- Reported billings up 5.0% at £23.156
billion, up 5.0% in constant currency
- Reported revenue up 6.8% at £5.839
billion in sterling, down 2.6% at $8.901 billion in dollars, up
19.9% at €7.990 billion in euros and up 14.6% in yen at ¥1.072
trillion
- Constant currency revenue up 6.4%,
like-for-like revenue up 4.9%
- Constant currency net sales up 4.7%,
like-for-like net sales up 2.3%
- Reported net sales margin of 13.3%,
up 0.3 margin points versus last year, up 0.4 margin points on a
constant currency and like-for-like basis, well ahead of the full
year margin target
- Headline reported profit before
interest and tax £669 million, up 7.6%, and up 7.9% in constant
currency
- Headline profit before tax £596
million up 12.1%, up 13.2% in constant currency
- Profit before tax £710 million up
44.5%, up 45.6% in constant currency reflecting net exceptional
gains
- Reported profit after tax £601
million up 51.7%, up 51.8% in constant currency
- Headline diluted earnings per share
33.5p up 14.7%, up 15.2% in constant currency
- Reported diluted earnings per share
43.0p up 59.3%, up 58.8% in constant currency
- Dividends per share 15.91p up 36.9%,
a pay-out ratio of 47.5%, significantly higher than the
traditionally lower first-half pay-out ratio and in line with
achieving a 50% pay-out ratio in two years
- Share buy-backs continue above
target at £405 million in the first half, up from £390 million last
year, equivalent to 2.0% of the issued share capital against 2.3%
last year
- Targeted dividend pay-out ratio of
50% likely to be achieved by the end of 2016
- Return on equity for the 12 months
to 30 June 2015 increased to 15.9% from 15.2% for the previous 12
month period
- Including all associates and
investments, revenue totals over $26 billion annually and people
average over 190,000
WPP (NASDAQ:WPPGY) today reported its 2015 Interim Results.
Key figures
£ million
H1 2015
∆ reported1
∆ constant2
H1 2014 Billings
23,156 5.0% 5.0%
22,060
Revenue 5,839 6.8%
6.4%
5,469 Net sales
5,041 5.2% 4.7%
4,792
Headline EBITDA3
782 6.7% 6.7%
733
Headline PBIT4
669 7.6% 7.9%
622
Net sales margin5
13.3%
0.36
0.46
13.0% Profit before
tax 710 44.5% 45.6%
491 Profit after tax
601 51.7% 51.8%
396
Headline diluted EPS7
33.5p 14.7% 15.2%
29.2p
Diluted EPS8
43.0p 59.3% 58.8%
27.0p Dividends per share
15.91p 36.9% 36.9%
11.62p
First-half and Q2 highlights
- Reported billings increased by
5.0% to £23.156bn, also up 5.0% in constant currency
- Reported revenue growth of 6.8%,
with like-for-like growth of 4.9%, 1.5% growth from acquisitions
and 0.4% from currency, reflecting the weakness of sterling against
the dollar, partly offset by the strength of sterling, primarily
against the euro
- Reported net sales up 5.2% in
sterling (down 4.0% in dollars, up 18.1% in euros and up 12.9% in
yen), with like-for-like growth of 2.3%, 2.4% growth from
acquisitions and 0.5% from currency
- Constant currency revenue growth in
all regions and business sectors, characterised by particularly
strong growth geographically in North America, the United Kingdom
and Asia Pacific, Latin America, Africa & the Middle East and
Central & Eastern Europe, and functionally in advertising and
media investment management and sub-sectors direct, digital and
interactive and specialist communications
- Like-for-like net sales growth of
2.3%, a slight reduction over the first quarter growth rate,
with the gap compared to revenue growth less in the second quarter,
as the scale of digital media purchases in media investment
management and data investment management direct costs continued at
a similar level to the first quarter
- Reported headline EBITDA up
6.7%, with constant currency growth also 6.7%, delivered
through strong like-for-like net sales growth and by margin
improvement, with headline operating costs up 4.7%, rising less
than revenue and net sales
- Reported headline PBIT increased by
7.6%, and up 7.9% in constant currency with the reported net
sales margin, a more accurate competitive comparator, increasing by
0.3 margin points, and by 0.4 margin points on a constant currency
basis, well ahead of the Group’s full year target
- Reported headline diluted EPS 33.5p,
up 14.7%, and up 15.2% in constant currency. Dividends
increased 36.9% to 15.91p, giving a pay-out ratio of 47.5% in the
first half, compared with the traditionally lower first-half
pay-out ratio of 40% last year and mid-way between the 45% pay-out
ratio in 2014 and the target of 50% originally targeted to be
reached over two to three years
- Average net debt increased by
£261m (+9%) to £3.131 billion compared to last year, at 2015
constant rates, continuing to reflect significant incremental net
acquisition spend and share repurchases of £468 million in the
twelve months to 30 June 2015, compared with the previous twelve
months, more than offsetting the improvements in working capital in
the same period
- Return on equity for the 12
month period to 30 June 2015 increased to 15.9% from 15.2% for the
previous 12 month period. The return was also up on the 15.0%
achieved in the calendar year 2014, from 14.4% in 2013. This
compares to a weighted average cost of capital of over 6%, also
after tax
- Creative and effectiveness
domination recognised yet again in 2015 with the award of the
Cannes Lion to WPP for the most creative Holding Company for the
fifth successive year since the award’s inception and another to
Ogilvy & Mather Worldwide for the fourth consecutive year as
the most creative agency network. Three WPP agency networks, Ogilvy
& Mather Worldwide, Grey and Y&R finished amongst the top
four networks at Cannes in 2015, in positions one, three and four
respectively, an outstanding achievement. Grey New York and Ogilvy
Sao Paulo were also voted the second and third most creative
agencies in the world. For the fourth consecutive year, WPP was
awarded the EFFIE as the most effective Holding Company
- Continued strong performance in
all net new business tables and in current tsunami of primarily
media new business reviews
- Accelerated growth strategy
continues with revenue ratios for fast growth markets and new
media raised from 35-40% to 40-45% over next five years.
