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M&C Saatchi posts first year loss

Published on .

LONDON -- M&C Saatchi, despite its impressive first-year success in attracting major business such as British Airways' $90m account, posted a loss in its first year of trading. M&C Saatchi Ltd reported an after tax loss of 1617,000 ($1m) on a turnover of 115,346,000 ($25m), in the year ended December 31, 1995, according to figures the privately-held company filed with Companies House in London.

Asked about the results, David Kershaw, one of the agency's founding partners, said that since September 1995 the agency has been trading at a profit every month, which will be reflected in the 1996 results. He says the 1995 loss reflected the agency's start-up costs.

"All in all we're very pleased. It's refreshing that the only shareholder we are answerable to is ourselves," Kershaw says, in a direct reference to David Herro, the fund manager at Saatchi & Saatchi PLC shareholder Harris Associates, who led the coup against Maurice Saatchi.

Copyright January 1997, Crain Communications Inc.

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