UPDATE 2-WPP says COVID-19 dragged March net sales down 7.9%, braces for bigger impact [Reuters]
WPP plc American Depositary Shares (WPP)
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Source: Reuters
WPP says COVID-19 dragged March net sales down 7.9%, braces for bigger impact LONDON (Reuters) - WPP ( WPP.L ) said on Wednesday the COVID-19 pandemic had forced its net sales down by 7.9% in March and the world’s biggest advertising company expects worse to come, prompting it to cut yet more costs across the group. The British owner of the Ogilvy, Grey and Hill+Knowlton agencies has already moved quickly to cut costs, setting out a plan on March 31 to pull the dividend and share buyback to save around 2 billion pounds ($2.49 billion) in 2020 and see it through a downturn in client spending. “The second quarter is going to be tough and logic would tell you that we had a partial impact in March and we’ll start to see the full impact around the world in the second quarter,” Chief Executive Mark Read told Reuters. First quarter net sales, called like-for-like revenue less pass through costs, fell by 3.3%. While the 107,000-employee group will be hit by the loss of work from clients in
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Sec Filings
- 4/25/24 - Form 6-K
- 4/5/24 - Form SC
- 4/2/24 - Form 6-K
- WPP's page on the SEC website