• FY reported revenue +2.9%, LFL revenue +3.2%
• FY revenue less pass-through costs +0.5%, LFL revenue less pass-through costs +0.9%
• Q4 LFL revenue less pass-through costs +0.3% with ex-US4 +3.1% benefiting from strong growth in the UK and India partially offset by declines in Germany and China. US Q4 LFL decline of 4.5% primarily due to lower spend by technology, healthcare and retail clients, partially offset by growth in CPG, telecoms and automotive sectors
• Global Integrated Agencies FY LFL revenue less pass-through costs +1.3% (Q4: +0.7%): within which GroupM, our media planning and buying business, grew +4.9% (Q4: +5.7%), partially offset by a 1.6% decline in other Global Integrated Agencies (Q4: -3.4%)
• Solid new business performance: $4.5bn net new billings5 (2022: $5.9bn) with Q4 net new billings $1.1bn (Q4 2022: $0.8bn). The current pipeline of potential new business remains higher year-on-year
• FY headline operating profit margin in line with original guidance6 of 15.0% (excluding the impact of FX). Headline operating profit margin of 14.8% (2022: 14.8%) reflecting a 0.2pt drag from FX, disciplined cost control and continued investment in our technology, data and AI offer
• Reported EPS of 10.1p (2022: 61.2p) reflects the impact of accelerated amortisation of intangible assets as a result of the creation of VML, and property impairments announced earlier in the year
• Headline EPS of 93.8p (2022: 98.5p) reflects a zero contribution from Kantar in income from associates in 2023, which in 2022 represented 3.3p in headline EPS7
• Adjusted operating cash flow of £1,280m (2022: £669m) reflecting an improved working capital performance
• Adjusted net debt at 31 December 2023 of £2.5bn, flat year-on-year
• Final dividend of 24.4p proposed (2022: 24.4p) resulting in a proposed total dividend of 39.4p (2022: 39.4p) in line with our payout policy of approximately 40% of headline diluted EPS
And later;
Earnings and dividend
Profits attributable to shareholders were £110m, compared to a profit of £683m in the prior period, principally reflecting the accelerated amortisation of indefinite life brands and the impairment taken as a result of the 2023 property review.
Reported diluted earnings per share was 10.1p, compared to 61.2p in the prior period. Headline diluted earnings per share from continuing operations decreased by 4.8% to 93.8p.
The Board is proposing a final dividend for 2023 of 24.4 pence per share, which together with the interim dividend paid in November 2023 gives a full-year dividend of 39.4 pence per share. The record date for the final dividend is 7 June 2024, and the dividend will be payable on 5 July 2024.
Further details of WPP's financial performance are provided in Appendix 1.
https://www.investegate.co.uk/announcem ... s-/8050082
Also posted on Company News here; viewtopic.php?p=648586#p648586
I think some here hold these, so this may be of interest here.
Sorry about the delay in posting this item.
Ian (No holding).