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Advertising agency to take £11.6m hit as it issues second profit warning in three months

M&C Saatchi’s share price has plunged by more than 40% after the advertising agency admitted its accounting scandal is much worse than previously thought and issued a second profit warning in less than three months.

The embattled group, which has clients including O2 and Sky in the UK, said that after an external review by PricewaterhouseCoopers, it would be taking an £11.6m hit.

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