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Shared ownership works well if share prices are rising, but the ad firm’s big fall may spell trouble

Here’s Jeremy Sinclair’s entry into the book of silly things said by advertising folk: “2018 was our 10th year of growth,” declared the chairman of M&C Saatchi in the annual report in May. “Growth of profit, earnings and dividends. Whilst it might be too early to say we’ve cracked it, it does seem that the strategy is proving itself.”

M&C Saatchi’s share price at the time was 360p. Now it is 79p, a level last seen in 2010, so yes, it was a tad premature to declare a great triumph. Even Sinclair’s boast about profits growth last year may need to be revisited in light of the ad firm’s latest confessions. An adjustment of £11.6m to reflect “accounting misstatements” will be spread between the financial results for 2018 and 2019.

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