Quantitative revenue target of 50% already achieved
Current trading and outlook
- July 2015 | Strong July
like-for-like revenue growth of 5.0% and net sales growth, up 3.7%
like-for-like, indicating a likely stronger third quarter, as
budgeted and forecast. All regions and sectors (except data
investment management) were positive, and showed a similar relative
pattern to the first half, with advertising, media investment
management, public relations and public affairs and specialist
communications (including direct, digital and interactive) up
strongly. Cumulative like-for-like revenue growth for the first
seven months of 2015 is 4.9% and net sales growth 2.5%
- FY 2015 quarter 2 revised
forecast | Slight increase in like-for-like revenue growth from
the quarter 1 revised forecast, as the scale of digital media
purchases increased, with revenue and net sales growth similar at
over 3% and a stronger second half, partly reflecting easier
comparatives in the second half of 2014. Headline net sales
operating margin target improvement, as previously, of 0.3 margin
points in constant currency
- Dual Focus in 2015 | 1. Stronger
than competitor revenue and net sales growth due to leading
position in both faster growing geographic markets and digital,
premier parent company creative position, new business,
horizontality and strategically targeted acquisitions; 2. Continued
emphasis on balancing revenue and net sales growth with headcount
increases and improvement in staff costs to net sales ratio to
enhance operating margins
- Long-term targets | Above
industry revenue and net sales growth due to geographically
superior position in new markets and functional strength in new
media, in data investment management, including data analytics and
the application of new technology, creativity, effectiveness and
horizontality; improvement in staff costs to net sales ratio of 0.2
or more depending on net sales growth; net sales operating margin
expansion of 0.3 margin points or more; and headline diluted EPS
growth of 10% to 15% p.a. from revenue and net sales growth, margin
expansion, strategically targeted small and medium-sized
acquisitions and share buy-backs
In this press release not all of the figures and ratios used are
readily available from the unaudited interim results included in
Appendix 1. Where required, details of how these have been arrived
at are shown in the Appendices.
Review of Group results
Revenue
Revenue analysis
£ million
2015 ∆ reported
∆ constant9
∆ LFL10
acquisitions
2014 First quarter
2,783 8.3% 7.4% 5.2% 2.2%
2,570
Second quarter 3,056
5.5% 5.5% 4.5% 1.0% 2,899
First half 5,839 6.8% 6.4%
4.9% 1.5% 5,469
Net sales analysis
£ million
2015 ∆ reported
∆ constant ∆ LFL acquisitions
2014 First quarter 2,419
6.0% 5.0% 2.5% 2.5%
2,283
Second quarter 2,622
4.5% 4.5% 2.1%
2.4% 2,509
First half 5,041
5.2% 4.7% 2.3%
2.4% 4,792
Reported billings were up 5.0% at £23.156 billion, and up 5.0%
in constant currency. Estimated net new business billings of £1.301
billion ($2.082 billion) were won in the first half of the year,
resulting in the Group performing strongly in all net new business
tables, once again. The Group continues to benefit from
consolidation trends in the industry, winning assignments from
existing and new clients, including several very large
industry-leading advertising, media and digital assignments, the
full benefit of which will be seen reflected in Group revenue later
in 2015 and into 2016. The Group is actively engaged in the tsunami
of mainly media investment management reviews, chiefly in the
United States, totalling approximately $20 billion, which are
on-going. The earlier results of these reviews have been good and
further results will be announced towards the end of 2015 and into
2016.
This surge in attention to media investment management seems
primarily to be procurement led and cost-driven, because of the
relative size of media spending as a line item in the client
P&L. It also reflects concern and uncertainty around the impact
of changing screen-based media consumption habits, particularly
amongst the younger age groups, like millennials and centennials,
as we have seen with legacy print. In addition, weaknesses in the
coverage of traditional media measurement systems, which, for
example, exclude significant parts of out-of-home viewing and
multi-screen viewing and in new media measurement systems, that set
too low a standard or hurdle for video viewability, add to the
confusion. Finally, there is some debate about lack of transparency
in new media buying, which is perhaps unfair, given the openness of
market pricing and the opacity of Double-click and Atlas
page-ranking methods, for example, along with their high margins
and some cases of anti-competitive bundling.
Reportable revenue was up 6.8% at £5.839 billion. Revenue on a
constant currency basis was up 6.4% compared with last year, the
difference to the reportable number reflecting the continuing
weakness of the pound sterling against the US dollar, partly offset
by the strength of sterling, primarily against the euro. As a
number of our current competitors report in US dollars, in euros
and in yen, appendices 2, 3 and 4 show WPP’s interim results in
reportable US dollars, euros and yen respectively. This shows that
US dollar reportable revenue was down 2.6% to $8.901 billion, which
compares with the $7.275 billion of our closest current US-based
competitor, euro reportable revenue was up 19.9% to €7.990 billion,
which compares with €4.542 billion of our nearest current
European-based competitor and yen reportable revenue was up 14.6%
to ¥1.072 trillion, which compares with ¥40711 billion of our
nearest current Japanese-based competitor.
On a like-for-like basis, which excludes the impact of
acquisitions and currency, revenue was up 4.9% in the first half,
with net sales up 2.3%, with the gap compared to revenue growth
slightly less in the second quarter, as the scale of digital media
purchases in media investment management and data investment
management direct costs continued at a similar level to the first
quarter. In the second quarter, like-for-like revenue was up 4.5%,
lower than the first quarter’s 5.2%, giving 4.9% for the first
half, with net sales also slightly lower at 2.1%, following 2.5% in
the first quarter, giving 2.3% for the first half, against stronger
comparatives of 8.7% and 4.1% for revenue and net sales
respectively, in 2014. Despite tepid GDP growth, low or no
inflation and consequent lack of pricing power, client data
continues to reflect some increase in advertising and promotional
spending – with the former tending to grow faster than the latter,
which from our point of view is more positive – across most of the
Group’s major geographic and functional sectors. Quarter two saw a
continuation of the relative strength of advertising spending in
fast moving consumer goods, especially. Nonetheless, clients
understandably continue to demand increased effectiveness and
efficiency, i.e. better value for money. Although corporate balance
sheets are much stronger than pre-Lehman and confidence is higher
as a result, the Eurozone, Middle East, BRICs hard or soft landing
(particularly now China) and US deficit uncertainties still demand
caution. The over $7 trillion net cash lying virtually idle in
those balance sheets, still seems destined to remain so, with
companies, even after the recent upturn in merger activity,
unwilling to attempt excessive acquisition risk (except perhaps in
our own industry) or expand capacity, particularly in mature
markets, despite the Eurozone showing some signs of life.
