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WPP Q1 Revenue Down 4.9%

WPP plc (WPP.L,WPPGY) reported that its revenue from continuing operations for the first quarter of 2020 was 2.8 billion pounds, down 4.9% from last year on a reported basis and down 4.6% on a constant currency basis.

On a like-for-like basis, revenue was down 3.8% compared with last year.

Revenue less pass-through costs was 2.4 billion pounds, down 4.3% on a reported basis, or 4.0% in constant currency and or 3.3% LFL.

The company expects the impact of COVID-19 on its business to increase in the short term, but it is not possible to quantify the depth or duration of the impact.

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