2018 Interim Results. London 4 SEPTEMBER WPP plc 1

Transcription

1 2018 Interim Results London 4 SEPTEMBER 2018 WPP plc 1

2 Safe Harbour Statement The following cautionary statement is included for safe harbour purposes in connection with the Private Securities Litigation Reform Act of 1995 introduced in the United States of America. This presentation may contain forward-looking statements within the meaning of the US federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially including adjustments arising from the annual audit by management and the Company s independent auditors. For further information on factors which could impact the Company and the statements contained herein, please refer to public filings by the Company with the Securities and Exchange Commission. The statements in this presentation should be considered in light of these risks and uncertainties. WPP plc 2

3 First Half Highlights Improving top-line growth like-for-like revenues less pass-through costs up 0.7% in Q2, the first quarter of growth since Q Overall North America like-for-like growth still challenging, as advertising, data investment management and brand consulting came under further pressure, but strong improvement in media investment management. Remains the highest priority to improve. Slight decline in like-for-like Headline PBIT margin of 0.4 margin points (of which 0.1 margin point is due to lower associate income), with higher incentives accounting for 0.2 margin points. Increase in property and other operating costs offsetting improvement in staff costs pre-incentives. Average headcount reduced by over 2,000 staff or 1.7%. Good progress on the asset disposal plan, raising 676m cash proceeds so far this year, with no loss of revenue and minimal impact on profit. Net debt at 30 June only 84m better, despite asset disposals of 469m in first half, following worse NWC position. However, significant improvement in net debt position at 31 July, favourable 508m compared with last year, reflecting improved NWC. Further cash proceeds of 207m received in August and early September. Interim dividends maintained at 22.7p same as Full year guidance updated to reflect the revenue less pass-through costs and margin performance in the first half. WPP plc 3

4 Summary IFRS Income Statement HALF YEAR TO 30 JUNE 2018 M 2017¹ M Δ REPORTED² Δ CONSTANT CURRENCY³ Revenue 7,493 7, % 2.9% Gross profit 1,274 1, % -2.2% Operating profit % 22.5% PBIT⁴ % 14.5% Profit before tax % 14.2% Tax rate 16.7% 18.7% - - Profit after tax % 16.8% Reported diluted EPS 53.4p 46.6p 14.6% 20.3% revenue and revenue less pass-through costs restated by 247m and 14m respectively for the implementation of IFRS 15 2 Percentage change in reported sterling 3 Percentage change at constant currency rates 4 Includes net exceptional gain of 114m WPP plc 4

5 Summary Headline¹ Results HALF YEAR TO 30 JUNE 2018 M 2017² M Δ REPORTED Δ CONSTANT CURRENCY Δ LIKE-FOR-LIKE³ Revenue 7,493 7, % 2.9% 1.6% Revenue less pass-through costs 6,149 6, % 1.4% 0.3% PBIT before associates % -1.6% PBIT % -2.3% EBITDA 948 1, % -1.9% PBIT before associates margin⁴ 12.8% 13.1% -0.4⁵ -0.4⁵ -0.3⁵ PBIT margin⁶ 13.3% 13.8% -0.5⁵ -0.5⁵ -0.4⁵ Tax rate 22.5% 22.0% n/a n/a Diluted EPS 42.6p 45.4p -6.2% -1.3% Dividend per share 22.7p 22.7p - - Average net debt (4,979) (4,811) -3.5% -5.8% Rolling average net debt/ebitda ⁷ 2.1x 1.9x n/a n/a 1 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, share of exceptional gains/losses of associates, restructuring costs and revaluation of financial instruments revenue and revenue less pass-through costs restated by 247m and 14m respectively for the implementation of IFRS 15 3 Like-for-like growth at constant currency exchange rates and excluding the effects of acquisitions and disposals 4 Headline PBIT before associates as a percentage of revenue less pass-through costs margin 5 Margin points 6 Headline PBIT as a percentage of revenue less pass-through costs margin 7 Average Net debt/ebitda for 12 months to 30 June WPP plc 5

6 Revenue Less Pass-Through Costs Growth versus Prior Year Q1 Q2 H1 Like-for-like -0.1% Like-for-like -3.9% 1.1% 0.7% 0.7% Like-for-like 1.1% 0.3% 0.3% Acquisitions 1.1% Acquisitions 1.1% Acquisitions -5.0% 1.1% FX -6.1% FX -3.9% FX -5.0% Reported -5.1% Reported -2.1% Reported -3.6% WPP plc 6

