UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
____________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the Month of October 2023
Commission File Number: 001-38303
______________________
WPP plc
(Translation of registrant's name into English)
________________________
Sea Containers, 18 Upper Ground
London, United Kingdom SE1 9GL
(Address of principal executive offices)
_________________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Form 20-F
X
Form 40-F ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ___
Note: Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an
attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ___
Note: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report
or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which
the registrant is incorporated, domiciled or legally organized (the
registrant’s “home country”), or under the rules
of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been
distributed to the registrant’s security holders, and, if
discussing a material event, has already been the subject of a Form
6-K submission or other Commission filing on EDGAR.
Forward-Looking Statements
In
connection with the provisions of the U.S. Private Securities
Litigation Reform Act of 1995 (the ‘Reform Act’), the
Company may include forward looking statements (as defined in the
Reform Act) in oral or written public statements issued by or on
behalf of the Company. These forward-looking statements may
include, among other things, plans, objectives, beliefs,
intentions, strategies, projections and anticipated future economic
performance based on assumptions and the like that are subject to
risks and uncertainties. These statements can be identified by the
fact that they do not relate strictly to historical or current
facts. They use words such as ‘aim’,
‘anticipate’, ‘believe’,
‘estimate’, ‘expect’,
‘forecast’, ‘guidance’,
‘intend’, 'may', ‘will’,
‘should’, ‘potential’,
‘possible’, ‘predict’,
‘project’, ‘plan’, ‘target’,
and other words and similar references to future periods but are
not the exclusive means of identifying such statements. As such,
all forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances that are beyond the
control of the Company. Actual results or outcomes may differ
materially from those discussed or implied in the forward-looking
statements. Therefore, you should not rely on such forward looking
statements, which speak only as of the date they are made, as a
prediction of actual results or otherwise. Important factors which
may cause actual results to differ include but are not limited to:
the impact of, epidemics or pandemics including restrictions on
businesses, social activities and travel; the unanticipated loss of
a material client or key personnel; delays or reductions in client
advertising budgets; shifts in industry rates of compensation;
regulatory compliance costs or litigation; changes in competitive
factors in the industries in which we operate and demand for our
products and services; changes in client advertising, marketing and
corporate communications requirements; our inability to realise the
future anticipated benefits of acquisitions; failure to realise our
assumptions regarding goodwill and indefinite lived intangible
assets; natural disasters or acts of terrorism; the Company’s
ability to attract new clients; the economic and geopolitical
impact of the Russian invasion of Ukraine; the risk of global
economic downturn, slower growth, increasing interest rates and
high and sustained inflation; supply chain issues affecting the
distribution of our clients’ products; technological changes
and risks to the security of IT and operational infrastructure,
systems, data and information resulting from increased threat of
cyber and other attacks; effectively managing the risks, challenges
and efficiencies presented by utilising Artificial Intelligence
(AI) technologies and partnerships in our business; the
Company’s exposure to changes in the values of other major
currencies (because a substantial portion of its revenues are
derived and costs incurred outside of the UK); and the overall
level of economic activity in the Company’s major markets
(which varies depending on, among other things, regional, national
and international political and economic conditions and government
regulations in the world’s advertising markets). In addition,
you should consider the risks described in Item 3D, captioned
“Risk Factors” in the company's 2022 Annual Report on
Form 20-F, which could also cause actual results to differ from
forward-looking information. In light of these and other
uncertainties, the forward-looking statements included in this
document should not be regarded as a representation by the Company
that the Company’s plans and objectives will be achieved.
Neither the Company, nor any of its directors, officers or
employees, provides any representation, assurance or guarantee that
the occurrence of any events anticipated, expressed or implied in
any forward looking statements will actually occur. The Company
undertakes no obligation to update or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
EXHIBIT INDEX
|
Exhibit
No.
|
Description
|
|
1
|
Third Quarter Trading Update dated 26 October 2023, prepared by WPP
plc.
|
26 October 2023
Third Quarter Trading
Update
|
Third quarter
performance impacted by the continuation of second quarter trends.
