WPP 1H Sales Beat, Dividend Misses; Reiterates Long-Term Targets
2014-08-26 06:02:27.419 GMT
By Blanche Gatt and Sam Chambers
Aug. 26 (Bloomberg) -- WPP 1H rev. up 2.7% to GBP5.47b vs
est. GBP5.13b (6 ests); LFL rev. up 8.7%.
* In July, net sales rose 2.8% on LFL basis
* Reaffirms L/T target of delivering above industry avg. rev.
growth
* 1H pretax profit rises 1.5% to GBP532m
* Div/shr up 10% to 11.62p vs BDVD forecast 12.5p; expects to
achieve payout ratio of 45% this year
* Reported billings down 3% to GBP22.06b due to sterling
strength, +5.7% at constant FX
* Avg. net debt falls by GBP348m to GBP2.77b
* NOTE: co. said April 25 1Q reported rev. rose 1.5%, LFL rev.
rose 7%; expects stronger-than-peers rev., gross margin
growth in 2014
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To contact the reporter on this story:
Blanche Gatt in London at +44-20-7392-0351 or
bgatt@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
2014-08-26 06:02:27.419 GMT
By Blanche Gatt and Sam Chambers
Aug. 26 (Bloomberg) -- WPP 1H rev. up 2.7% to GBP5.47b vs
est. GBP5.13b (6 ests); LFL rev. up 8.7%.
* In July, net sales rose 2.8% on LFL basis
* Reaffirms L/T target of delivering above industry avg. rev.
growth
* 1H pretax profit rises 1.5% to GBP532m
* Div/shr up 10% to 11.62p vs BDVD forecast 12.5p; expects to
achieve payout ratio of 45% this year
* Reported billings down 3% to GBP22.06b due to sterling
strength, +5.7% at constant FX
* Avg. net debt falls by GBP348m to GBP2.77b
* NOTE: co. said April 25 1Q reported rev. rose 1.5%, LFL rev.
rose 7%; expects stronger-than-peers rev., gross margin
growth in 2014
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Blanche Gatt in London at +44-20-7392-0351 or
bgatt@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net