Business
Update re COVID-19
Update re COVID-19.
About this update from Wpp Plc
[{"type":"text","content":"\n \n \n RNS Number : 1810I\n WPP PLC\n 31 March 2020\n \n \n \n \n For Immediate Release 31 March 2020\n \n \n \n \n \n This announcement contains inside information\n \n \n \n \n \n WPP PLC (\"WPP\")\n \n \n \n \n \n Update re COVID-19\n \n \n \n \n \n First two months' trading in line with our expectations; prudent actions taken to maintain our strong liquidity position; continuing to serve clients effectively at a crucial time for strong communications\n \n \n \n \n \n Headlines\n \n \n · \n 2020 started well with strong business momentum: key account wins and good retention\n \n \n · \n Encouraging financial performance, pre COVID-19 impact: first two months Group LFL revenue less pass-through costs ex Greater China +0.4%1; Group -0.6%1; USA -0.9%1\n \n \n · \n All of our businesses operating well under remote working conditions; producing effective campaigns for clients, governments and NGOs around the world\n \n \n · \n March performance is weaker, reflecting spread of virus and government containment actions\n \n \n · \n Significant uncertainty over immediate outlook: withdrawing guidance for 2020\n \n \n · \n Strong balance sheet supported by further immediate action to maintain liquidity: buyback and 2019 final dividend suspended given current uncertainty; final dividend will remain under review \n \n \n · \n Additional measures taken to manage cash flow and profitability include reduction in costs and capital expenditure, and tight controls on working capital\n \n \n · \n First quarter trading update on 29 April 2020\n \n \n Supporting our people and communities and maintaining service for our clients\n \n \n Since the start of the coronavirus crisis, our first priority has been the safety and welfare of our people, and doing what we can to limit the impact of the pandemic on our communities. Our leadership has communicated continuously to our people around the world and we have followed or exceeded the guidance of governments and international health organisations in the measures we have taken to protect our employees' health and to help slow the spread of the virus. We know this is a stressful and unsettling time for our people, and are encouraging all managers to stay in close contact with their teams to provide the support needed. We continue to give regular guidance on me...