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M&C Saatchi says large number of its offices have re-opened

The group said it launched a strategic review of its business recently with the results to be released after September

M&C Saatchi PLC -
Client-facing sites have also reopened

M&C Saatchi PLC (LON:SAA) said coronavirus disruption has had a severe impact on its business since April, but actions to mitigate its impact had protected it from the worst effects.

The marketing and advertising group added that a large number of its offices around the world have re-opened, with client-facing staff also returning to work.

In April, the AIM-listed group suspended its dividend and withdrew guidance for this year saying the coronavirus pandemic had caused a “sharp drop in demand” across its business.

In a trading update today, the group said cash as at June 23, 2020, amounted to £52mln including a fully drawn £36m revolving credit facility (RCF) and £5mln overdraft with NatWest which comes up for renewal on July 31, 2021.

The RCF is fully drawn and the overdraft remains undrawn, leaving a net cash position of £16mln and discussions are underway with NatWest to relax the covenant limits.

M&C said it had also applied to the Government's Coronavirus Large Business Interruption Loan Scheme for the period to July 31, 2021.

The group said it launched a strategic review of its business recently with the results to be released after September.

M&C Saatchi added it has taken advantage of the extension granted to AIM companies for the publication of results and a July release time is the current target for full-year 2019 numbers.

Quick facts: M&C Saatchi PLC

Price: 54 GBX

AIM:SAA
Market: AIM
Market Cap: £62.33 m
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