Home Business News WPP shows investors glimmer of hope in post-Sorrell era

WPP shows investors glimmer of hope in post-Sorrell era

by LLB Editor
9th Aug 19 9:35 am

Advertising giant WPP delivered better-than-expected results in a post Martin Sorrell era amid a turnaround strategy that has seen it grow the business it does with the likes of eBay, Instagram and L’Oréal.

But the amount it billed clients fell by 0.5% to £26.5bn.

“We continue to simplify WPP, with a more integrated offer for our clients, better, more collaborative working environments for our people, and less complicated management structures,” new boss Mark Read said.

The firm is selling a 60% stake in research business, Kantar, to private equity house Bain.

“When the Kantar transaction completes, our disposal programme will have generated proceeds of c.£3.6bn, allowing us to return significant amounts to shareholders and reduce our leverage to the low end of the target range,” Read said.

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