NEWS13 June 2018

WPP reported revenue down 3.4%

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UK – WPP’s reported revenue is down 3.4% at £4.8bn for the first four months of the year, according to the company’s AGM trading update.

Two months on from the resignation of chief executive Sir Martin Sorrell, WPP’s like-for-like revenue from January to the end of April was up 1.4%, while constant currency revenue was up 2.7%.

Regionally, the company’s UK business showed a slightly weaker performance than the first quarter, with like-for-like year-to-date revenue less pass-through costs up 0.8%. The US was the weakest performing region for the group, down 2.4%.

Meanwhile, the western Europe region grew by 0.9%, up significantly compared to the first quarter of 2018. Asia Pacific, Latin America, Africa and the Middle East, and Central and Eastern Europe saw growth of 2.1%, down on first quarter growth of 2.3%.

Sorrell, who stepped down in April following an investigation on alleged ‘misconduct’, is entitled to share rewards of up to £20m if the company meets its targets over the next five years.

At the AGM today ( 13 June), 29.5% of shareholders voting at the meeting either abstained or voted against the proposed pay plan for the company’s executive team, the Guardian reported.