WPP reports Q3 reported revenue down 0.8% to GBP3.76B
Third quarter reported revenue down 0.8% at GBP 3.758 billion, impacted by currency headwinds of 2.0%. Constant currency revenue up 1.2%, like-for-like revenue up 0.2%. Third quarter constant currency revenue less pass-through costs down 0.9%, like-for-like revenue less pass-through costs down 1.5%. Nine months reported revenue down 1.6% at GBP 11.251 billion. Nine months constant currency revenue up 2.3%, like-for-like revenue up 1.1%. Nine months constant currency revenue less pass-through costs up 0.7%, like-for-like revenue less pass-through costs down 0.3%. Net debt at 30 September down GBP 925 million compared with same period last year, following disposal of certain non-core assets and an improvement in net working capital. Net new business of $4.0 billion in first nine months. CEO Martin Read commented: "Turning around WPP requires decisive action and radical thinking, and our performance in the third quarter of 2018 reinforces our belief in that approach... As previously stated, our industry is facing structural change, not structural decline, but in the past we have been too slow to adapt, become too complicated and have under-invested in core parts of our business. There is much to do and we have taken a number of critical actions to address these legacy issues and improve our performance."