Launching the world's largest creative agency, VML, to enhance our
offer to clients and simplify WPP. Now expect 2023 LFL growth of
around 0.5-1.0% with margin of 14.8-15.0% at 2022
rates.
|
|
|
£m
|
%
reported[1]
|
% LFL[2]
|
|
Third Quarter
|
|
|
|
|
Revenue
|
3,508
|
(1.8)
|
2.3
|
|
Revenue less pass-through costs
|
2,837
|
(5.0)
|
(0.6)
|
|
|
|
|
|
|
Year to date
|
|
|
|
|
Revenue
|
10,729
|
3.9
|
3.1
|
|
Revenue less pass-through costs
|
8,649
|
1.8
|
1.2
|
■
Trading
highlights: Q3
revenue -1.8%; LFL revenue +2.3%
■
Q3
LFL revenue less pass-through costs -0.6% with growth in UK,
Western Continental Europe and Rest of World, offset by declines in
North America, with continued weakness from technology clients and
in China
■
Global Integrated Agencies grew revenue less
pass-through costs +0.1% in Q3 (YTD +1.5%) with integrated creative
agencies declining -1.1% (YTD -0.9%). GroupM grew +1.6% in Q3 (YTD
+4.6%) with
low-single digit growth in the US and UK
■
$1.4bn
net new business won in Q3, including from Estée Lauder,
Hyatt, Lenovo, Nestlé, Unilever and Verizon. $3.4bn net new
business won year-to-date
■
Strengthened
offer: Two
significant moves to further strengthen our competitive offer,
simplify our business and benefit from scaled technology
platforms:
o
Launch
of VML, the world's largest creative agency with world-class
creativity and deep expertise in commerce, data and
technology
o
Further
integration of GroupM with common products and single technology
platform, streamlining of operations and back-office functions
supporting client-facing agencies
o
Together
these moves are expected to drive stronger revenue growth and net
annualised cost savings of at least £100m in FY25 with a
part-year benefit in FY24
■
Outlook: 2023
guidance updated: LFL revenue less pass-through costs growth now
expected to be around 0.5-1.0% (previously 1.5-3.0%); with headline
operating margin of 14.8-15.0% (excluding the impact of FX)
(previously around 15.0%)
■
WPP
intends to hold a Capital Markets Day in January 2024 to update
investors and analysts on its strategic roadmap to drive growth,
further efficiencies and margin expansion over the next three to
five years
Mark Read, Chief Executive Officer of WPP, said:
"In a world being rapidly reshaped, we need to continue to evolve
our offer to clients and simplify our business. I am excited by the
creation of the world's largest creative agency, VML, and the
continued evolution of GroupM. Both these developments will
strengthen our offer to clients, simplify the integration of our
services and maximise the returns on our ongoing investments in AI
and technology.
"Our top-line performance in Q3 was below our expectations and
continued to be impacted by the cautious spending trends we saw in
Q2, particularly across technology clients with more impact from
this felt in GroupM over the summer than the first
half.
"We continue to win both creative and media assignments from
leading global companies including significant wins in the third
quarter with Estée Lauder (media), Hyatt (creative), Lenovo
(creative), Nestlé (media) and Verizon (creative). Our net new
business performance of $1.4bn in the quarter showed sequential
improvement after a tougher first half.
"We will provide more detail on today's announcements, our
strategic roadmap and actions to drive growth, further efficiencies
and margin expansion at our Capital Markets Day in
January."
This announcement contains information that qualifies or may
qualify as inside information. The person responsible for arranging
the release of this announcement on behalf of WPP plc is Balbir
Kelly-Bisla, Company Secretary.
For further information:
Investors and analysts
Tom Waldron
+44 7788
695864
Anthony
Hamilton
+44 7464 532903
irteam@wpp.com
Media
press@wpp.com
+44 20 7282 4600
Richard
Oldworth
+44 7710 130 634
Buchanan Communications
+44 20 7466 5000
wpp.com/investors
Looking ahead
We have made great progress over the last five years, investing in
creativity and technology and behind fewer, stronger agency brands
strengthening our offer to clients. We have attracted new talent,
particularly in the United States, and invested in data and
technology capabilities with a common approach that supports
collaboration and delivers results to clients. Our early
investments in AI can be seen in the many examples of work that we
are doing for clients. We also moved quickly, through the sale of
Kantar, to address our leverage and ensure our balance sheet is in
a much stronger position, while returning surplus capital to
shareholders and paying a long-term sustainable
dividend.
