Left Menu
Development News Edition

Ad giant WPP pulls dividend, buyback and outlook

Reuters | Updated: 31-03-2020 11:44 IST | Created: 31-03-2020 11:44 IST
Ad giant WPP pulls dividend, buyback and outlook

WPP, the world's biggest advertising company, said it was pulling its dividend and share buyback, and withdrawing its guidance for 2020 after it saw an increasing number of cancellations from clients due to the coronavirus crisis.

The group, which has sold multiple assets as part of a programme to simplify the business, said it had cash of 3 billion pounds ($3.7 billion) and total liquidity, including undrawn credit facilities, of 4.8 billion pounds. It has also launched a review of its costs to protect profitability from a fall in revenue.

"The actions we have taken in the last 18 months to streamline and simplify WPP, together with raising 3.2 billion pounds in asset disposals, have put WPP in a strong financial position," Chief Executive Mark Read said in a statement on Tuesday. ($1 = 0.8093 pounds)


  • READ MORE ON:
  • WPP

TRENDING

OPINION / BLOG / INTERVIEW

Renewables in focus to revive energy sector as economies ease lockdowns

A sudden slump in energy consumption due to worldwide lockdown caused by the COVID-19 had threatened the energy transition due to a plunge in oil prices. However, as predicted by COE-EDP clean energy and inward-looking policies are the focu...

Socio-economic Impact of Covid-19 on Women

Today, women and girls are facing a double whammy - their sources of income have dried up but the workload has increased. There is a great need for gender-sensitive policies to recover from the pandemic. ...

Tracking Cybersecurity: Laying the groundwork for tougher regulations post-COVID 19

The changes indicate that the tech industry is moving towards a paradigm shift over how it operates and, more importantly, how it is regulated....

Tax dodging in rich and poor countries alike, wealthy taxpayers often outwit the taxman

... ...

Videos

Latest News

UK anti-racism protesters clash with mounted police

British anti-racism protesters briefly clashed with mounted police on Saturday after thousands gathered in central London to voice their anger at police brutality after the killing of George Floyd in Minneapolis. After a largely peaceful da...

Ryan: Gurley will be 'awesome fit' with Falcons

Atlanta Falcons quarterback Matt Ryan liked what he saw from running back Todd Gurley after the pair worked out together at Golden West College in Huntington Beach, Calif. Ive gotten to work with Todd and hes awesome, Ryan told ESPN. Really...

KT Rama Rao should resign from his post for violating GO 111: Congress

Congress on Saturday accused Telangana Minister KT Rama Rao of overruling GO 111 guidelines, using the guidelines according to his whims and fancies and asked for Ministers resignation. Addressing a press conference here, Congress MP Revant...

Restoration work begins at Mughal Garden in Srinagar

Restoration work has begun at Mughal Garden in Srinagar after relaxations in the nationwide coronavirus-induced lockdown.Mughal Gardens is a heritage garden. Its part of tentative list of UNESCO World Heritage Sites, so its maintenance beco...

Give Feedback