M&C Saatchi (AIM:SAA) nice results, the web site and capital structure are really worth a look
The advertising and marketing services group has announced excellent results for the first six months of 2015. This Group has an interesting web site as well as a very interesting capital structure, at least for an AIM company!
Like-for-like revenues were up 9% and overall revenues up 6% to £87.6m. The operating margin was lifted to 10.6%, from 9.7% in 2014, headline profit before tax up 13% to £9.6m and headline net earnings rose 25%. Reported pre-tax profit was considerably down on the comparable period due to the materiality (£5.8m) of fair value adjustments to minority shareholder put option liabilities in the comparable period, more on those below. The notes offer a reconciliation between the Reported results and the Headline results but it’s also probably worth focusing on the cash flow statement rather than income statement to gain…