WPP: at half-mast after annual results

(CercleFinance.com) - WPP is down 3% in London after the communications group reported EPS that fell 83.
5% to 10.1 pence, and pre-tax profit that slumped 70.1% to £346m, for the past year.

The British group explains the fall in its EPS by accelerated amortisation of intangible assets due to the creation of VML, as well as property write-downs. On an underlying basis, EPS fell by 4.8% to 93.8 pence.

With an adjusted operating margin of 14.8% in 2023, up 20bp LFL, WPP still expects a 20-40bp increase (excluding currency impact) for the current year.


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