Operating profitability
Reported headline EBITDA was up 6.7% to £782 million, up 6.7% in
constant currency. Reported headline operating profit was up 7.6%
to £669 million from £622 million, up 7.9% in constant currency. As
has been noted before, our profitability tends to be more skewed to
the second half of the year compared with some of our competitors,
for reasons which we still do not yet understand.
Reported headline net sales operating margins were up 0.3 margin
points at 13.3%, up 0.4 margin points in constant currency, well
ahead of the Group’s full year margin target of a 0.3 margin points
improvement, on a constant currency basis. On a like-for-like
basis, operating margins were also up more than target at 0.4
margin points.
Given the significance of data investment management revenue to
the Group, with none of our direct parent company competitors
significantly present in that sector, net sales remain a much more
meaningful measure of competitive comparative top line and margin
performance. Net sales is a more appropriate measure because data
investment management revenue includes pass-through costs,
principally for data collection, on which no margin is charged and
with the growth of the internet, the process of data collection
becomes more efficient. In addition, the Group’s media investment
management sub-sector is increasingly buying digital media for its
own account and, as a result, the subsequent billings to clients
have to be accounted for as revenue, as well as billings. We know
competitors do have significantly increasing barter, telesales,
food broking and field marketing operations, where the same issue
arises and which remain opaque and undisclosed. As a result,
reporting practices should be standardised, although there is
limited recognition of this to date. Thus, revenue and revenue
growth rates will increase, although net sales and net sales growth
will remain unaffected and the latter will present a clearer
picture of underlying performance. Because of these two significant
factors, the Group, whilst continuing to report revenue and revenue
growth, will focus even more on net sales and the net sales
operating margin, in the future. In the first half, as noted above,
the reportable headline net sales margin was up 0.3 margin points
and up an even stronger 0.4 margin points in constant currency and
like-for-like.
On a reported basis, net sales operating margins, before all
incentives12, were 15.5%, up 0.2 margin points, compared with 15.3%
last year. The Group’s staff costs to net sales ratio, including
incentives, fell by 1.1 margin points to 65.5% compared with 66.6%
in the first half of 2014. On a constant currency basis, net sales
margins, before all incentives, were also 15.5%, 0.1 margin points
higher than the first half of 2014, and the staff costs to net
sales ratio, including incentives, was down 1.1 margin points to
65.5% compared with 66.6% in the first half of 2014. This reflected
better staff costs to net sales ratio management, through better
control of the growth of staff numbers and salary and related
costs, as compared to net sales, than in the first half of
2014.
Operating costs
In the first half of 2015, headline operating costs13 increased
by 4.7% and were up by 4.1% in constant currency, compared with
reported net sales up 5.2% and constant currency net sales growth
of 4.7%. Reported staff costs, excluding all incentives, were down
1.0 margin point at 63.3% of net sales and down 0.9 margin points
in constant currency. Incentive costs amounted to £111.6 million or
14.8% of headline operating profits before incentives and income
from associates, compared to £113.0 million last year, or 16.0%, a
decrease of £1.4 million or 1.2%. Target incentive funding is set
at 15% of operating profit before bonus and taxes, maximum at 20%
and in some instances super-maximum at 25%. Variable staff costs
were 6.3% of revenue and 7.3% of net sales, at the higher end of
historical ranges and, again, reflecting good staff cost management
and continued flexibility in the cost structure.
On a like-for-like basis, the average number of people in the
Group, excluding associates, was 123,203 in the first half of the
year, compared to 125,266 in the same period last year, a decrease
of 1.6%. On the same basis, the total number of people in the
Group, excluding associates, at 30 June 2015 was 125,970, down 2.1%
compared to 128,697 at 30 June 2014. This reflected, partly, the
transfer of 1,445 staff to IBM in the first half of 2015, as part
of the strategic partnership agreement and IT transformation
programme. Since 1 January 2015, on a like-for-like basis, the
number of people in the Group has decreased by 1.5% or 1,854 at 30
June 2015 (including the 1,445 staff transferred to IBM), and also
reflecting the continued caution by the Group’s operating companies
in hiring and the usual seasonality of a relatively smaller
absolute first half in comparison to the second half. On the same
basis revenue increased 4.9%, with net sales up 2.3%.
Interest and taxes
Net finance costs (excluding the revaluation of financial
instruments) were £73.4 million compared to £90.4 million in the
first half of 2014, a decrease of £17.0 million, or 19%, reflecting
higher levels of average net debt, more than offset by lower
funding costs and more efficient management of cash pooling. The
weighted average debt maturity is now almost 10 years compared to 5
years in 2013, with a weighted average interest rate of 4.0% versus
5.6% two years ago.
The headline tax rate remained constant at 20.0% (2014 20.0%),
although we do anticipate the tax rate will rise slightly, due to
recent changes in United Kingdom tax legislation. The tax rate on
the reported profit before tax was 15.3% (2014 19.3%), largely
because the tax charges on the net exceptional gains were
minimal.
Earnings and dividend
Headline profit before tax was up 12.1% to £596 million from
£532 million and up 13.2% in constant currency.
Reported profit before tax rose by 44.5% to £710 million from
£491 million, or up 45.6% in constant currency, reflecting the
Group’s improved operating performance, as well as net exceptional
gains on the sale and revaluation of some of the Group’s associates
and investments. Reported profits attributable to share owners rose
by 55.2% to £566 million from £365 million. In constant currency,
profits attributable to share owners rose by 55.0%.
Diluted headline earnings per share rose by 14.7% to 33.5p from
29.2p. In constant currency, diluted headline earnings per share
rose by 15.2%. Diluted reported earnings per share rose by 59.3% to
43.0p from 27.0p and by 58.8% in constant currency.
As outlined in the June 2015 AGM statement, the achievement of
the previous targeted pay-out ratio of 45% one year ahead of
schedule, raised the question of whether the pay-out ratio target
should be increased further. Following that review, your Board has
decided to up the dividend pay-out ratio to a target of 50%, to be
achieved by 2017, and, as a result, declares an increase of almost
37% in the 2015 interim dividend to 15.91p per share, representing
a pay-out ratio of 47.5% for the first half, against the
traditionally lower first-half pay-out of 40% last year. This has
the effect of evening out the pay-out ratio between the two
half-year periods and consequently balancing out the dividend
payments more themselves, although the pattern of profitability and
hence dividend payments seems likely to remain one-third in the
first half and two-thirds in the second half. The record date for
the interim dividend is 9 October 2015, payable on 9 November 2015.
