Please note: The Wall Street Journal News Department was not involved in the creation of the content above. FY LFL revenue less pass-through costs -8.2%; sequential recovery since initial lockdowns: Q2 -15.1%, Q3 -7.6%, Q4 -6.5% Q4 LFL revenue less pass-through costs by major market: US -6.2%, UK -7.4%, Germany -0.8%, Greater China -12.1%, India -8.9% FY headline operating margin … A Division of NBCUniversal. https://www.wsj.com/articles/wpp-cites-resilience-in-2020-despite-challenges-and-revenue-drop-11615483322. WPP in 2018 decided to merge Y&R with its digital agency VML as part of its efforts to deal with digital disruption in advertising and marketing. Thu, 11th Mar 2021 08:38 (Alliance News) - Advertising and marketing firm WPP PLC on … A reduction in headcount, the use of fewer freelances and a massive cut to the travel budget helped the group to save around 800 million pounds. WPP posted a $3.4B pretax loss in 2020 due to $3.7B in COVID-19 impairment charges compared to a $1.4B year-earlier profit. The company’s organic revenue in PR decreased 4% in the fourth quarter, the company said. “It does merit its own approach. British advertising giant WPP said it would combine the large advertising agency … 17 Dec 2020 WPP is hosting a virtual presentation for investors and analysts which will provide an update on its strategy for growth, set out opportunities for efficiency and reinvestment, outline its plans for capital allocation and provide new medium-term financial targets. UK – Advertising giant WPP had an operating loss of almost £2.3bn in 2020 due to Covid-19 but has resumed its Kantar share buyback, the company’s latest financial figures show. Since then, WPP shares have increased by 53.5% and is now trading at $62.55. 87990cbe856818d5eddac44c7b1cdeb8, Appeared in the March 12, 2021, print edition as 'Ad Giant WPP Optimistic Despite Revenue Decline.'. Got a confidential news tip? WPP relaunches buyback after client wins in 2020 marketscreener.com | 2h LONDON (Reuters) - WPP, the world's biggest advertising company, said it would relaunch its buyback scheme immediately after cost cuts and client wins helped it to post full … Companies are realizing the importance of communication as they navigate a challenging time, said Mr. Read. The owner of the Ogilvy, Grey and GroupM agencies reported a fourth-quarter drop of underlying net sales of 6.5%, slightly better than an analyst consensus of -6.7%, taking the full-year drop to 8.2%. WPP: A Better Direction, Now It Needs Speed U.S. Pay TV Losses Hit 5.6 Million Subs In 2020, As vMVPD Live Streaming Growth Also Slows Forager CIO's Quarterly Letter - December 2020 ET. Like-for-like net revenue, a measure often referred to as organic revenue that strips out the effects of factors such as pass-through costs and acquisitions, decreased 15.1% in the second quarter of last year and 7.6% in the third quarter. It said it had secured a "market-leading" $4.4 billion of net new business from companies including Alibaba, HSBC, Intel, Uber and Unilever. But the advertising holding company characterized its performance as resilient, citing shrinking quarterly declines since the start of lockdowns around the world and growth in areas such as e-commerce. © 2021 CNBC LLC. 2020 in photos: This year's news in New Braunfels View 10 photos from New Braunfels reviewing some of the year's biggest news. Key figures – continuing operations £ million 2020 2019 Revenue 12,003 (9.3) (7.3) “2020 was a tough year for everyone, including our people who faced the personal and professional challenges of COVID-19. A cautious outlook for the remainder of 2020 With revenues a deeper hue of red than arch-rivals IPG and Publicis Groupe , which recorded declines of 3.7% and 5.6% over the same period, WPP … Third Stimulus Check: When Are the $1,400 Payments Coming and Who Is Eligible? The company last year generated £810 million in savings, slightly more than indicated in its previous guidance. It reiterated its guidance for 2021 of a mid-single digit rise in underlying net sales, returning to growth in the second quarter. WPP is currently focused on building its commerce and technology capabilities, demand for which saw a significant uptick during the pandemic, the company said. Tel: +44 (0)20 7282 4600 Email: enquiries@wpp.com Write to Alexandra Bruell at alexandra.bruell@wsj.com, Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. The company’s results in China in the past 18 months have been disappointing, said Mr. Read. WPP Interim Results 2020 press release PDF 904.6 KB Percentage change in reported sterling. “We’ll see the benefits in 2021 as the economy recovers and clients restart their spend again.”