Account losses weigh on WPP but CEO see signs of improvement
WPP Reports First-Half Results Amid Account Losses
First-Half Revenue and Profit Performance
LONDON, Aug 6 (Reuters) - WPP reported a 4.7% drop in first-half adjusted revenue on Thursday as account losses continued to weigh, but the British ad group said the trajectory had improved in recent months, particularly in its WPP Media planning and buying unit.
The company reported revenue less pass-through costs of £4.75 billion ($6.39 billion) for the half, down 4.7% on a like-for-like basis, but ahead of analysts' expectations. Headline operating profit fell 2.7% on the same basis to £398 million.
Expectations for the Remainder of the Year
It said it continued to expect an improving like-for-like growth trajectory for the rest of the year, with adjusted revenue falling by low to mid-single digits in the second half.
CEO Cindy Rose's Outlook
Leadership and Turnaround Efforts
Chief Executive Cindy Rose, who was tasked with turning around WPP when she took over in September, said she was encouraged by the group's performance.
Momentum and Sequential Improvement
"While legacy account losses continue to weigh, Q2 saw a further sequential improvement in like-for-like growth, highlighting the momentum we are building across the company," she said.
Additional Information
($1 = 0.7431 pounds)
(Reporting by Paul Sandle; editing by William James)