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WPP Posts Hefty H1 Loss, Declares Dividend; Sees FY20 Margin, LFL Revenue Within Market Range

WPP plc (WPP.L,WPPGY) reported Thursday that its first-half loss before tax was 2.58 billion pounds, compared to profit of 409 million pounds last year.

Loss per share was 214.5 pence, compared to profit of 21.4 pence a year ago.

Headline profit before tax was 276 million pounds, compared to 494 million pounds a year ago. Headline earnings per share were 15.4 pence, compared to 28 pence last year.

Revenue declined 12.3 percent to 5.58 billion pounds from 6.37 billion pounds last year. Like-for-like revenue declined 11.5 percent.

The company announced an interim dividend of 10 pence for 2020.

Regarding the current trading, the company said it is showing sequential improvement on second quarter but market remains volatile. In July, LFL revenue less pass-through costs dropped 9.2%.

Looking ahead, the company expects fiscal 2020 LFL revenue less pass-through costs growth and headline operating margin to be within the range of analysts' expectations.

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