Much has been achieved, but the world is changing fast, and there
is now more to do, particularly as we look out at the environment
over the next five years, to ensure that WPP remains relevant and
competitive to major global and local clients.
Today we have outlined two strategic initiatives that will
strengthen our client proposition, further simplify WPP and better
equip us to navigate a future more shaped by
technology.
1. VML: Creation
of the world's largest integrated creative
agency.
VML
will bring together the people, creativity, commerce, data and
technology offering of two of our most successful agencies:
VMLY&R and Wunderman Thompson. The combined agency will benefit
from the complementary nature of their geographic strengths as well
as bringing world-class capabilities in CRM, data, experience
design, influencer marketing, marketing technology and ecommerce to
the clients of both agencies.
VML
will be operational on 1 January 2024 with more than 30,000 people
and will provide clients with the highest level of creativity,
commerce, data and technology expertise in 64 markets globally. It
will be led by Jon Cook as CEO, who has successfully led VMLY&R
and, prior to that, VML since 2011, and Mel Edwards as Global
President who previously led Wunderman Thompson for five
years.
2. Simplification of GroupM's operating model.
GroupM
embarked on a simplification plan in 2020 under new leadership
which will now accelerate and move to a second phase. The new
structure will retain its strong agency brands, EssenceMediacom,
Mindshare, Wavemaker and mSix&Partners, but support them with
common media products and a single technology platform, with shared
services in finance, IT and HR.
One element of this is GroupM
Nexus, GroupM's
performance media organisation, which provides the agencies with a
unified digital media offering and in the third quarter retired
certain individual brands including Xaxis, Finecast and
Sightline.
The creation of VML and the simplification of GroupM will
strengthen these companies' competitive positions, allow further
investment in client-facing expertise and help them to accelerate
their growth. In addition, the reduction in operational complexity
and duplication that accompanies these changes
is expected to result in net
annualised cost savings of at least £100m in FY25, with a
part-year benefit in FY24.
Associated expected restructuring costs are anticipated to be
predominantly in FY24. The carrying value of brands impacted or
retired by these actions will be assessed as part of our regular
impairment review process and this may result in additional
non-cash charges in the fourth quarter.
These net savings are in addition to the expected benefit from the
transformation plan which we set out in December 2020, designed to
achieve £600m in gross annual cost
efficiencies by 2025 (with £200m net savings). We are on
target to achieve an annual run-rate of £450m in
efficiencies this year, against a 2019
baseline.
We will provide more details on these actions
and our
strategic roadmap to drive growth and margin expansion over the
next five years at a Capital Markets Day in
January.
Q3 overview
Revenue in the third quarter was £3.5bn, down 1.8% from
£3.6bn in Q3 2022, and up 2.3% like-for-like. Revenue less
pass-through costs was £2.8bn, down 5.0% from £3.0bn in
Q3 2022, and down 0.6% like-for-like.
|
|
Q3 2023
£m
|
%
reported
|
%
M&A
|
%
FX
|
%
LFL
|
|
Revenue
|
3,508
|
(1.8)
|
1.6
|
(5.7)
|
2.3
|
|
Revenue less pass-through costs
|
2,837
|
(5.0)
|
1.1
|
(5.5)
|
(0.6)
|
|
|
YTD
2023
£m
|
%
reported
|
%
M&A
|
%
FX
|
%
LFL
|
|
Revenue
|
10,729
|
3.9
|
1.2
|
(0.4)
|
3.1
|
|
Revenue less pass-through costs
|
8,649
|
1.8
|
0.9
|
(0.3)
|
1.2
|
Business segment review
Revenue less pass-through costs
|
£
million
|
Q3 2023
|
Q3
2022
|
+/(-)
%
reported
|
+/(-) %
LFL
|
+/(-)
%
LFL
(YTD)
|
|
Global
Integrated Agencies
|
2,347
|
2,460
|
(4.6)
|
0.1
|
1.5
|
|
Public
Relations
|
283
|
297
|
(4.9)
|
(0.9)
|
1.1
|
|
Specialist
Agencies
|
207
|
229
|
(9.6)
|
(6.8)
|
(2.2)
|
|
Total Group
|
2,837
|
2,986
|
(5.0)
|
(0.6)
|
1.2
|
Global Integrated Agencies: GroupM, our
media planning and buying business, saw LFL growth in revenue less
pass-through costs of +1.6% in Q3 (YTD +4.6%), on lower
spend from technology clients and the impact of client losses
in the United States resulting in low-single-digit
growth in the US and UK and a slight decline in Germany. This
offset good growth in APAC markets.
