Despite this news, the ad company said ‘‘it has ‘‘continued to trade well” following today’s release of M&C Saatchi’s unaudited results for the year to December 2019.
The company’s revenues were up 2.4% to £256m, with a cash on hand of £56m.
Full results are expected within ‘‘a matter of weeks’’.
M&C Saatchi’s accounting problems came from declaring revenue before it was due, with shares today falling to 56p.
David Kershaw, the company’s CEO, said: ‘‘The past 12 months have been hugely challenging for the Company and its shareholders.
‘‘I would like to personally thank all of our people for their dedication, commitment and hard work during this time, particularly since the onset of the Covid-19 pandemic. This is reflected by our resilient performance so far in 2020.’’
He added: ‘‘Since the accounting misstatements first came to light last year, we have worked tirelessly to ensure we never find ourselves in this position again.
‘‘We have strengthened our finance team, set about transforming our financial controls, and rebuilt our Board with the appointment of four independent Non-Executive Directors.’’