WPP -7.7% as its sees tougher 2017 after record year [Seeking Alpha]
WPP PLC AMERICAN DEPOSITARY SH (WPPGY)
US:NASDAQ Investor Relations:
wpp.com/wpp/investor/financialnews/2017/nov/16/wpp-announces-transfer-of-its-american-depositary-shares-ads-to-nyse
Company Research
Source: Seeking Alpha
WPP (NASDAQ: WPPGY ) beat estimates with its 2016 revenues , but notes that 2017 is off to a relatively slower start. Shares are in U.S. trading. Last year was another record, the ad giant notes. Revenue was up 17.6%; reported billings were up 16% (up 5.5% in constant currency) to £55.245B. Headline EBITDA rose 20.8% to £2.42B, beating an expected £2.34B. January revenue (like-for-like) was up 1.5% and net sales up 1.2% against tougher comps. Net debt as of Dec. 31 was £4.131B, up £920M Y/Y. "Given continued tepid economic growth and recent weaker comparative net new business trends," budgets for 2017 are set "conservatively" at 2% for both revenue and net sales, with a headline operating margin target improvement on net sales of 0.3 points (constant currency). Press Release Now read: Slowing T-Mobile cuts Deutsche Telekom growth forecast; merger more likely? »
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