Our digital billings mix within GroupM increased to 51%,
compared to 48% in FY 2022.
In our integrated creative agencies, a LFL decline of 1.1% in Q3
(YTD -0.9%) represented an improvement on Q2's LFL of
-2.3%.
Ogilvy grew well, supported by recent new business wins including
SC Johnson and Verizon B2B.
Other integrated creative agencies, Wunderman Thompson, VMLY&R,
AKQA Group and Hogarth all felt a continued impact from reduced
spend across the technology sector and delays in technology-related
projects.
Public Relations: FGS Global
continued to grow well in Q3 while H+K and BCW both saw LFL
declines, with all three agencies impacted by client caution in the
face of macroeconomic uncertainty, primarily in the
USA.
Specialist Agencies: continued
strong growth in our specialist healthcare media planning and
buying agency, CMI Media Group, was offset by reduced client
spending in a number of our smaller stand-alone specialist
agencies.
Regional review
Revenue less pass-through costs
|
£
million
|
Q3 2023
|
Q3
2022
|
+/(-)
%
reported
|
+/(-) %
LFL
|
+/(-)
%
LFL
(YTD)
|
|
N.
America
|
1,105
|
1,222
|
(9.6)
|
(4.1)
|
(2.2)
|
|
United
Kingdom
|
388
|
381
|
2.0
|
1.1
|
5.8
|
|
W. Cont
Europe
|
554
|
547
|
1.3
|
1.1
|
2.8
|
|
Rest of
World
|
790
|
836
|
(5.5)
|
2.8
|
3.0
|
|
Total Group
|
2,837
|
2,986
|
(5.0)
|
(0.6)
|
1.2
|
North America declined
by 4.1% in the third quarter, primarily reflecting lower
year-on-year revenues from technology clients and the expected
impact of 2022 client losses in the retail sector. This was
partially offset by growth across CPG, healthcare and financial
services clients, with GroupM and Ogilvy both growing in the
quarter.
The United
Kingdom grew with CPG and
healthcare continuing to grow, but at a slower rate than in H1,
offset by declines in technology client
spend. Western Continental
Europe saw declines in
Germany on lower spend by automotive, technology and government
clients and in France due to client losses; offset by growth in
Spain and other markets.
The Rest of
World saw continued growth
in the quarter but was held back by China where a slower than
expected macro recovery impacted our integrated creative agencies.
India LFL growth accelerated to 7.3% in the quarter with a strong
performance in media driven by new business
wins.
Top five markets - revenue less pass-through costs
|
% LFL +/(-)
|
USA
|
UK
|
Germany
|
China
|
India
|
|
Q3 2023
|
(4.2%)
|
1.1%
|
(3.8%)
|
(4.2%)
|
7.3%
|
|
YTD 2023
|
(2.2%)
|
5.8%
|
2.2%
|
(4.1%)
|
2.8%
|
Client sector review
Client sector - revenue less pass-through costs
|
|
% share
|
Q3 % growth
+/(-)
|
YTD % growth
+/(-)
|
|
CPG
|
26.7
|
14.5
|
14.9
|
|
Tech & Digital Services
|
17.4
|
(12.7)
|
(7.6)
|
|
Healthcare & Pharma
|
12.1
|
1.5
|
3.3
|
|
Automotive
|
10.3
|
2.1
|
0.6
|
|
Retail
|
9.2
|
(8.4)
|
(8.0)
|
|
Telecom, Media & Entertainment
|
6.5
|
8.4
|
1.7
|
|
Financial Services
|
6.2
|
3.9
|
7.9
|
|
Other
|
5.7
|
(0.8)
|
(0.5)
|
|
Travel & Leisure
|
3.4
|
4.1
|
7.3
|
|
Government, Public Sector & Non-profit
|
2.6
|
0.0
|
2.4
|
Strategic progress
There have never been more opportunities for advertisers to reach
consumers, reflected in the plethora of marketing channels
available. Our clients continue to invest in their brands and seek
our support as they navigate this complexity. In this increasingly
complex world, WPP continues to invest in our offer to make it more
relevant than ever.
