23 October 2024
Third Quarter Trading Update
LFL
growth of 0.5% in Q3. Continued progress against our strategic
objectives with important client wins and retentions. Full year
guidance reiterated
|
Third quarter
|
£m
|
+/(-) %
reported1
|
+/(-)
%
LFL2
|
|
Revenue
|
3,558
|
1.4
|
4.1
|
|
Revenue less pass-through
costs
|
2,765
|
(2.6)
|
0.5
|
|
|
|
|
|
|
Year to date
|
|
|
|
|
Revenue
|
10,784
|
0.5
|
3.1
|
|
Revenue less pass-through
costs
|
8,364
|
(3.3)
|
(0.5)
|
Q3
highlights
• Q3 reported revenue +1.4%, LFL
revenue +4.1%
• Q3 LFL revenue less pass-through costs
+0.5%, with North America +1.7%,
Western Continental Europe +2.2% and UK flat,
partially offset by a 2.2% decline in Rest of World, reflecting a
continued decline in China (-21.3%)
•
Global Integrated Agencies Q3 LFL revenue less
pass-through costs grew 0.5% (Q3 2023:
+0.1%). GroupM growth improved
sequentially to 4.8% (Q3 2023:
+1.6%), offset by a 3.1% decline at integrated creative agencies (Q3 2023:
-1.1%)
• Top ten clients3
grew 7.0% in Q3. CPG, automotive, travel
& leisure and financial services client sectors grew well in
the quarter. Technology client sector stabilising, with growth of
1.3% in Q3 vs -5.1% in H1 2024. Healthcare
and retail sectors continued to be impacted by 2023 client
losses
• Strong progress on strategic initiatives
with new products, capabilities and solutions launched within WPP
Open, our AI-powered marketing operating system. Burson, GroupM and
VML on track to deliver targeted savings and build simpler,
stronger businesses
•
Q3 net new billings4 $1.5bn (Q3 2023: $1.4bn).
Year-to-date $3.2bn (YTD 2023: $3.4bn). Encouraging success in
recent pitches built around WPP Open
•
Client wins in Q3 included Amazon (media ex Americas),
Unilever (media, retail media and activation, and creative) and
Henkel (media). Strong start to Q4 with Starbucks (US creative) and
Honor (global media including China)
• Adjusted net
debt as at 30 September 2024 £3.6bn, down £0.3bn
year-on-year
• Agreement to sell WPP's
majority stake in FGS Global on track to close in Q4, generating
net cash proceeds to WPP of c.£604m after tax
(link).
Proceeds will be used to reduce leverage
•
2024 guidance unchanged: 2024 LFL revenue less
pass-through costs of -1% to 0%, with Q4 facing a tougher
comparative than Q3 and macro uncertainty. Improvement in FY24
headline operating profit margin of 20-40bps (excluding the impact
of FX)
1. Percentage change in reported sterling.
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 from continuing
operations, adjusted to include the results of acquisitions and
disposals for the commensurate period in the prior year.
3. Growth in Q3 2024 for the top 10 clients by revenue less
pass-through costs in YTD 2023. Growth rate includes the adverse
impact of a client loss in the healthcare sector.
4. As defined in the glossary on page 43 of WPP's 2024 Interim
Results. Note Q3 net new billings include expanded scope won
alongside retentions at Unilever, Honor and Henkel.
Mark Read, Chief Executive Officer of WPP,
said:
"Our third quarter delivered
like-for-like growth in net sales5, with a strong
performance from GroupM in particular. We saw growth in North
America, Western Continental Europe and India, though trading in
China remains difficult.
"Most importantly, we returned to
form in new business, winning Amazon's media account outside the
Americas and securing our media relationship with Unilever,
including taking back the retail media and activation business in
the United States. Our success with two of the world's top ten
advertisers demonstrates the renewed competitiveness of our offer.
We are also proud to be supporting the new
Starbucks leadership team with our recent creative win in the
United States.
"Our people are increasingly
embedding AI in the way that we work and deliver creative and media
campaigns to clients, with usage of WPP Open up 107%6
since the beginning of the year. Supporting this, the creation of
VML and Burson, and the simplification of GroupM, are delivering a
stronger business and structural cost savings.
"We are encouraged by progress
during the quarter, but with recent new business wins primarily
impacting 2025 and continuing macroeconomic pressures our
expectations for the full year remain unchanged."
