revenue expected in the region of £243 million. This compares with the prior year’s figure of £252.8 million.

M&C Saatchi said pretax profit and operating margin for 2024 are expected to be in line with market expectations, as group-wide efficiency initiatives allowed for ‘organic reinvestment into group capabilities and talent’ in the second half of the year.

Cash at the end of the year remained strong, said the firm, with net cash of around £16 million coupled with £36 million in facilities to capitalise on strategic opportunities.

It added that it expects ‘significant cash tailwinds into 2025 and beyond’ due to its increased cash management focus and ongoing settlement of put options.

Chief Executive Zaid Al-Qassab said: ‘We are encouraged by the second-half 2024 results, driven by our global network and specialist capabilities within our new agile, regional-first operating model. This, combined with the execution of our ongoing group-wide transformation, is positively impacting the business.

‘Whilst we remain mindful of ongoing macro volatility, we are confident we are putting the foundations in place to achieve our ambition of long-term profitable growth and delivering strong sustainable returns for shareholders.’

The firm has not yet indicated when it intends to report its full-year results.

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