WPP: stock down after FY targets adjusted

(CercleFinance.com) - WPP shares are down 2% in London after the British communications group announced a mixed update to its FY 2022 guidance at its Q3 trading update.


The advertising giant has tightened up its target range for like-for-like revenue growth excluding transmission costs to 6.5%-7% (from 6%-7%), although now expects an overall operating margin increase of 30-50 bp (from around 50bp).

At just shy of 3 billion pounds (£2.99bn exactly), its revenue excluding transmission costs grew by 3.8% LFL in the quarter that has just ended, marking an acceleration in the trend from the corresponding period in 2019, at +10.9%.


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