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For
further information:
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Media
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Investors and analysts
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Chris Wade
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+44 20 7282 4600
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Tom Waldron
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+44 7788 695864
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Anthony Hamilton
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+44 7464 532903
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Richard
Oldworth,
Burson Buchanan
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+44 7710 130 634
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Caitlin Holt
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+44 7392 280178
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+44 20 7466 5000
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irteam@wpp.com
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press@wpp.com
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wpp.com/investors
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5. "Net sales" refers to revenue less pass-through
costs.
6. Increase in monthly active users January to September
2024.
Strategic progress
We have continued to make strong
progress against each of our four strategic pillars.
Lead through AI, data and
technology
At our Capital Markets Day, we laid
out our plans to embrace AI and invest in the technology and data
that is required. WPP Open, our intelligent marketing operating
system powered by AI, is a critical component of our strategy,
enabling us to use AI in how we work.
We have continued to invest in WPP
Open as part of our annual investment of £250m in AI-driven
technology. We have developed new functionality and integrated new
AI models and, as a result, have seen growing adoption and usage
across WPP and by our clients.
Since the start of the year, we are
seeing monthly active users up 107%, LLM usage up 300% and image
generation up 349% as we work to drive
increased adoption across WPP. We are also seeing growing adoption
by clients, with key clients using the platform including Google,
IBM, L'Oréal, LVMH, Nestlé and The Coca-Cola Company. In
particular, clients are seeing significant value in using WPP Open
to streamline how they work with WPP, using the workflow elements
of the platform to standardise processes.
Functionality and Model Integration
WPP Open is a single marketing
operating system that powers all of WPP's businesses. The core
Studios - Creative, Production, Media, Experience, Commerce and PR
- are designed to support key functional areas with AI-powered
applications in a way that allows for integrated ways of working
across the company.
During the quarter, we launched a
new iOS and Android companion app for WPP Open, providing mobile
access to key functionality within Open across WPP. This includes
capabilities which enable our new business, client management, and
strategy teams to deliver more effective and efficient work.
Within Creative Studio we have launched Canvas, a
new natural language user interface, which provides an intuitive
platform for a variety of use cases, linking AI-powered ideation to
creative workflow.
WPP Open's Media Studio continued
its rollout to clients and was central to our successful pitch at
Amazon. Media Studio provides an end-to-end workflow solution
accessing GroupM's scale and Choreograph data and technology. It
enables the automation of complex media decisions, choosing from
thousands of AI-powered strategies and leveraging 2.3 trillion
AI-evaluated impressions to build unique audiences and activate and
measure campaigns across a full range of channels.
Media Studio provides access to
Choreograph's global data graph that enables intelligent activation
across more than 73 markets and 5 billion consumer profiles,
creating the most connectivity between owned, partner and client
datasets in the media marketplace.
Combining owned data; data that we
generate from planning, optimisation and campaigns across GroupM;
partner and third-party data; and client owned data, we can
discover insights, plan communications, optimise campaigns and
measure effectiveness, all within Media Studio's sophisticated
web-based user interface.
Our Work with Clients
Not only is AI enabling us to
innovate in how we work with clients and to produce work in new
ways, it is also allowing us to develop new
ground-breaking consumer experiences for our clients. We continue
to lead the way in demonstrating the power of the technology to
build more relevant and personalised experiences for our
clients.
Some examples include:
• 'Adscan by
Makro'
uses AI-powered recognition of product images to
harness brands' outdoor advertising, directing them to Makro's
e-commerce platform to buy those products at a discount.
• Mondelēz's
'Cadbury Give
a Cheer to a Volunteer'
uses AI to allow Cadbury consumers to create
customised short animated videos to celebrate the generosity of
sporting volunteers.
•
Mars Wrigley's Mars Bar 'For You
Who Did That Thing You Did' leverages AI to reward
Australians for their everyday achievements with a campaign through
Amazon.com.au.
Partnerships
In August, in partnership
with
Pacvue, we launched an Integrated
Commerce Management solution to enhance our retail media capability
by unifying bespoke insights, media management, and retail
operations exclusively for GroupM clients.
In October, we announced a global
technology partnership with
Roblox, a leading immersive gaming and
creation platform, building on several years of collaboration on
interactive 3D brand content and advertising. The alliance will
help scale expertise among agency teams and brands in leveraging
Roblox as a new media channel.
Accelerate growth through the
power of creative transformation
Creativity is what sets WPP apart,
and when combined with AI, technology, data and the largest global
media platform, we have an unparalleled integrated offer to
clients.
That offer
is resonating well, as reflected in growth across our largest
clients, driving expansion in scope for many top clients, with wins
including both creative and media assignments for Unilever during
the quarter and in new assignments such as Starbucks.
