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WPP H1 Profit Rises, Lifts FY22 Organic Growth View - Quick Facts

WPP Group Plc (WPP.L,WPPGY), a British mass media firm, reported Friday that its first-half profit before tax grew 6.1 percent to 419 million pounds from last year's 394 million pounds. Earnings per share were 22.7 pence, up 10.2 percent from 20.6 pence a year ago.

Headline profit before tax was 562 million pounds, compared to 502 million pounds last year. Headline earnings per share were 33.0 pence, compared to prior year's 28.7 pence.

Revenue for the period grew 10.2 percent to 6.76 billion pounds from 6.13 billion pounds last year. Revenue went up 8.7 percent like-for-like.

Revenue less pass-through costs was 5.5 billion pounds, up 12.5 percent.

In the second quarter, LFL revenue was up 9.3 percent.

Looking ahead, the company said its performance in the first half of 2022 has been strong, and expects continued growth in the second half.

For the year 2022, the company updated guidance, and organic growth, defined as like-for-like revenue less pass-through costs growth, is now expected to be 6 percent to 7 percent, higher than prviously expected growth of 5.5 percent to 6.5 percent.

Headline operating profit margin is expected to be up around 50 basis points.

For the medium term, the company said it remains confident to deliver annual revenue less pass-through costs growth of 3-4 percent and headline operating profit margin of 15.5-16 percent.

The company also expects to execute around £800 million of share buybacks in 2022, of which £637 million has already been completed.

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