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Interim Results

WPP pre-tax profit up

23 August 2017 07:27

WPP announced headline profit before tax rose 15% to £793m, which was 1.8% in constant currency in the first six months of 2017.

HIGHLIGHTS:

- Reported billings up 6.3% at £26.906bn, down 4.7% in constant currency

- Reported revenue up 13.3% at £7.404bn, down 0.4% at $9.328bn, up 2.7% at €8.609bn and up 0.4% at ¥1.047tn

- Constant currency revenue up 1.9%, like-for-like revenue down 0.3%

- Constant currency net sales up 2.2%, like-for-like net sales down 0.5%

- Reported net sales margin of 13.9%, up 0.2 margin points versus last year, flat in constant currency and up 0.1 margin points like-for-like

- Headline reported profit before interest and tax £882 million up 14.7%, and up 1.9% in constant currency

- Profit before tax £779m up 83.3%, up 52.4% in constant currency primarily reflecting net exceptional costs in the first half of 2016 of £122m and gains on the fair value of financial instruments in the first half of 2017

- Reported profit after tax £634m up 124.7%, up 80.6% in constant currency

- Headline diluted earnings per share 45.4p up 16.1%, up 2.4% in constant currency

- Reported diluted earnings per share 46.6p up 146.6%, up 95.1% in constant currency

- Dividends per share 22.7p up 16.1%, a pay-out ratio of 50%, in line with target

- Share buy-backs of £290m in the first half, up from £197m last year, equivalent to 1.3% of the issued share capital against 1% last year

- Return on equity up strongly at 16.9% for the 12 months to 30 June 2017 from 15.5% for the previous 12 months period. The weighted average cost of capital at 30 June 2017 was 6.3% down slightly from 6.4% at 31 December 2016

- Including associates and investments, revenue totals over $26bn annually and people average over 200,000

- Reported EBITDA £1.016bn, over £1bn for the first time in a half-year period, up 14.2%, up 1.7% in constant currency

- Net new business momentum returned together with leadership of net new business league tables in the first half-year and beyond

Story provided by StockMarketWire.com

Related Company: WPP

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