WPP: returns to like-for-like growth in second-quarter
(CercleFinance.com) - One day after appointing company veteran Mark Read as its new CEO, British ad giant WPP said on Tuesday that it returned to organic growth in the second quarter.
In the past quarter, like-for-like revenue less pass-through costs was up 0.7%, its first quarter of growth since the first quarter of 2017, following -0.1% in the first quarter, meaning 0.3% over the first half.
Over the first six months of the year, reported billings fell 1% to 26.6 billion pounds, although are up 4.1% at constant currencies, with the group winning new deals from Adidas, Hilton, Mondelez, Office Depot and T-Mobile.
Pre-tax profit rose to 846 million pounds in the first six months of the year, up from 779 million pounds in firs-half 2017.
For 2018, WPP said it expects like-for-like revenue and revenue less pass-through costs growth similar to its level in the first half, with full-year headline profit before tax margin similar to the first half fall of 0.4 margin points on a like-for-like basis.
WPP also said it intends to provide an update on its strategy by the end of the year.
Its shares fell significantly after this report: currently down 8.2% at 1,172 pence.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
In the past quarter, like-for-like revenue less pass-through costs was up 0.7%, its first quarter of growth since the first quarter of 2017, following -0.1% in the first quarter, meaning 0.3% over the first half.
Over the first six months of the year, reported billings fell 1% to 26.6 billion pounds, although are up 4.1% at constant currencies, with the group winning new deals from Adidas, Hilton, Mondelez, Office Depot and T-Mobile.
Pre-tax profit rose to 846 million pounds in the first six months of the year, up from 779 million pounds in firs-half 2017.
For 2018, WPP said it expects like-for-like revenue and revenue less pass-through costs growth similar to its level in the first half, with full-year headline profit before tax margin similar to the first half fall of 0.4 margin points on a like-for-like basis.
WPP also said it intends to provide an update on its strategy by the end of the year.
Its shares fell significantly after this report: currently down 8.2% at 1,172 pence.
Copyright (c) 2018 CercleFinance.com. All rights reserved.