December 4, 2019 / 7:34 AM / 3 months ago

Ad agency M&C Saatchi rings another profit alarm as costs mount

Dec 4 (Reuters) - UK-based M&C Saatchi Plc on Wednesday warned of lower annual profit for the second time in less than three months, due to higher costs and weak performance in the fourth quarter, and the ad agency said it would restructure its UK business.

The company, which initiated an internal accounting review of several of its UK subsidiaries in August, said an audit review will result in an upward adjustment to 11.6 million pounds ($14.88 million) to its 2018 and 2019 results.

The ad agency said it expects its adjusted underlying pretax profit for the full year to fall between 22% and 27% compared with last year.

$1 = 0.7794 pounds Reporting by Yadarisa Shabong in Bengaluru, Editing by Sherry Jacob-Phillips

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