. WPP the world's biggest advertising company, said it would relaunch its buyback scheme immediately after cost cuts and client wins helped it to post full-year results that were slightly better than feared. Mr. Read said the bulk of the charge is related to the company’s acquisition of Y&R 20 years ago. GroupM saw a 40% increase in media activity meant to drive people to e-commerce, said Mr. Read. 2021 outlook in line with guidance provided in December 2020: LFL revenue less pass-through costs growth of mid-single-digits %, with headline operating margin of 13.5-14.0%; Mark Read, Chief Executive Officer, WPP: “2020 was a tough year for everyone, including our people who faced the personal and professional challenges of COVID-19. Well positioned to grow in 2021, in line with guidance ... | March 12, 2021 The end of Madison Avenue’s Grey Global is being displayed in black and white. “The technology footprint there is totally diverged from the rest of the world,” he said during an earnings call. “In December 2020, we outlined our plans to continue to transform our business, to accelerate our growth and to put purpose at the heart of what we do. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. PLC said like-for-like net revenue decreased 8.2% in 2020 and fell 6.5% in the fourth quarter, compared with the same period a year earlier, as the coronavirus pandemic continued to disrupt business for major marketers. Well positioned to grow in 2021, in line with guidance Business Wire NEW YORK & LONDON -- March 11, 2021 WPP (NYSE: WPP) today reported its 2020 Preliminary Results. Data is a real-time snapshot *Data is delayed at least 15 minutes. It’s worth recalling that WPP paid $4.7bn for Y&R (now a part of VML Y&R) 20 years ago. He … WPP sees 'sequential improvement' in performance, CEO says. Resilient performance: further recovery in Q4; net debt down to £0.7 billion; share buyback to start immediately. Contents: ... No differences. Analysts look at organic growth to try to measure a company’s prospects and, on an operating basis, WPP’s equivalent of this (like-for-like revenue less pass-through costs) was down 8.2% in 2020, behind Interpublic and Publicis but ahead of Omnicom. Worldwide revenue of £12.0 billion ($15.4 billion), down 9.3%. Copyright © 2021 Dow Jones & Company, Inc. All Rights Reserved, WSJ opens select articles to reader conversation to promote thoughtful dialogue. New Braunfels and … WPP's stock was trading at $40.76 on March 11th, 2020 when COVID-19 reached pandemic status according to the World Health Organization (WHO). Sea Containers 18 Upper Ground London, SE1 9GL. Tel: +44 (0)20 7282 4600 Email: enquiries@wpp.com WPP CEO Mark Read discusses the company's growth outlook, acquisitions, impact of the Covid-19 pandemic, and the prospect of tech regulation under the Biden administration. All Rights Reserved. See the 'Join the Conversation' area, How Enterprise Values Drive Human Experience, What You Can and Can’t Do if You’ve Been Vaccinated: Travel, Risk Factors, What You Need to Know, Europe Confronts Covid Rebound as Vaccine Hopes Recede, Biden’s $1,400 Stimulus Checks Hit Bank Accounts Starting Today. The British firm was hit hard at the start of the pandemic when, in the middle of a strategy reset, clients stopped spending to conserve cash. “We certainly have made a lot of changes to the business in the last year and that’s what we do when times are tough,” WPP Chief Executive The company swung to a pretax loss of £2.79 billion in 2020 from a profit of £1.21 billion in 2019. The Latest news for the marketing & media industries. It has now won new work by helping clients develop their e-commerce and digital capabilities, such as