Further details of WPP’s financial performance are provided in
Appendices 1 to 4. It now seems likely that the newly targeted
pay-out ratio of 50% will be achieved by the end of 2016, one year
ahead of target.
Regional review
The pattern of revenue and net sales growth differed regionally.
The tables below give details of revenue and net sales, revenue and
net sales growth by region for the second quarter and first half of
2015, as well as the proportion of Group revenue and net sales and
operating profit and operating margin by region;
Revenue analysis
£ million
Q2 2015 ∆ reported
∆ constant14
∆ LFL15
% group
Q2 2014 % group N.
America 1,128 17.2% 7.6% 7.3%
36.9% 963 33.2% United Kingdom 443
3.9% 3.9% 4.6% 14.5% 426
14.7% W. Cont. Europe 596 -8.5% 3.1%
4.6% 19.5% 653 22.5%
AP, LA, AME, CEE16
889 3.7% 5.5% 1.1% 29.1%
857 29.6%
Total Group 3,056 5.5%
5.5% 4.5% 100.0% 2,899 100.0%
£ million
H1 2015 ∆ reported ∆
constant ∆ LFL % group
H1 2014 %
group N. America 2,164 15.3% 5.9%
5.9% 37.1% 1,878 34.4% United
Kingdom 860 9.7% 9.7% 6.3% 14.7%
784 14.3% W. Cont. Europe 1,143
-8.1% 2.8% 3.7% 19.6% 1,244
22.7% AP, LA, AME, CEE 1,672 6.9% 8.1%
3.6% 28.6% 1,563 28.6%
Total
Group 5,839 6.8% 6.4% 4.9%
100.0% 5,469 100.0%
Net sales analysis
£ million
Q2 2015 ∆ reported ∆ constant
∆ LFL % group
Q2 2014 % group
N. America 962 13.1% 3.8% 3.5%
36.7% 851 33.9% United Kingdom
373 7.0% 7.0% 2.2% 14.2% 349
13.9% W. Cont. Europe 503 -8.4%
3.1% 2.0% 19.2% 548 21.9% AP,
LA, AME, CEE 784 3.0% 5.0% 0.7%
29.9% 761 30.3%
Total Group
2,622 4.5% 4.5% 2.1% 100.0%
2,509 100.0% £ million
H1 2015
∆ reported ∆ constant ∆ LFL % group
H1 2014 % group N. America 1,877
11.9% 2.9% 2.8% 37.2% 1,678
35.0% United Kingdom 723 8.7%
8.7% 2.8% 14.3% 665 13.9% W.
Cont. Europe 965 -8.3% 2.5% 1.2%
19.1% 1,052 22.0% AP, LA, AME, CEE
1,476 5.7% 6.9% 2.2% 29.4% 1,397
29.1%
Total Group 5,041 5.2%
4.7% 2.3% 100.0% 4,792 100.0%
Operating profit analysis (Headline
PBIT)
£ million
H1 2015 % margin
H1
2014 % margin N. America 307
16.4% 250 14.9% United Kingdom
92 12.7% 91 13.7% W. Cont. Europe
103 10.7% 98 9.3% AP, LA,
AME, CEE 167 11.3% 183 13.1%
Total Group 669
13.3% 622 13.0%
North America like-for-like revenue increased 7.3% in the
second quarter, up strongly compared with the first quarter growth
of 4.4%, with significantly higher growth in the Group’s
advertising, media investment management businesses in the USA and
Canada and in healthcare communications and direct, digital and
interactive businesses in the USA. Net sales followed a similar
pattern, with like-for-like growth 3.5% in the second quarter
compared with 2.1% in the first quarter. Parts of the Group’s data
investment management, public relations and public affairs and
branding & identity businesses were tougher.
United Kingdom like-for-like revenue was up 4.6%, slower
than the first quarter growth of 8.1%, as the Group’s media
investment management businesses grew less strongly, although still
double digit, together with parts of the Group’s public relations
and public affairs businesses, which were slower. Data investment
management, however, performed better than the first quarter. Net
sales overall showed a similar pattern to revenue, up 2.2%
like-for-like in the second quarter, compared with 3.6% in the
first quarter, but was more difficult as data investment management
net sales slowed.
Western Continental Europe, which remains patchy from a
macro-economic point of view, showed improved revenue growth in the
second quarter, up 4.6% like-for-like, compared with 2.7% in the
first quarter. Germany, Italy, Spain, Sweden, the Netherlands and
Switzerland remained bright spots, with strong growth, as they were
in the first quarter, but Greece, reflecting its political and
economic volte-face, saw a sharp decline. Austria, Belgium, France
and Turkey performed less well. Net sales also improved over the
first quarter, with like-for-like growth of 2.0%, compared with
0.3% in the first quarter, following a similar pattern to the
growth in revenue.
In Asia Pacific, Latin America, Africa & the Middle East
and Central & Eastern Europe, both revenue and net sales
growth slipped back in the second quarter, with like-for-like
growth of 1.1% and 0.7%, compared with 6.8% and 4.0% respectively
in the first quarter. Latin America, Africa and the Middle East
showed improved performance compared with the first quarter, but
South East Asia, Australia and Central & Eastern Europe
(particularly Russia, Poland and the Czech Republic) slowed. In
South East Asia, Greater China and Singapore were tougher, but
India and some of the Next 1117 grew strongly. Net
sales growth in the BRICs18 slowed in the second
quarter, as China and Russia, in particular, came under
pressure.
As mentioned above, in Central & Eastern Europe,
like-for-like net sales were very tough in the second quarter,
slipping into negative territory, compared with growth in the first
quarter, reflecting difficult conditions in Russia and Poland and
the Czech Republic.
Primarily reflecting both the usually lower first-half seasonal
pattern and sterling’s relative strength, only 29.4% of the Group’s
net sales came from Asia Pacific, Latin America, Africa and the
Middle East and Central and Eastern Europe, slightly up on the same
period last year, and up almost one percentage point compared with
the first quarter. This is against the Group’s revised strengthened
strategic objective of 40-45% over the next five years.
