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Markets News

Ad agency M&C Saatchi's shares to be halted following audit delay

Sept 30 (Reuters) - M&C Saatchi said on Wednesday trading of its shares would be temporarily suspended in London, after the advertising agency failed to submit 2019 audits to regulators in time following a probe into an accounting scandal revealed last year.

The company also said it was cutting an unspecified number of jobs in its portfolio companies in the UK, Brazil, Malaysia and Los Angeles as it tries to ride out the impact from the COVID-19 pandemic.

M&C, however, said trading was still strong in 2020 and it was profitable in the second half of the year.

The company’s shares were down about 6% at 54.2 pence by 0720 GMT. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta)

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