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WPP Group FY20 Headline Pretax Profit Declines - Quick Facts

WPP Group PLC (WPP.L,WPPGY) reported a loss before tax of 2.79 billion pounds for fiscal 2020 compared to profit of 1.21 billion pounds, prior year. Loss per share was 243.2 pence compared to profit of 68.2 pence. Headline profit before tax was 1.04 billion pounds, down 23.6 percent. Headline earnings per share was 59.9 pence compared to 78.1 pence.

Fiscal year revenue from continuing operations was 12.00 billion pounds, down 9.3 percent from prior year. Revenue less pass-through costs declined 10 percent to 9.76 billion pounds. Revenue less pass-through costs was down 8.2 percent on a like-for-like basis.

The Group reiterated its guidance for 2021. Like-for-like revenue less pass-through costs growth is projected of mid-single-digits percentage, returning to growth in second quarter.

The Group expects recovery to 2019 revenue less pass-through costs levels by 2022. From 2023, the Group anticipates 3-4% annual growth in revenue less pass-through costs, including M&A benefit of 0.5-1.0% annually.

The Board proposed a final dividend for 2020 of 14.0 pence per share, which together with the interim dividend paid in November 2020 gives a full-year dividend of 24.0 pence per share.

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