In our creative production activities, we are moving to leverage
scale and our investments in AI and production technology. We are
concentrating our investments here in Hogarth which will take on
all creative production activity not already aligned there and
expand its operations into all our key markets. This will provide
clients with a single world-class production operation with high
standards of craft backed by the latest technology.
We believe that AI will be fundamental to WPP's business and are
excited by its transformational potential and will cover the
opportunity for WPP in more detail at our Capital Markets Day. Our
expertise in the application of AI to marketing is based on
investments that we have been making over many years, including the
appointment of a Head of Creative AI in 2019 and the acquisition of
Satalia in 2021.
AI is used extensively across our business today, particularly in
GroupM and in Hogarth. Our application of AI includes automation of
workflows, speeding up the process of ideation and concepting, and
producing innovative creative work for clients.
Clients: We
have won $3.4bn of net new business billings in the first
nine months of 2023 (YTD 2022: $5.1bn) including
the potential loss of certain Pfizer assignments
currently held by WPP integrated creative agencies. Key assignment
wins in Q3 included Estée Lauder, Hyatt,
Lenovo, Nestlé,
Unilever and Verizon B2C. Our performance in the third quarter
picked up after a somewhat disappointing first
half.
Creativity and awards: Creativity
is at the heart of our offer, and we continue to be recognised for
our creative excellence. WPP was named holding company of the year
and VMLY&R network of the year at the New York Festivals
Advertising Awards. Ogilvy was the most awarded agency at the
Global Influencer Marketing Awards for the fifth year running and
was recently named AdWeek's 2023 Global Agency of the Year. WPP
global marketing effectiveness consultancy Gain Theory was
recognised by Forrester as a Wave Leader in marketing measurement
and optimisation.
Purpose and ESG
WPP's purpose is to use the power of creativity to build better
futures for our people, planet, clients and communities. Read more
on the ways WPP is working to realise a more sustainable, equitable
future in our
2022 Sustainability Report.
Balance sheet highlights
Average adjusted net debt for the twelve months to 30 September
2023 was £3.5bn, compared to £2.5bn for the twelve months
to 30 September 2022, an increase of £1.0bn. The increase was
primarily due to the 2022 share buyback programme.
Net debt at 30 September 2023 was £3.9bn, compared to
£3.5bn reported on 30 September 2022, an increase of
£0.4bn.
Outlook
We are updating our guidance for 2023 as
follows:
|
Like-for-like
revenue less pass-through costs growth of around 0.5-1.0%
(previously 1.5-3.0%); Headline operating margin of 14.8-15.0%
(excluding the impact of FX) (previously around 15.0%)
|
Other 2023 financial guidance:
●
Mergers
and acquisitions will add 0.5-1.0% to revenue less
pass-through costs growth
●
FX
impact: current rates (at 20 October 2023) imply a
c.1.0% headwind on revenues less pass-through costs and a
c.0.25pt headwind on headline operating margin
●
Headline income from associates is expected to be
around £40m[3]
●
Effective
tax rate (measured as headline tax as a % of headline profit before
tax) of around 27%
●
Restructuring and property impairment charges of
around £400m[4]
●
Trade
working capital expected to be broadly flat year-on-year, with
operational improvement offsetting increased client focus on cash
management
●
Non-trade
working capital expected to be an outflow of
£150m
●
Year-end
adjusted net debt flat year-on-year
●
Average
adjusted net debt/headline EBITDA slightly above the top end of our
range of 1.5x-1.75x (previously within the range)
Cautionary statement regarding forward-looking
statements
This document contains statements that are, or may be deemed to be,
"forward-looking statements". Forward-looking statements give the
Company's current expectations or forecasts of future events. An
investor can identify these statements by the fact that they do not
relate strictly to historical or current facts.