During the quarter we acquired New
Commercial Arts ('NCA'), a fast-growing independent creative agency
employing around 90 people, with clients including Sainsbury's,
MoneySuperMarket, Vodafone, Nando's and Paramount+. NCA was founded
in 2020 by a team including industry leaders James Murphy and David
Golding.
Build world-class,
market-leading brands
We have made excellent progress
towards building stronger, world-class brands.
VML launched in January 2024 and
played a key role in client assignment wins during the year to
date, including AstraZeneca, Colgate-Palmolive, Perrigo, Starbucks
and Telefonica. VML's industry-leading capabilities in commerce
were also a factor in media assignment wins at Amazon and
Unilever.
As announced in August, Brian Lesser
joined in September as Global CEO of GroupM. The GroupM
simplification initiative is progressing well, with related cost
actions on track to be completed by the end of 2024. Media Studio,
a key component of WPP Open, is now our go-to-market platform for
GroupM, bringing together our global media tools and
capability.
Burson, which launched in June,
continued to strengthen and broaden its PR offer and delivered new
client assignment wins at Google, Honor and ViiV
Healthcare.
Execute efficiently to drive
financial returns through margin and cash
As well as the structural cost
savings relating to the initiatives above, we are making
good progress in our back-office efficiency
programme across enterprise IT, finance, procurement and real
estate.
In real estate, our ongoing campus
programme and consolidation of leases continues to deliver
benefits. Four new campuses opened during the quarter, including
WPP's third London campus at One Southwark Bridge, now the location
for all staff from London-based GroupM agencies.
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 deliver
against its purpose in our 2023
Sustainability Report.
Third quarter overview
Revenue was £3.6bn, up 1.4% from £3.5bn in Q3 2023, and up
4.1% like-for-like. Revenue less pass-through costs was
£2.8bn, down 2.6% from Q3 2023, and up 0.5%
like-for-like.
|
|
Q3 2024
£m
|
%
reported
|
%
M&A
|
%
FX
|
%
LFL
|
|
Revenue
|
3,558
|
1.4
|
0.2
|
(2.9)
|
4.1
|
|
Revenue less pass-through costs
|
2,765
|
(2.6)
|
(0.2)
|
(2.9)
|
0.5
|
|
|
YTD 2024
£m
|
%
reported
|
%
M&A
|
%
FX
|
%
LFL
|
|
Revenue
|
10,784
|
0.5
|
0.4
|
(3.0)
|
3.1
|
|
Revenue less pass-through costs
|
8,364
|
(3.3)
|
0.1
|
(2.9)
|
(0.5)
|
Segmental review
Business segments - revenue less pass-through
costs
|
%
LFL +/(-)
|
Global
Integrated
Agencies
|
Public
Relations
|
Specialist
Agencies
|
|
Q3
2024
|
0.5
|
0.2
|
0.8
|
|
YTD
2024
|
(0.3)
|
(0.5)
|
(2.9)
|
Global Integrated
Agencies: GroupM, our media planning
and buying business, grew 4.8% in Q3 (Q2: +1.4%), offset by
a 3.1% decline at other
Global Integrated Agencies (Q2: -2.4%).
GroupM saw broad-based growth in all
major markets, including the US, UK and Germany, partially offset
by weakness in China. GroupM saw good growth from existing and new
clients and a benefit from an easier comparison against the prior
year (Q3 2023: +1.6%).
Our integrated creative agencies
declined 3.1%. Hogarth continued to grow well, benefiting from new
business wins and growing demand for its technology and AI-driven
capabilities, as clients seek to produce more personalised and
addressable content. Ogilvy grew well in the US, benefiting from
recent client assignment wins, but this was offset by weakness in
China. VML continued to be impacted by the loss of Pfizer creative
assignments, partially offset by growth in spending by automotive
and technology clients. AKQA saw continued pressure on
project-related work with macroeconomic uncertainty resulting in
more cautious client spend.
Public
Relations: Burson, created in June
from the merger of BCW and Hill & Knowlton, made good progress
with its integration and launched additional AI-powered tools
including Decipher Health. During the quarter, Burson declined
mid-single digits as the business continued to be impacted by the
loss of Pfizer assignments and the impact of macroeconomic
uncertainty on some areas of client spending. This was offset by
continued strong growth at FGS Global. The planned sale of FGS
Global to KKR is expected to close in Q4 2024.
Specialist
Agencies: CMI Media Group, our
specialist healthcare media planning and buying agency, grew well.
