First half and Q2 financial highlights
n Reported revenue up 1.6%, constant currency revenue flat, LFL revenue down 0.6% (Q2 up 0.1%)
n H1 LFL revenue less pass-through costs -2.0%; Q2 -1.4% (Q1 -2.8%)
n Q2 LFL revenue less pass-through costs improvements in key markets: USA -5.4%, UK +1.3%
n 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
n 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)
n Average net debt £4.384 billion, down £709 million in constant currency compared with first half of 2018 supported by disposal programme
n 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 margin point on a constant currency basis (excluding the impact of IFRS 16)
And later;
Given the first half results, your Board considers it appropriate to declare an interim dividend of 22.7p per share, the same as last year, a pay-out ratio of 66%. The record date for the interim dividend is 4 October 2019, payable on 4 November 2019. Further details of WPP's financial performance are provided in Appendix 1.
https://www.investegate.co.uk/wpp-plc-- ... 00044863I/
