Business
2019 Interim Results
2019 Interim Results.
About this update from Wpp Plc
[{"type":"text","content":"\n \nRNS Number : 4863I WPP PLC 09 August 2019 \n\n\n\n\n\nFOR IMMEDIATE RELEASE\n\n\n9 August 2019\n\n\n\n\n \nWPP PLC (\"WPP\")\n \n2019 Interim Results\n \n\n\n\n\nFirst half on track; progress on simplification and de-leveraging;\nfull year guidance reiterated\n\n\n\n\nKey figures\n\n\n\n\n£ million\n\n\nH1 2019\n\n\n∆ reported[1]\n\n\n∆ constant[2]\n\n\n∆ LFL[3]\n\n\nH1 2018\n\n\n\n\nBillings\n\n\n26,533\n\n\n-0.5%\n\n\n-2.0%\n\n\n \n\n\n26,656\n\n\n\n\nRevenue\n\n\n7,616\n\n\n1.6%\n\n\n0.0%\n\n\n-0.6%\n\n\n7,493\n\n\n\n\nRevenue less pass-through costs\n\n\n6,149\n\n\n0.0%\n\n\n-1.6%\n\n\n \n-2.0%\n\n\n6,149\n\n\n\n\nHeadline EBITDA[4]\n\n\n875\n\n\n-7.7%\n\n\n-8.9%\n\n\n \n\n\n948\n\n\n\n\nHeadline operating profit[5]\n\n\n730\n\n\n-6.8%\n\n\n-8.0%\n\n\n \n\n\n783\n\n\n\n\nHeadline operating margin5\n\n\n11.9%\n\n\n-0.8[6]\n\n\n-0.86\n\n\n-1.26\n\n\n12.7%\n\n\n\n\nProfit before tax\n\n\n478\n\n\n-43.5%\n\n\n-44.1%\n\n\n \n\n\n846\n\n\n\n\nProfit after tax\n\n\n349\n\n\n-50.5%\n\n\n-51.2%\n\n\n \n\n\n705\n\n\n\n\nHeadline diluted EPS5\n\n\n34.2p\n\n\n-19.7%\n\n\n-20.9%\n\n\n \n\n\n42.6p\n\n\n\n\nDiluted EPS5\n\n\n24.8p\n\n\n-53.6%\n\n\n-54.3%\n\n\n \n\n\n53.4p\n\n\n\n\nDividends per share\n\n\n22.7p\n\n\n-\n\n\n-\n\n\n \n\n\n22.7p\n\n\n\n\nFirst half and Q2 financial highlights\nn Reported revenue up 1.6%, constant currency revenue flat, LFL revenue down 0.6% (Q2 up 0.1%)\nn H1 LFL revenue less pass-through costs -2.0%; Q2 -1.4% (Q1 -2.8%)\nn Q2 LFL revenue less pass-through costs improvements in key markets: USA -5.4%, UK +1.3%\nn H1 headline operating margin 11.9%, down 1.2 margin points LFL, reflecting revenue less pass-through costs trend; IFRS 16: Leases benefit on reported headline margin 0.5 margin points\nn Reported profit before tax down 44% driven primarily by a significant H1 2018 exceptional gain that has not been repeated (£117 million impact) and a charge on the revaluation of financial instruments versus a credit in 2018 (£138 million impact)\nn Average net debt £4.384 billion, down £709 million in constant currency compared with first half of 2018 supported by disposal programme \nn 2019 guidance reiterated: LFL revenue less pass-through costs down 1.5% to 2.0%; headline operating margin to revenue less pass-through costs down around 1.0 marg...