Landor and Design Bridge and Partners declined due to continued
pressure on project-based spending, partially offset by
stabilisation in some smaller agencies against easier
comparisons.
Regional segments - revenue less pass-through
costs
|
%
LFL +/(-)
|
North
America
|
United
Kingdom
|
Western Continental
Europe
|
Rest of
World
|
|
Q3
2024
|
1.7
|
0.0
|
2.2
|
(2.2)
|
|
YTD
2024
|
(0.5)
|
(1.8)
|
1.9
|
(1.7)
|
North America grew by 1.7% in Q3
2024, reflecting good growth in automotive and financial services
client spending, offset by lower revenues in healthcare, due to a
2023 client loss.
United Kingdom net sales were
unchanged on the prior year on a LFL basis with good year-on-year
growth at GroupM, benefiting from an easier comparison, offset by
weakness in project-based spend at smaller agencies. By client
sector, CPG delivered good growth, but this was offset by weaker
spending from healthcare, retail and automotive clients.
Western Continental Europe grew
2.2%, reflecting growth in Germany, against an easier comparison,
and in France and Spain. CPG and automotive were the strongest
client sectors.
The Rest of World declined by 2.2%
in Q3 2024 as growth in most regions was offset by a decline of
21.3% in China on client assignment losses and persistent
macroeconomic pressures impacting both our media and creative
businesses.
The new management team in China
continues to bring together the best of our talent and capabilities
in the region and build on our market-leading position. Our new
business momentum has begun to stabilise, with several key client
retentions, including the retention of a global assignment with
expanded scope for Honor. While we expect performance to continue
to be challenging in the rest of 2024 and into 2025, we are
confident these actions will strengthen our business in an
important strategic market for WPP.
Top
five markets - revenue less pass-through costs
|
%
LFL +/(-)
|
USA
|
UK
|
Germany
|
China
|
India
|
|
Q3
2024
|
1.9
|
0.0
|
1.4
|
(21.3)
|
2.3
|
|
YTD
2024
|
(0.3)
|
(1.8)
|
(2.8)
|
(20.6)
|
6.2
|
Client sector review - revenue less pass-through
costs
|
|
Q3 2024
|
YTD 2024
|
YTD 2024
|
|
|
% LFL +/(-)
|
% LFL +/(-)
|
% share, revenue less
pass-through costs7
|
|
CPG
|
7.6
|
7.3
|
28.1
|
|
Tech & Digital
Services
|
1.3
|
(3.1)
|
17.2
|
|
Healthcare & Pharma
|
(7.7)
|
(8.6)
|
11.2
|
|
Automotive
|
5.8
|
2.9
|
10.5
|
|
Retail
|
(5.9)
|
(8.6)
|
8.9
|
|
Telecom, Media &
Entertainment
|
(2.3)
|
3.3
|
6.8
|
|
Financial Services
|
5.3
|
2.2
|
6.3
|
|
Other
|
(15.4)
|
(15.3)
|
4.7
|
|
Travel & Leisure
|
10.8
|
5.6
|
3.7
|
|
Government, Public Sector &
Non-profit
|
4.1
|
(2.9)
|
2.6
|
7. Proportion of WPP revenue less pass-through costs in YTD 2024;
table made up of clients representing 79% of WPP total
revenue less pass-through
costs.
Balance sheet highlights
As at 30 September 2024, adjusted
net debt was £3.6bn, £0.3bn lower compared to £3.9bn as at 30
September 2023. Average adjusted net debt in the twelve months to
30 September 2024 was £3.6bn, £0.1bn higher compared to £3.5bn for
the twelve months to 30 September 2023.
The agreement,
announced in August, to sell WPP's
majority stake in FGS Global to KKR at an enterprise valuation of
$1.7bn, is expected to close in Q4, generating net cash proceeds to
WPP of c.£604m after tax. Proceeds will be used to reduce
leverage.
Outlook
Our guidance for 2024 is as
follows:
|
Like-for-like revenue less pass-through costs growth of -1% to
0%;
Headline
operating margin improvement of 20-40bps (excluding the impact of
FX)
|
Other 2024 financial
indications:
• Mergers
and acquisitions will have a slightly negative impact to revenue
less pass-through costs growth, primarily due to the expected
disposal of FGS Global and limited M&A activity in FY 2024
(previously <0.5%)
• FX impact:
current rates (at 16 October 2024) imply a c.3.2% drag on FY
2024 revenue less pass-through costs, with a 0.2pt drag expected on
FY 2024 headline operating margin
• Headline
income from associates8 and non-controlling interests at
similar levels to 2023
• Headline
net finance costs of around £295m
• Headline
effective tax rate9 of around 28%
• Capex of
around £260m
• Cash
restructuring costs of around £285m
• Working
capital expected to be broadly flat year-on-year
Medium-term targets
In January 2024 we presented an
updated medium-term financial framework including the following
three targets:
• 3%+ LFL
growth in revenue less pass-through costs
• 16-17%
headline operating profit margin
• Adjusted
operating cash flow conversion of 85%+10
8. 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.
