, April 11 -- The UK-based global group's shares have been acquired by the local leadership team for £5.6m cash according to AdNews Australia.

The announcement was made on the same day, Wednesday 10 April, as M&C Saatchi Plc reported a decline in profit, citing challenging market conditions for advertising, consultancy and media, as it aimed to simplify how to target its clients.

The London-based communications company said pretax profit dropped 87% to £15,000 in 2023 from £5.4m in 2022. Adjusted pretax profit fell 10% to £28.7m from £31.8m.

Revenue edged down 1.9% to £453.9m from £462.5m. Project cost or direct cost decreased 5.1% to £201.1m from £191.4m. M&C Saatchi proposed a final divide...