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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  WPP Group    WPP   JE00B8KF9B49

WPP GROUP

(WPP)
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WPP : 3Q Like-for-Like Net Sales Rose, Backs 2019 Guidance

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10/25/2019 | 02:40am EST

By Adria Calatayud

WPP said Friday that like-for-like net sales rose 0.5% in the third quarter, and backed its guidance for the full year.

The world's largest advertising group said like-for-like net sales--a closely-watched measurement of its underlying performance--in North America fell 3.5% for the quarter to Sept. 30. Consensus net sales forecast was for a fall of 0.6%, supplied by the company.

London-based WPP, which owns agencies such as Grey, Ogilvy and GroupM, generated revenue of 3.29 billion pounds ($4.24 billion) for the quarter compared with GBP3.13 billion for the year-earlier period.

WPP reiterated its guidance for 2019. It continues to expect like-for-like net sales to fall by 1.5% to 2.0%, and headline operating margin to net sales to fall around 1.0 margin point on a constant-currency basis.

"Our growth in 3Q is encouraging but we are focused on delivering these longer-term goals and know there will be twists and turns along the way. Our guidance for 2019 remains unchanged," Chief Executive Mark Read said.

WPP's third-quarter net sales performance improved compared with a 1.4% decline in the previous three-month period, after French peer Publicis Groupe cut its 2019 guidance and fell short of analysts' expectations for the third quarter earlier this month.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
PUBLICIS GROUPE -1.65% 40.62 Real-time Quote.0.64%
WPP GROUP -2.01% 982.8 Delayed Quote.-7.85%
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Financials (GBP)
Sales 2019 12 638 M
EBIT 2019 1 948 M
Net income 2019 1 043 M
Debt 2019 4 426 M
Yield 2019 6,10%
P/E ratio 2019 12,5x
P/E ratio 2020 12,4x
EV / Sales2019 1,31x
EV / Sales2020 1,36x
Capitalization 12 132 M
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 1 113,86  GBp
Last Close Price 982,80  GBp
Spread / Highest target 54,7%
Spread / Average Target 13,3%
Spread / Lowest Target -24,3%
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Managers
NameTitle
Mark Julian Read Chief Executive Officer & Executive Director
Roberto Quarta Non-Executive Chairman
Andrew Grant Balfour Scott Chief Operating Officer
Paul W. G. Richardson Group Finance Director & Executive Director
Stephan Pretorius Chief Technology Officer
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