Business sector review
The pattern of revenue and net sales growth also varied by
communications services sector and operating brand. The tables
below give details of revenue and net sales, revenue and net sales
growth by communications services sector, as well as the proportion
of Group revenue and net sales for the second quarter and first
half of 2015 and operating profit and operating margin by
communications services sector;
Revenue analysis
£ million
Q2 2015 ∆ reported ∆ constant
∆ LFL % group
Q2 2014 % group
AMIM19
1,402 7.8% 8.1% 7.9%
45.9% 1,302 44.9%
Data Inv. Mgt.20
616 0.8% 3.5% -1.4% 20.1%
611 21.1%
PR & PA21
235 5.5% 2.6% 1.6% 7.7%
223 7.7%
BI, HC & SC 22
803 5.3% 3.6% 4.5% 26.3%
763 26.3%
Total Group 3,056
5.5% 5.5% 4.5% 100.0% 2,899
100.0% £ million
H1 2015
∆ reported ∆ constant ∆ LFL % group
H1 2014 % group AMIM 2,638
10.4% 10.2% 9.2% 45.2% 2,391
43.7% Data Inv. Mgt. 1,174 -0.3%
2.0% -0.8% 20.1% 1,177 21.5%
PR & PA
459
5.4% 2.4% 1.2% 7.9% 435
8.0% BI, HC & SC 1,568 7.0%
5.0% 3.4% 26.8% 1,466 26.8%
Total Group 5,839 6.8% 6.4% 4.9%
100.0% 5,469 100.0%
Net sales analysis
£ million
Q2 2015 ∆ reported
∆ constant ∆ LFL % group
Q2 2014
% group AMIM 1,160 3.6%
4.4% 2.7% 44.3% 1,120 44.6% Data
Inv. Mgt. 450 2.9% 5.5% -1.0%
17.1% 436 17.4% PR & PA
231 4.9% 2.1% 1.9% 8.8%
221 8.8% BI, HC & SC 781
6.7% 4.8% 3.2% 29.8% 732 29.2%
Total Group 2,622 4.5% 4.5%
2.1% 100.0% 2,509 100.0% £
million
H1 2015 ∆ reported ∆
constant ∆ LFL % group
H1 2014 %
group AMIM 2,221 4.9% 5.0%
3.2% 44.1% 2,118 44.2% Data Inv.
Mgt. 857 1.7% 3.6% 0.1%
17.0% 843 17.6% PR & PA 450
4.6% 1.8% 1.6% 8.9% 430
9.0% BI, HC & SC 1,513 8.0%
5.8% 2.4% 30.0% 1,401 29.2%
Total Group 5,041 5.2% 4.7% 2.3%
100.0% 4,792 100.0%
Operating profit analysis (Headline
PBIT)
£ million
H1
2015 % margin
H1 2014 % margin
AMIM 330 14.9% 312 14.7%
Data Inv. Mgt. 101 11.7% 88
10.5% PR & PA 66 14.7%
65 15.0% BI, HC & SC 172
11.4% 157 11.2%
Total Group
669 13.3% 622 13.0%
Advertising and Media Investment Management
As in the first quarter, advertising and media investment
management remains the strongest performing sector. Like-for-like
revenue grew by 7.9% in the second quarter, slower than the 10.7%
seen in the first quarter, with some softening in media investment
management in the UK, the Middle East, Australia, Greater China,
India and Singapore, partly offset by improved performance in North
America, South Korea, Indonesia, Thailand and Malaysia.
Like-for-like net sales grew 2.7% in the second quarter, compared
with 3.8% in the first quarter. The rate of growth in the Group’s
advertising businesses improved slightly in the second quarter, but
most regions except the UK, Africa and Asia Pacific remain
challenging.
The Group gained a total of £1.301 billion ($2.082 billion) in
net new business wins (including all losses and excluding
retentions) in the first half, compared to £2.556 billion ($4.089
billion) in the same period last year. Of this, J. Walter Thompson
Company, Ogilvy & Mather Worldwide, Y&R and Grey generated
net new business billings of £553 million ($885 million). Also, out
of the Group total, GroupM, the Group’s media investment management
company (which includes Mindshare, MEC, MediaCom, Maxus, GroupM
Search and Xaxis), together with tenthavenue, generated net new
business billings of £400 million ($640 million). This strong net
new business performance continues to ensure strong rankings in all
net new business tables.
On a reportable basis and constant currency, net sales margins
continued to improve, up 0.2 margin points to 14.9%.
Data Investment Management
On a constant currency basis, data investment management revenue
grew 3.5% in the second quarter, compared with 0.3% in the first
quarter, partly driven by the acquisition of a controlling interest
in IBOPE in Latin America in the second quarter. Like-for-like
revenue was down 1.4% in the second quarter, with net sales down
1.0% on the same basis, as both the custom and panel parts of the
business came under pressure in the United States, the United
Kingdom and Asia Pacific. Latin America grew strongly in the second
quarter, with IBOPE having an impact on the top-line, together with
Africa, which also showed good growth. Reportable net sales margins
improved strongly by 1.2 margin points, up 1.6 margin points in
constant currency, reflecting both good cost control and the
benefit of the restructuring actions taken in 2014.
Public Relations and Public Affairs
In constant currency, public relations and public affairs net
sales increased 2.1% in the second quarter, compared with 1.6% in
the first quarter. Like-for-like net sales were up 1.9%, an
improvement over the first quarter growth of 1.2%, with all
regions, except the United Kingdom, showing growth, particularly in
Asia Pacific, Latin America, Africa & the Middle East.
Burson-Marsteller, Cohn & Wolfe and parts of the specialist
public relations and public affairs businesses in the United States
and Germany performed particularly well. Reportable net sales
margins fell 0.3 margin points, (down 0.2 margin points in constant
currency), although Cohn & Wolfe showed improved margins in the
first half.
Branding and Identity, Healthcare and Specialist
Communications
At the Group’s branding and identity, healthcare and specialist
communications businesses (including direct, digital and
interactive) constant currency net sales grew strongly at 4.8% in
the second quarter, with like-for-like growth of 3.2%, a
significant improvement over the first quarter net sales growth of
1.6%. The Group’s healthcare communications, specialist
communications and direct, digital and interactive businesses grew
strongly in the second quarter, with parts of the branding and
identity businesses slower. Reportable net sales margins for this
sector, as a whole, were up 0.2 margin points, up 0.3 margin points
in constant currency, with direct, digital and interactive and
healthcare margins up strongly, but with pressure in branding and
identity. Like-for-like, digital revenue now accounts for almost
37% of Group revenue and grew by 5.5% in the first half with net
sales up 4.2%.
Associates, Investments, People, Countries, Clients,
Horizontality
Including 100% of associates and investments, the Group has
annual revenue of over $26 billion and over 190,000 full-time
people in over 3,000 offices in 112 countries, now including Cuba.
