Marc Read presents interim results WPP

Mark Read got appointed as CEO of WPP, succeeding Sir. Martin Sorrell. Read presents WPP's interim results of 2018. 

Read: "The second quarter of 2018 was WPP’s first quarter of like-for-like growth since Q1 2017, and the company has performed strongly in terms of winning and retaining business over the period. At our first quarter trading update we said there was no standing still, and in the last few months we have made progress in a number of important areas. We have focused our efforts on providing more effectively integrated solutions to clients and, in competitive pitches, we have won or grown business with clients including Adidas, Hilton, Mars, Mondelez, Shell and T-Mobile.

As Chief Executive, my focus will be on invigorating our company and returning the business to stronger, sustainable growth. Our review of strategy is underway, addressing our structure, our underperforming operations, particularly in the United States, and how we position the company for the future. We will provide an update by the year end."

Some of the main results are: 

• Reported revenue down 2.1 percent at 7.493 billion pounds, impacted by currency headwinds of 5 percent. Constant currency revenue up 2.9 percent, like-for-like revenue up 1.6 percent (Q2 up 2.4%)
• constant currency revenue less pass-through costs up 1.4 percent, like-for-like revenue less pass-through costs up 0.3% (Q2 up 0.7%);
• headline profit before interest and tax 821 million pounds down 7 percent, down 2.3 percent in constant currency;
• headline PBIT margin 13.3 percent down 0.5 margin points reportable and constant currency, down 0.4 margin points like-for-like;
• headline profit before tax 735 million pounds down 7.4 percent, down 2.5 percent in constant currency.

Click here for the full interim results 2018. 

www.wpp.com

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