These forward-looking statements may include, among other things,
plans, objectives, beliefs, intentions, strategies, projections and
anticipated future economic performance based on assumptions and
the like that are subject to risks and uncertainties. These
statements can be identified by the fact that they do not relate
strictly to historical or current facts. They use words such as
'aim', 'anticipate', 'believe', 'estimate', 'expect', 'forecast',
'guidance', 'intend', 'may', 'will', 'should', 'potential',
'possible', 'predict', 'project', 'plan', 'target', and other words
and similar references to future periods but are not the exclusive
means of identifying such statements. As such, all forward-looking
statements involve risk and uncertainty because they relate to
future events and circumstances that are beyond the control of the
Company. Actual results or outcomes may differ materially from
those discussed or implied in the forward-looking statements.
Therefore, you should not rely on such forward-looking statements,
which speak only as of the date they are made, as a prediction of
actual results or otherwise. Important factors which may cause
actual results to differ include but are not limited to: the impact
of, epidemics or pandemics including restrictions on businesses,
social activities and travel; the unanticipated loss of a material
client or key personnel; delays or reductions in client advertising
budgets; shifts in industry rates of compensation; regulatory
compliance costs or litigation; changes in competitive factors in
the industries in which we operate and demand for our products and
services; changes in client advertising, marketing and corporate
communications requirements; our inability to realise the future
anticipated benefits of acquisitions; failure to realise our
assumptions regarding goodwill and indefinite lived intangible
assets; natural disasters or acts of terrorism; the Company's
ability to attract new clients; the economic and geopolitical
impact of the Russian invasion of Ukraine and conflicts arising in
other international markets; the risk of global economic downturn,
slower growth, increasing interest rates and high and sustained
inflation; supply chain issues affecting the distribution of our
clients' products; technological changes and risks to the security
of IT and operational infrastructure, systems, data and information
resulting from increased threat of cyber and other attacks; the
Company's exposure to changes in the values of other major
currencies (because a substantial portion of its revenues are
derived and costs incurred outside of the UK); and the overall
level of economic activity in the Company's major markets (which
varies depending on, among other things, regional, national and
international political and economic conditions and government
regulations in the world's advertising markets). In addition, you
should consider the risks described in Item 3D, captioned "Risk
Factors" in the Group's Annual Report on Form-20F for 2022, which
could also cause actual results to differ from forward-looking
information.
Neither the Company, nor any of its directors, officers or
employees, provides any representation, assurance or guarantee that
the occurrence of any events anticipated, expressed or implied in
any forward-looking statements will actually occur. Accordingly, no
assurance can be given that any particular expectation will be met
and investors are cautioned not to place undue reliance on the
forward-looking statements.
Other than in accordance with its legal or regulatory obligations
(including under the Market Abuse Regulation, the UK Listing Rules
and the Disclosure and Transparency Rules of the Financial Conduct
Authority), The Company undertakes no obligation to update or
revise any such forward-looking statements, whether as a result of
new information, future events or otherwise.
Any forward-looking statements made by or on behalf of the Group
speak only as of the date they are made and are based upon the
knowledge and information available to the Directors at the
time.
1.
Percentage change in reported sterling vs prior
year.
2.
Like-for-like. LFL comparisons are calculated as
follows: current year, constant currency actual results (which
include acquisitions from the relevant date of completion) are
compared with prior year, constant currency actual results,
adjusted to include the results of acquisitions and disposals for
the commensurate period in the prior year. Both periods exclude
results from Russia.
3.
In accordance with IAS 28: Investments in
Associates and Joint Ventures once an investment in an associate
reaches zero carrying value, the Group does not recognise any
further losses, nor income, until the cumulative share of income
returns the carrying value to above zero. WPP's cumulative reported
share of losses in Kantar reduced the carrying value of the
investment to zero at the end of December 2022.
4.
Excluding any additional non-cash charges in the
fourth quarter that may result from the impairment of the carrying
value of brands impacted by the creation of VML and simplification
of GroupM.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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WPP PLC
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(Registrant)
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Date:
26 October 2023.
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By:
______________________
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|
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Balbir
Kelly-Bisla
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|
|
Company
Secretary
|
WPP (PK) (USOTC:WPPGF)
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