UPDATE 2-M&C Saatchi shares sink on latest profit warning, accounting woes [Reuters]
Unilever PLC (UL)
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Source: Reuters
M&C Saatchi shares sink on latest profit warning, accounting woes (Reuters) - Shares in M&C Saatchi Plc ( SAA.L ) plunged around a half in value on Wednesday after the ad agency issued its second profit warning in less than three months due to an accounting scandal. The accounting review related to several units in the company’s UK business overstating income and receivables, among others, and M&C said it would restructure its UK operations. “This restatement of our numbers and the reduction in forecasts make for very difficult reading,” said Chief Executive David Kershaw. The company said an independent audit review by PWC had identified further adjustment to be made to its financials, totaling 11.6 million pounds ($14.88 million). M&C said such adjustments may have occurred in half year reports since 2014, however noting that the full-year audits had “clean full-year audit opinions”. “This bad news is compounded by a pretty serious looking profit warning, and the company’s relianc
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