Financial results for M&C Saatchi show the company’s operating profit fell in the first half of the year.
The advertising company warned full-year profits could come in 5-10 per cent below estimates following losses and accounting errors.
Profits were also down on last year’s results in Australia.
The document states “non-recurring income in Australia for H1 2018 has resulted in lower comparative profits in H1 2019”.
Despite the slump, M&C Saatchi remained optimistic about Australian operations, tipping spend in H2 2019 to increase thanks to its “retail-driven client” base, which includes Woolworths, Optus, Lexus, Cricket Australia and Tab.
2019 client wins by the Australian outfit include AHC (Division of Unilever), SUMO Power, FlexiGroup, Uniting (NSW ACT), Sony Music, AVEO Group, Respiri, Racing Victoria, Plush, Yourtown, Ethos Urban, UNSW, Bill Care and SMEG.
When local results were combined with Asia, net revenue for the company has increased one per cent year-on-year, while headline operating profit was down 48 per cent and headline operating costs up six per cent.
The company last month found incorrect statements on revenues and costs in August, causing share prices to crash in the UK.
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