The Group, therefore, has access to an unparalleled breadth and
depth of marketing communications resources. It services 344 of the
Fortune Global 500 companies, all 30 of the Dow Jones 30, 69 of the
NASDAQ 100 and 745 national or multi-national clients in three or
more disciplines. 478 clients are served in four disciplines and
these clients account for almost 52% of Group revenue. This
reflects the increasing opportunities for co-ordination between
activities, both nationally and internationally. The Group also
works with 385 clients in 6 or more countries. The Group estimates
that well over a third of new assignments in the first half of the
year were generated through the joint development of opportunities
by two or more Group companies. Horizontality, or making sure our
people in different disciplines work together for the benefit of
clients, is clearly becoming an increasingly important part of
client strategies, particularly as they continue to invest in brand
in slower-growth markets and both capacity and brand in
faster-growth markets.
Cash flow highlights
In the first half of 2015, operating profit was £789 million,
non-cash exceptional gains £232 million, depreciation, amortisation
and impairment £180 million, non-cash share-based incentive charges
£48 million, net interest paid £81 million, tax paid £165 million,
capital expenditure £90 million and other net cash inflows £43
million. Free cash flow available for working capital requirements,
debt repayment, acquisitions, share re-purchases and dividends was,
therefore, £492 million.
This free cash flow was absorbed by £467 million in net cash
acquisition payments and investments (of which £11 million was for
earnout payments with the balance of £456 million for investments
and new acquisitions payments) and £405 million in share
re-purchases, a total outflow of £872 million. This resulted in a
net cash outflow of £380 million, before any changes in working
capital and also reflects our strategic objectives of investing
approximately £300-£400 million annually in acquisitions and
investments and share buy-backs of 2-3% of the issued share
capital.
A summary of the Group’s unaudited cash flow statement and notes
as at 30 June 2015 is provided in Appendix 1.
Acquisitions
In line with the Group’s strategic focus on new markets, new
media and data investment management, the Group completed 25
transactions in the first half; 6 acquisitions and investments were
in new markets and 19 in quantitative and digital. Out of all these
transactions, 3 were in both new markets and quantitative and
digital and 3 were driven by individual client or agency needs.
Specifically, in the first six months of 2015, acquisitions and
increased equity stakes have been completed in advertising and
media investment management in the United States, the United
Kingdom, France, Germany, the Netherlands, Turkey, Singapore and
New Zealand; in data investment management in the United
States and Brazil; in branding & identity in the United
States; in direct, digital and interactive in the United
States, Sweden, South Africa, Peru and China; in healthcare
in Australia.
A further 5 acquisitions and investments were made in July and
August, with two in advertising and media investment
management in Australia and Turkey; one in data investment
management in the United States and Israel; one in public
relations and public affairs in Germany; and one in direct,
digital and interactive in Belgium.
Balance sheet highlights
Average net debt in the first six months of 2015 was £3.131
billion, compared to £2.870 billion in 2014, at 2015 exchange
rates. This represents an increase of £261 million. Net debt at 30
June 2015 was £3.383 billion, compared to £2.957 billion on 30 June
2014, an increase of £426 million. The increased average and period
end net debt figures reflect significant incremental net
acquisition payments and share repurchases of £260 million,
offsetting a relative improvement in working capital.
Your Board continues to examine the allocation of its EBITDA of
over £1.9 billion or over $3.0 billion, for the preceding twelve
months and substantial free cash flow of over £1.2 billion, or
approximately $1.9 billion per annum, also for the previous twelve
months, to enhance share owner value. The Group’s current market
capitalisation of £17.7 billion ($27.8 billion) implies an EBITDA
multiple of 9.0 times, on the basis of the trailing 12 months
EBITDA to 30 June 2015. Including net debt at 30 June of £3.383
billion, the Group’s enterprise value to EBITDA multiple is 10.7
times. The average net debt to EBITDA ratio remains at 1.6x, at the
low end of the Group’s target range of 1.5-2.0x. Clearly, there is
scope for more leverage.
A summary of the Group’s unaudited balance sheet and notes as at
30 June 2015 is provided in Appendix 1.
Return of funds to share owners
As outlined in the June 2015 AGM statement, following the
achievement of the previous targeted pay-out ratio of 45%, one year
ahead of schedule, raised the question of whether the pay-out ratio
target should be raised further. Following that review, your Board
decided to increase the dividend pay-out ratio to a target of 50%,
to be achieved by 2017, and, as a result, declares an increase of
almost 37% in the 2015 interim dividend to 15.91p per share,
representing a pay-out ratio of 47.5% for the first half, against
the traditionally lower first-half pay-out ratio of 40% last year.
Again, this seems to indicate that the newly targeted pay-out ratio
of 50% will be achieved by the end of 2016, one year ahead of
target.
During the first six months of 2015, 26.8 million shares, or
2.0% of the issued share capital, were purchased at a cost of £405
million and an average price of £15.13 per share.
Current trading
In July, like-for-like revenue and net sales were up strongly at
5.0% and 3.7% respectively, reflecting the stronger budgeted and
forecast growth in the third quarter. All regions and sectors
(except data investment management) were positive, and showed a
similar pattern to the first half, with advertising, media
investment management, public relations and public affairs and
specialist communications (including direct, digital and
interactive) up strongly. Cumulative like-for-like revenue and net
sales growth for the first seven months of 2015 is now 4.9% and
2.5% respectively. The Group's quarter 2 revised forecast, having
been reviewed at the parent company level in the first half of
August, indicates full year like-for-like net sales growth of over
3%, and a stronger second half, partly the result of easier
comparatives in 2014.
Outlook
Parallel universes
After another record year in 2014, the Group’s performance in
the first seven months of the new financial year has been
particularly creditable, as worldwide GDP growth, both nominal and
real, seems to have slowed in the second half of last year and into
the new year. Pleasingly, bottom-line growth and operating margin
improvement has been particularly strong, beyond budget, target and
last year. Revenue and net sales growth was also better than the
final quarter of 2014, with all geographies and sectors (except
data investment management) growing revenue and net sales on both a
constant currency and like-for-like basis. Like-for-like revenue
and net sales were up 4.9% and 2.3% respectively in the first six
months and up 4.9% and 2.5% for the first seven, compared with 8.4%
and 4.0% in the same seven month period last year, with quarters
one and two being the strongest quarters in 2014 and with net sales
growth of 2.1% in the fourth quarter. Our operating companies are
still hiring cautiously and responding to any geographic,
functional and client changes in revenue – positive or negative. On
a constant currency basis, operating profit is above budget and
well ahead of last year and the increase in the net sales margin is
well above the Group’s full year target of a 0.3 margin points
improvement.
