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2mo ago

WPP’s H1 Revenues Fall Nearly 8% as Profits Plunge, Prompting Job Cuts and Dividend Halving

Cindy Rose will spearhead a strategic review following major cost cuts designed to bolster WPP’s AI and data capabilities.

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Overview

  • First-half operating profit dropped 48% to £221 million and pre-tax earnings fell 71% to £70 million as revenues slipped to £6.66 billion.
  • WPP reduced its global workforce by 7,000 roles over the past year, cutting headcount to 104,000 to achieve annual cost savings exceeding £150 million.
  • The interim dividend was halved to 7 pence per share to preserve financial flexibility ahead of a broader strategic review.
  • Outgoing CEO Mark Read will step down on September 1, with former Microsoft UK head Cindy Rose set to lead the company into its next phase.
  • Despite the downturn, WPP affirmed its commitment to expanding AI and data-driven services through initiatives like its Open Intelligence platform and the InfoSum acquisition.