WPP: stock down after annual targets reduced
(CercleFinance.com) - WPP shares are down 2% in London today, after the advertising group redued its targets for 2023, after a Q3 performance which it said was influenced by the continuation of Q2 trends.
It now anticipates FY 2023 LFL sales growth (less passed-on costs) of around 0.5 to 1% only, as well as an overall operating margin of 14.8% to 15% excluding FX factors.
In Q3, the British group's revenues (less passed-on costs) fell 5% to £2.84bn, including a 0.6% LFL decline, with contrasting trends between geographical areas.
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It now anticipates FY 2023 LFL sales growth (less passed-on costs) of around 0.5 to 1% only, as well as an overall operating margin of 14.8% to 15% excluding FX factors.
In Q3, the British group's revenues (less passed-on costs) fell 5% to £2.84bn, including a 0.6% LFL decline, with contrasting trends between geographical areas.
Copyright (c) 2023 CercleFinance.com. All rights reserved.