Despite this strong performance, the apparent general industry
optimism seems misplaced. To survive in the advertising and
marketing services sector, you have to remain positive, indeed
optimistic, seeing the glass half-full and industry and company
reports generally continue, understandably, to reflect that
attitude. However, general client behaviour does not reflect that
state of mind as tepid GDP growth, low or no inflation and
consequent lack of pricing power encourage a focus on cutting costs
to reach profit targets, rather than revenue growth. In addition,
there seem to be little, if any, reasons for an upside breakout
from the current levels of real or nominal GDP growth, which,
previously, remained stuck around 3% and 5% respectively and below
the pre-Lehman trend rate, which by definition was unsustainable.
In fact, in recent months, whilst real GDP forecasts have remained
steady, nominal forecasts have deteriorated significantly to around
3.5%, although the same pundits expect inflation to increase next
year. In this respect, oil price reductions, the Iranian nuclear
“armistice” and the international currency wars have not been
helpful black or grey swans. The faster growth markets of the BRICs
and Next 11, located in Asia, Latin America, Africa & the
Middle East and Central & Eastern Europe continue to grow
faster than the slower markets of North America and Western Europe,
although the growth gap has narrowed significantly as Brazil,
Russia and China have slowed and the United States and United
Kingdom and, even Western Continental Europe, have quickened.
Geopolitical issues remain top of business leaders’ concerns.
The continuing crisis in the Ukraine and consequent bilateral
sanctions, continued tensions in the Middle East and North Africa
and the continuing risk, despite the negotiated agreement, of a
“Grexit”, or even a “Brexit” from the European Community top the
agenda. Lower oil prices and first time quantitative easing in
Europe and continued easing in Japan may seem to bottom or underpin
the recovery and a continued, but somewhat patchy, United States
recovery and United Kingdom and Indian strength may help
confidence. But concerns about China, aggravated by the recent RMB
devaluation and stock market decline, and Brazil remain, although
we remain unabashed bulls of both. Countries and opportunities like
Indonesia, the Philippines, Vietnam, Egypt, Nigeria, Mexico,
Colombia and Peru add to confidence (and maybe even Cuba and Iran
will), along with a mild recovery in Western Continental Europe,
chiefly in Germany, Spain and Italy. France remains soft, although
there are some small signs of improvement. But there are other
"grey swans", chiefly two, although one has now whitened. First,
what impact will the much anticipated Federal Reserve tightening
have on bond and equity markets? Although interest rates are likely
to remain lower, longer than many anticipate, due to mediocre
growth rates, when the tightening comes, as it inevitably will, it
may have a dramatic impact on bond and equity valuations, as recent
gyrations in the markets indicate. Will the RMB weakness, for
example, blow the Federal Reserve Bank off course from a 2015
tightening? Secondly, the somewhat surprising result of the United
Kingdom General Election (at least to the pollsters), with the
Conservatives winning an overall majority, has resulted in an
uncertainty-stimulating European Union referendum. In addition, the
reduction of the still remaining, substantial, United Kingdom
budget deficit, is being re-addressed in the context of a new fixed
five year political cycle.
So all in all, whilst clients are certainly more confident than
they were in September 2008 post-Lehman, with stronger balance
sheets (over $7 trillion in net cash and limited leverage),
sub-trend long-term global GDP growth at around 3.0-3.5% real and
5.0-5.5% nominal, combined with these levels of geopolitical
uncertainty, with low inflation or fears of deflation resulting in
limited pricing power, with short-term focused activist investors
and strengthened corporate governance scrutiny, make them unwilling
to take further risks.
They, therefore, focus on costs, rather than revenue growth. If
you are trying to run a legacy business, at one end of the spectrum
you have the disrupters like Uber and Airbnb and at the other end
you have the cost-focused models like 3G in fast moving consumer
goods and Valeant and Endo in pharmaceuticals, whilst in the
middle, towering above you, you have the activists led by such as
Nelson Peltz, Bill Ackman and Dan Loeb, stressing short-term
performance. Not surprising then, that corporate leaders tend to be
risk averse. Procurement and finance take the lead over marketing
and investment and suppliers are encouraged to play the additional
roles of banks and/or insurance companies. At best, clients focus
on a strategy of adding capacity and brand building in both fast
growth geographic markets and functional markets, like digital, and
containing or reducing capacity, perhaps with brand building to
maintain or increase market share, in the mature, slow growth
markets. This approach also has the apparent virtue of limiting
fixed cost increases and increasing variable costs, although we
naturally believe that marketing is an investment, not a cost. We
see little reason, if any, for this pattern of behaviour to change
in 2015, with continued caution being the watchword. There is
certainly no evidence to suggest any such change in behaviour so
far in 2015, although one or two institutional investors, including
Legal & General and the United Kingdom Government, are saying
that they are tiring with some companies’ total focus on short-term
cost cutting and would favour strategies based more on the
long-term and top line growth and the end to quarterly
reporting.
The pattern for 2015 looks very similar to 2014, but with no
maxi- or mini-quadrennial events like the Olympics, FIFA World Cup
or United States Presidential Election (as there will be in 2016)
to boost marketing investments. Forecasts of worldwide real GDP
growth still hover around 3.0- 3.5%, with recently reduced
inflation estimates of 0.5% giving nominal GDP growth of around
3.5-4.0% for 2015. Advertising as a proportion of GDP should at
least remain constant overall. Although it is still at relatively
depressed historical levels, particularly in mature markets,
post-Lehman, it should be buoyed by incremental branding
investments in the under-branded faster growing markets.
Although consumers and corporates both seem to be increasingly
cautious and risk averse, the latter should continue to purchase or
invest in brands in both fast and slow growth markets to stimulate
top line sales growth. Merger and acquisition activity may be
regarded as an alternative way of doing this, particularly funded
by cheap long-term debt, but we believe clients may regard this as
a more risky way than investing in marketing and brand and hence
growing market share, particularly as equity valuations have been,
at least until recently, strong. The recent, potentially record,
spike in merger and acquisition activity may be driven more by
companies running out of cost-reduction opportunities, rather than
trying to find revenue growth opportunities or synergies.