9. Measured as headline tax as a % of headline profit before
tax.
10. Adjusted operating cash flow divided by headline operating
profit.
Business sector and regional analysis
Business sector11
Revenue analysis
|
|
Q3
|
|
YTD
|
|
|
£m
|
+/(-) %
reported
|
+/(-) % LFL
|
|
£m
|
+/(-) %
reported
|
+/(-) % LFL
|
|
Global Int. Agencies
|
3,011
|
2.1
|
4.8
|
|
9,127
|
1.1
|
3.7
|
|
Public Relations
|
292
|
(3.3)
|
0.0
|
|
893
|
(2.9)
|
(0.6)
|
|
Specialist Agencies
|
255
|
(1.2)
|
1.4
|
|
764
|
(1.9)
|
0.1
|
|
Total Group
|
3,558
|
1.4
|
4.1
|
|
10,784
|
0.5
|
3.1
|
Revenue less pass-through costs analysis
|
|
Q3
|
|
YTD
|
|
|
£m
|
+/(-) %
reported
|
+/(-) % LFL
|
|
£m
|
+/(-) %
reported
|
+/(-) % LFL
|
|
Global Int. Agencies
|
2,268
|
(2.5)
|
0.5
|
|
6,863
|
(3.2)
|
(0.3)
|
|
Public Relations
|
274
|
(3.0)
|
0.2
|
|
842
|
(2.8)
|
(0.5)
|
|
Specialist Agencies
|
223
|
(2.3)
|
0.8
|
|
659
|
(5.1)
|
(2.9)
|
|
Total Group
|
2,765
|
(2.6)
|
0.5
|
|
8,364
|
(3.3)
|
(0.5)
|
11. Prior year figures have been re-presented to reflect the
reallocation of a number of businesses between Global Integrated
Agencies and Specialist Agencies. The impact of the re-presentation
is not material.
Regional
Revenue analysis
|
|
Q3
|
|
YTD
|
|
|
£m
|
+/(-) %
reported
|
+/(-) % LFL
|
|
£m
|
+/(-) %
reported
|
+/(-) % LFL
|
|
N. America
|
1,376
|
3.0
|
5.9
|
|
4,157
|
1.9
|
3.6
|
|
United Kingdom
|
550
|
7.7
|
7.3
|
|
1,608
|
2.1
|
1.6
|
|
W Cont. Europe
|
693
|
(0.2)
|
2.3
|
|
2,151
|
(0.9)
|
2.0
|
|
Rest of
World12
|
939
|
(2.9)
|
1.3
|
|
2,868
|
(1.2)
|
4.0
|
|
Total Group
|
3,558
|
1.4
|
4.1
|
|
10,784
|
0.5
|
3.1
|
Revenue less pass-through costs analysis
|
|
Q3
|
|
YTD
|
|
|
£m
|
+/(-) %
reported
|
+/(-) % LFL
|
|
£m
|
+/(-) %
reported
|
+/(-) % LFL
|
|
N. America
|
1,092
|
(1.2)
|
1.7
|
|
3,299
|
(2.7)
|
(0.5)
|
|
United Kingdom
|
390
|
0.3
|
0.0
|
|
1,169
|
(1.3)
|
(1.8)
|
|
W Cont. Europe
|
554
|
0.0
|
2.2
|
|
1,718
|
(0.8)
|
1.9
|
|
Rest of World
|
729
|
(7.7)
|
(2.2)
|
|
2,178
|
(7.0)
|
(1.7)
|
|
Total Group
|
2,765
|
(2.6)
|
0.5
|
|
8,364
|
(3.3)
|
(0.5)
|
12. RoW includes - Asia Pacific, Latin America, Africa &
Middle East and Central & Eastern Europe.
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.
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 conflicts in Ukraine and Gaza; 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 using Artificial Intelligence (AI)
and Generative AI technologies and partnerships in our business;
risks related to our environmental, social and governance goals and
initiatives, including impacts from regulators and other
stakeholders, and the impact of factors outside of our control on
such goals and initiatives; 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 20-F
for 2023, 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.