helping Ford launch a new car via online platforms when they couldn't open showrooms and working with others to build commercial online marketplaces. WPP (NYSE: WPP) today reported its 2020 Preliminary Results. TOP NEWS: WPP swings to loss in 2020 but to resume share buyback. In the fourth quarter, organic revenue across WPP was down 6.4% in the U.S., 7.4% in the U.K., 0.8% in Germany, 8.9% in India and 12.1% in Greater China. We see many areas of attractive growth for WPP, from the permanent shift to ecommerce, the digitisation of media and the need from our clients to convert brand purpose into action. CMO Today delivers the most important news of the day for media and marketing professionals. The record date for the interim dividend is 9 October 2020, and the dividend will be payable on 6 November 2020. Sea Containers 18 Upper Ground London, SE1 9GL. [Operator instructions] Today’s conference is being recorded. GroupM organic revenue was down 4.1% in the fourth quarter, similar to the third quarter, the company said. Public relations services are typically hit hardest during downturns, but the sector was one of WPP’s strongest performers in 2020. (RTTNews) - WPP Group PLC (WPP.L, WPPGY) reported a loss before tax of 2.79 billion pounds for fiscal 2020 compared to profit of 1.21 billion pounds, prior … Mark Read Please go ahead, sir. Schumer and Gillibrand Call for Cuomo to Resign, Opinion: Dr. Seuss, Meet the Sanitized Sleuths Known as the Hardy Boys, Opinion: Democrats Move on Iowa’s Second District, Opinion: Why We Care About the Royal Family Feud, NFTs Are Fueling a Boom in Digital Art. WPP boss Mark Read says he expects a ”solid year of recovery” for the holding company amid the vaccine rollout after it reported a £2.79bn ($3.89bn) pre-tax loss for a Covid-ravaged 2020. Deloitte’s “2021 Global Marketing Trends” research shows how companies can balance the demands of organizational efficiency with the need to understand human values and build relationships with customers, employees, and other stakeholders. Like-for-like growth at constant currency exchange rates and excluding the effects of … WPP plc Q4 2020 Earnings Call Mar 11, 2021, 4:30 p.m. The company also plans to supplement organic growth this year with acquisitions that add up to around £400 million. Good morning, ladies and gentlemen, and thank you for standing by. Get this delivered to your inbox, and more info about our products and services. Sign up for free newsletters and get more CNBC delivered to your inbox. WPP reported a 2020 net revenue decline of 10% to £9.762 billion (approximately $13.6 billion). WPP, the world's largest advertising group, pulled its dividend and share buyback and withdrew guidance for 2020 on Tuesday, after clients cancelled … The organic revenue decline (which excludes M&A … The goodwill impairments relate … Full year, like-for-like revenue, excluding pass-through-costs, will be “within the range of analyst expectations” in 2020, the company said in a statement on Thursday. WPP PLC said like-for-like net revenue decreased 8.2% in 2020 and fell 6.5% in the fourth quarter, compared with the same period a year earlier, as … —WPP reported 2020 worldwide revenue less pass-through costs of £9.8 billion ($12.5 billion), down 10.0%. We want to hear from you. The past year has underscored the importance of the human experience, as people seek new ways to connect with one another despite the constraints of the pandemic. To access WPP’s 2020 preliminary results financial tables, ... FinancialBuzz.com is a credible source for the world’s latest trending financial and economic news. WPP relaunches buyback after client wins in 2020 Published Thu, Mar 11 2021 2:49 AM EST Updated Thu, Mar 11 2021 8:15 AM EST Share Share … WPP will likely invest in e-commerce and technology services in the region, where WPP is over-indexed on multinational clients and traditional media, he said. I mean I suppose the only new news is the year-end net debt … Further details of WPP’s financial performance are … Resilient performance: further recovery in Q4; net debt down to £0.7 billion; share buyback to start immediately. 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