7 Impact of Foreign Exchange on Revenue Less Pass-Through Costs 6% 2017 FY ACT 2018 Q1 ACT 2018 Q2 ACT 2018 Q3 EST 2018 Q4 EST 2018 FY EST 4% 2% 4.6% H1 headwind -5%. 0% -2% -3.9% -2.3% -0.7% -3.1% Full year headwind -3%. Q3-Q4 run at /US$ 1.30 and / % -4% -6% -8% WPP plc 7

8 Revenue Less Pass-Through Costs by Region REVENUE LESS PASS-THROUGH COSTS HALF YEAR TO 30 JUNE % GROUP 2018 M 2017¹ M Δ REPORTED Δ CONSTANT CURRENCY Δ LIKE- FOR-LIKE North America ,155 2, % -2.4% -2.9% UK % 2.2% 1.5% Western Continental Europe ,319 1, % 5.5% 1.9% Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe ,842 1, % 3.1% 2.6% Total ,149 6, % 1.4% 0.3% revenue less pass-through costs restated by 14m for the implementation of IFRS 15 WPP plc 8

9 Revenue Less Pass-Through Costs Like-For-Like Growth by Region C. & E. Europe Q1 Q2 5.6% 3.1% North America Q1 Q2-2.4% -3.3% UK Q1 Q2 1.6% 1.4% W. Cont. Europe Q1 Q2-0.2% 3.9% Asia Pacific Q1 Q2 0.7% 1.8% Latin America Q1 Q2 9.1% 8.6% Q1 Q2 H1 Mature Markets -1.0% -0.3% -0.6% Faster Growing Markets 2.3% 2.9% 2.6% Total -0.1% 0.7% 0.3% Africa & M. East Q1 Q2-3.1% -1.6% WPP plc 9

10 Major Markets USA UK Germany Greater China² France REVENUE LESS PASS-THROUGH COSTS GROWTH¹ 2018 H1-2.8% 1.5% 0.0% 4.5% 0.3% 2018 Q2-3.3% 1.4% 5.5% 6.5% -0.1% 2018 Q1-2.2% 1.6% -5.7% 2.1% 0.7% 2017 FY -3.2% 4.8% -1.3% -3.2% 0.4% 1 Like-for-like growth vs prior year 2 Includes Hong Kong and Taiwan WPP plc 10

11 BRIC Markets Mainland China Greater China² Brazil India Russia REVENUE LESS PASS-THROUGH COSTS GROWTH¹ 2018 H1 6.6% 4.5% 5.9% 0.9% -4.6% 2018 Q2 9.0% 6.5% 5.9% 1.4% -9.3% 2018 Q1 3.6% 2.1% 6.0% 0.3% 0.6% 2017 FY -1.8% -3.2% 1.6% 1.1% -15.4% 1 Like-for-like growth vs prior year 2 Includes Hong Kong and Taiwan WPP plc 11

12 Revenue Less Pass-Through Costs by Sector REVENUE LESS PASS-THROUGH COSTS HALF YEAR TO 30 JUNE % GROUP 2018 M 2017¹ M Δ REPORTED Δ CONSTANT CURRENCY Δ LIKE- FOR-LIKE Advertising, Media Investment Management ,639 2, % -2.8% -0.8% Data Investment Management % -0.8% -1.5% Public Relations & Public Affairs % 2.6% 3.5% Brand Consulting, Health & Wellness and Specialist Communications ,013 1, % 8.4% 1.9% Total ,149 6, % 1.4% 0.3% revenue less pass-through costs restated by 14m for the implementation of IFRS 15 WPP plc 12

13 Like-For-Like Change in Headline¹ PBIT Margin² 13.7% 0.2% -0.2% -0.1% -0.2% -0.1% 13.3% -0.4% 1 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, share of exceptional gains/losses of associates, restructuring costs and revaluation of financial instruments 2 Headline PBIT as a percentage of revenue less pass-through costs margin proforma headline PBIT margin restated for the implementation of IFRS 15 WPP plc 13

