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WPP earnings slump amid weak economic backdrop
(Sharecast News) - Ad agency WPP reported a slump in half-year earnings as clients spent less and the use of artificial intelligence hit the bottom line. Operating profit fell 48% to £221m on the back of a 7.8% decline in revenue to £6.6bn.
"It has been a challenging first half given pressures on client spending and a slower new business environment," said chief executive Mark Read.
"We have, however, made significant progress on the repositioning of WPP Media, simplifying its organisational model to increase effectiveness and reduce costs."
Shares in the company slumped last month after it slashed annual profit forecasts as it failed to win new clients amid a weakening economic outlook.
The company said it expected full-year organic revenue less pass-through costs - a main measure of its performance - to fall by 3-5% with a decline in operating margin of 50 to 175 basis points.
Reporting by Frank Prenesti for Sharecast.com
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