M&C Saatchi posts pre-tax profit of £8.7m as it prepares New York opening
M&C Saatchi has reported per-tax profit of £8.7m for the first half of 2012, while seeing a 16 per cent increase in UK revenues.
Reporting its financial results until the end of June this year, the global advertising business generated an increase in revenue of 15 per cent, reaching £82.8m, and a 13 per cent increase in operating profit to £8.6m.
European revenue also grew by 25 per cent while operating profit reached an increase of 31 per cent.
Revenue also grew across Asia and Australasia by 12 per cent, with a 41 per cent operating profit increase of 41 per cent, and across Middle East and Africa where revenue grew by 146 per cent to £2.8m.
The American market, where the agency is set to open in New York before the end of the year, saw a growth by 12 per cent.
However, a 'disappointing' first half for brand consultancy Clear led to a 15 per cent cost reeducation.
David Kershaw, chief executive, said: "M&C Saatchi has made further good progress over the first six months of 2012. This has resulted from new business success and successful new businesses.
"Our federation of entrepreneurs delivered double digit revenue and earnings growth. Meanwhile, we continue to invest in high-growth new businesses in mature markets, to scale up in new markets and to export proven models across the network.
"Looking ahead, we are confident that we will continue to make progress in 2012 and beyond. The strategy is working."