Ad giant WPP pulls dividend, buyback and outlook
Tue Mar 31 2020
Mark Cooper (1622 articles)

Ad giant WPP pulls dividend, buyback and outlook

 WPP (WPP.L), the world’s biggest advertising company, said it was pulling its dividend and share buyback, and withdrawing its guidance for 2020 after it saw an increasing number of cancelations from clients due to the coronavirus crisis.

The group, which has sold multiple assets as part of a program to simplify the business, said it had cash of 3 billion pounds ($ 3.7 billion) and total liquidity, including undrawn credit facilities, of 4.8 billion pounds.

It has also launched a review of its costs to protect profitability from a fall in revenue.

“The actions we have taken in the last 18 months to streamline and simplify WPP, together with raising 3.2 billion pounds in asset disposals, have put WPP in a strong financial position,” Chief Executive Mark Read said in a statement on Tuesday.

Mark Cooper

Mark Cooper

Mark Cooper is Political / Stock Market Correspondent. He has been covering Global Stock Markets for more than 6 years.