WPP Backs 2019 Guidance; Kantar Sale Progressing in Line With Views
June 12 2019 - 8:03AM
Dow Jones News
By Anthony O. Goriainoff
WPP PLC (WPP.LN) on Wednesday backed its guidance for the year
and said the sale of Kantar is progressing in line with the board's
expectations.
The London-based advertising and marketing group had previously
guided for like-for-like net sales to fall by 1.5% to 2.0% in 2019,
and for headline operating margin to decline by 1.0 margin point on
a constant-currency basis.
"In December we set out our vision for the future of WPP, and we
continue to make progress in delivering our plan to return the
company to sustainable growth over the next three years. Our
financial guidance for the full year is unchanged," Chief Executive
Mark Read said.
WPP's plans to sell a stake in Kantar were made public in
October and are part of a broader effort by Mr. Read to streamline
the group's operations. Last year, the company combined its iconic
creative agency J.Walter Thompson with digital agency Wunderman to
create a new business called Wunderman Thompson and merged Young
& Rubicam with VML to form VMLY&R.
Shares at 1132 GMT were down 0.2% at 1,001.50 pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
June 12, 2019 07:48 ET (11:48 GMT)
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