Ad giant WPP pulls dividend, buyback and outlook as clients cut spending
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WWP, Plc (WPP) Withdraws FY20 Guidance and Reduces Costs; Announces Suspension of Buyback and 4Q Dividend,
March 31, 2020 7:02 AM EDTWPP (NYSE: WPP) today issued the following update related to COVID-19.
Headlines
2020 started well with strong business momentum: key account wins and good retentionEncouraging financial performance, pre COVID-19 impact: first two months Group LFL revenue less pass-through costs ex Greater China +0.4%1; Group -0.6%1; USA -0.9%1All of our businesses operating well under remote working conditions; producing effective campaigns for clients, governments and NGOs around the worldMarch performance is weaker, reflecting spread of virus and government containment actionsSignificant uncertainty over immediate outlook: withdrawing guidance for... More