All in all, 2015 looks to be another demanding year, although a
weaker UK pound against a stronger US dollar may continue to
provide some modest currency tailwind, which may be now more than
offset by a stronger pound against the euro and the fast growth
market currencies.
2016, however, may provide a little further lift to the
industry, of say one percentage point more of growth, given its
maxi-quadrennial status – enlivened by the visually-stunning Rio
Olympics and Paralympics, by the less visually-stunning United
States Presidential Election and, last but not least, the UEFA EURO
2016 Football Championships.
Financial guidance
For 2015, reflecting the first half net sales growth and quarter
2 revised forecast:
- Like-for-like revenue and net sales
growth of over 3.0%
- Target operating margin to net sales
improvement of 0.3 margin points on a constant currency basis in
line with full year margin target
In 2015, our prime focus will remain on growing revenue and net
sales faster than the industry average, driven by our leading
position in the new markets, in new media, in data investment
management, including data analytics and the application of
technology, creativity, effectiveness and horizontality. At the
same time, we will concentrate on meeting our operating margin
objectives by managing absolute levels of costs and increasing our
flexibility in order to adapt our cost structure to significant
market changes and by ensuring that the benefits of the
restructuring investments taken in 2014 continue to be realised.
The initiatives taken by the parent company in the areas of human
resources, property, procurement, information technology and
practice development continue to improve the flexibility of the
Group’s cost base. Flexible staff costs (including incentives,
freelance and consultants) remain close to historical highs of
around 7% of revenue and net sales and continue to position the
Group extremely well should current market conditions
deteriorate.
The Group continues to improve co-operation and co-ordination
among its operating companies in order to add value to our clients’
businesses and our people’s careers, an objective which has been
specifically built into short-term incentive plans. We have, in
addition, decided that an even more significant proportion,
one-third, of operating company incentive pools are funded and
allocated on the basis of Group-wide performance in 2015. This may
be increased to one-half in 2016. Horizontality has been
accelerated through the appointment of 45 global client leaders for
our major clients, accounting for approaching one third of total
revenue of almost $19 billion and 17 country and regional managers
in a growing number of test markets and sub-regions, amounting to
about half of the 112 countries in which we operate. Emphasis has
been laid on knowledge-sharing in the areas of media investment
management, healthcare, sustainability, government, new
technologies, new markets, retailing, shopper marketing, internal
communications, financial services and media, sport and
entertainment. The Group continues to lead the industry, in
co-ordinating investment geographically and functionally through
parent company initiatives and winning Group pitches. For example,
the Group has been very successful in the recent wave of
consolidation in the fast-moving consumer goods, travel,
pharmaceutical and shopper marketing industries and the resulting
"team" pitches. Whilst talent and creativity (in its broadest
sense) remain the key potential differentiators between us and our
competitors, increasingly differentiation can also be achieved in
three additional ways – through application of technology, for
example, Xaxis and AppNexus; through integration of data investment
management, for example, Kantar, Rentrak and comScore; and lastly
investment in content, for example, Imagina, Vice, Refinery 29,
Truffle Pig, Media Rights Capital, Fullscreen, Indigenous Media,
China Media Capital, Chime and Bruin.
Our business remains geographically and functionally well
positioned to compete successfully and to deliver on our long-term
targets:
- Revenue and net sales growth greater
than the industry average
- Improvement in net sales margin of 0.3
margin points or more, excluding the impact of currency, depending
on net sales growth and staff cost to net sales ratio improvement
of 0.2 margin points or more
- Annual headline diluted EPS growth of
10% to 15% p.a. delivered through revenue growth, margin expansion,
acquisitions and share buy-backs
To access WPP's 2015 interim results financial tables, please
visit: www.wpp.com/investor.
This announcement has been filed at the Company Announcements
Office of the London Stock Exchange and is being distributed to all
owners of Ordinary shares and American Depository Receipts. Copies
are available to the public at the Company’s registered office.
The following cautionary statement is included for safe harbour
purposes in connection with the Private Securities Litigation
Reform Act of 1995 introduced in the United States of America. This
announcement may contain forward-looking statements within the
meaning of the US federal securities laws. These statements are
subject to risks and uncertainties that could cause actual results
to differ materially including adjustments arising from the annual
audit by management and the Company’s independent auditors. For
further information on factors which could impact the Company and
the statements contained herein, please refer to public filings by
the Company with the Securities and Exchange Commission. The
statements in this announcement should be considered in light of
these risks and uncertainties.
__________________________
1 Percentage change in reported sterling 2 Percentage change at
constant currency rates 3 Headline earnings before interest, tax,
depreciation and amortisation 4 Headline profit before interest and
tax 5 Headline profit before interest and tax, as a percentage of
net sales 6 Margin points 7 Diluted earnings per share based on
headline earnings 8 Diluted earnings per share based on reported
earnings 9 Percentage change at constant currency exchange rates 10
Like-for-like growth at constant currency exchange rates and
excluding the effects of acquisitions and disposals 11 Based on
final quarter of the year to 31 March 2015 and first quarter of the
current year 12 Short and long-term incentives and the cost of
share-based incentives 13 Excludes direct costs, goodwill
impairment, amortisation and impairment of acquired intangibles,
investment gains and write-downs, gains on re-measurement of equity
interests on acquisition of controlling interest and restructuring
costs 14 Percentage change at constant currency rates 15
Like-for-like growth at constant currency exchange rates and
excluding the effects of acquisitions and disposals 16 Asia
Pacific, Latin America, Africa & Middle East and Central &
Eastern Europe 17 Bangladesh, Egypt, Indonesia, South Korea,
Mexico, Nigeria, Pakistan, Philippines, Vietnam and Turkey - the
Group has no operations in Iran (accounting for over $460 million
revenue, including associates, in the first half) 18 Brazil,
Russia, India and China (accounting for almost $1.3 billion
revenue, including associates, in the first half) 19 Advertising,
Media Investment Management 20 Data Investment Management 21 Public
Relations & Public Affairs 22 Branding and Identity, Healthcare
and Specialist Communications
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150826005482/en/
WPPSir Martin Sorrell, Paul Richardson, Chris Sweetland, Feona
McEwan, Chris Wade+44 20 7408 2204orKevin McCormack, Fran Butera+1
212-632-2235orBelinda Rabano+86 1360 1078
488www.wppinvestor.com
WPP (NYSE:WPP)
Historical Stock Chart
From Mar 2024 to Apr 2024
WPP (NYSE:WPP)
Historical Stock Chart
From Apr 2023 to Apr 2024