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Winnileaks shocker: Jamie Hewitt, Saatchi, the bombshell emails and an (again) failing FCA

On his LinkedIn profile the former CFO of M&C Saatchi (SAA) Jamie Hewitt says: "After 15 very good years at M&C Saatchi as Global CFO, I decided to leave in search of new and exciting CFO challenges. I am particularly keen to identify and work with fast scaling media and tech businesses, in either a permanent or interim role." Before hiring Jamie, Prospective employers may care to check out this Winnileaks expose, a report from PWC into accounting fraud at Saatchi from December 2019.

EPIC SAA
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M&C Saatchi – is it working?, Is it set to be in the future?

M&C Saatchi (SAA) has updated including; “There is no change to the group's 2019 previously announced profit, and there are no further adjustments to prior period headline profit beyond those reported in the preliminary unaudited financial statements published on 30 September 2020. An additional non-cash, non-headline prior year adjustment of £2.8m relating to 2017 and prior periods is reported” – and the shares, already up from below 30p in April, are currently at 80p, approaching 40% higher. Hmmm...

EPIC SAA
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M&C Saatchi – how long is “the foreseeable future” for which it “remains confident about the liquidity status”?

“COVID-19 update” from marketing company M&C Saatchi (SAA) includes “all group companies continue to operate and serve our clients, with the majority of offices currently operating a remote working policy… we continue to pitch for new business and there are still some areas where demand for our services remains steady, e.g. our talent and influencer businesses” and that it “remains confident about the liquidity status of the group for the foreseeable future”. The shares are currently still above 31p, however…

EPIC SAA
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M&C Saatchi advertises yet another shocker

I wonder what the M&C Saatchi (SAA) Christmas party will be like this year? Judging by today's regulatory news update, I would be tempted to cancel it – if it was going ahead in the first place. You may recall that I have written twice about the advertising company - most recently here back in September - talking about its slow car crash involving both an accounting scandal and depressed profits. Today's update provides clarity on the former, but provides another slice of trading gloom. And the shares? Down 40% from already depressed levels as I write. It is going to have to work hard to advertise this positively...

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