14 Headline PBIT and Margin by Region HEADLINE PBIT¹ M HEADLINE PBIT MARGIN² HALF YEAR TO 30 JUNE ³ North America % 16.7% UK % 13.8% Western Continental Europe % 12.4% Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe % 11.2% Total % 13.8% 1 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, share of exceptional gains/losses of associates, restructuring costs and revaluation of financial instruments 2 Headline PBIT as a percentage of revenue less pass-through costs margin headline PBIT margin restated for the implementation of IFRS 15 WPP plc 14

15 Headline PBIT and Margin by Sector HEADLINE PBIT¹ M HEADLINE PBIT MARGIN² HALF YEAR TO 30 JUNE ³ Advertising, Media Investment Management % 15.2% Data Investment Management % 13.0% Public Relations & Public Affairs % 14.0% Brand Consulting, Health & Wellness and Specialist Communications % 12.3% Total % 13.8% 1 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, share of exceptional gains/losses of associates, restructuring costs and revaluation of financial instruments 2 Headline PBIT as a percentage of revenue less pass-through costs margin headline PBIT margin restated for the implementation of IFRS 15 WPP plc 15

16 Trade Estimates of Major Client Wins WPP AGENCY INCUMBENT ACCOUNT OFFICE BILLINGS $M MediaCom PUB/OMC Mars Global 930 Wavemaker/Mindshare DEN Mondelez EMEA/AP 500 MediaCom DEN Sky Europe 425 MediaCom DEN/PUB Adidas Global 300 Essence PUB T-Mobile N America 274 MediaCom IND Hotels.com N America 175 Wavemaker DEN Danone N America 118 Wavemaker/Y&R IND Altice USA 110 Team Amplify IPG Bose Global 80 MediaCom PUB Ally Financial USA 70 MediaCom PUB Hilton Hotels USA 68 Mindshare OMC Unilever India 65 MediaCom/Y&R OMC Office Depot NAFTA 62 Wavemaker OMC Adobe Global 55 Wavemaker MediaCom Yum! Brands Canada 50¹ Shaded are wins since Q1, underlined are wins since 1 July 1 Internal transfer of business WPP plc 16

17 Trade Estimates of Major Client Losses WPP AGENCY WINNING AGENCY ACCOUNT OFFICE BILLINGS $M Mindshare OMC HSBC Global 400 Wavemaker PUB Campbell Soup Co. USA, ANZ, Indonesia 189 Wavemaker PUB Marriott Global 140 Grey N/A Revlon Global 110 Grey N/A Ally Financial USA 87 MediaCom IPG Revlon Global 84 MediaCom PUB P&G Australia 80 JWT IPG Edgewell Global 50 MediaCom Wavemaker Yum! Brands Canada 50¹ Shaded are losses since Q1, underlined are losses since 1 July 1 Internal transfer of business WPP plc 17

18 Internal Estimates of Net New Business Wins: Second Quarter and Year to Date 2018 Second Quarter 2018 YTD $M Creative Media Total Total Advertising ,015 2,271 Other Businesses ,519 3,190 WPP plc 18

19 Cash Flow HALF YEAR TO 30 JUNE 2018 M 2017 M Operating profit Gains on disposal & remeasurement¹ (189) (6) Non-cash compensation Depreciation & amortisation charges Amortisation of acquired intangibles and impairment Net interest paid & similar charges (50) (61) Tax paid (251) (254) Net cash generation Being net amount of gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, and investment write downs WPP plc 19

20 Uses of Cash Flow HALF YEAR TO 30 JUNE 2018 M 2017 M Net cash generation Capital expenditure (178) (120) Net disposals/(acquisitions) 295 (241) - Disposal proceeds Net initial payments¹ (136) (185) - Earnout payments/loan note redemptions (38) (62) Other (27) (15) Net cash inflow before distributions Share buy-backs (201) (290) Net cash inflow before NWC changes Net initial payments are net of cash acquired, and includes other investments and associates WPP plc 20

21 Disposal proceeds 2018 M Globant 254 Imagina (return of capital from associate) 108 Full Screen 45 Other 62 Half Year to 30 June 469 AppNexus 169 ooh!media 38 Year to Date 676 WPP plc 21

22 Net Debt 30 June 2018 HALF YEAR TO 30 JUNE 2018 M 2017 M VARIANCE M YTD average net debt on constant currency basis (4,979) (4,706) (273) YTD average net debt on reportable basis (4,979) (4,811) (168) Net debt at 30 June on constant currency basis (4,632) (4,716) 84 Net debt at 30 June on reportable basis (4,632) (4,669) 37 Net debt at 31 July on constant currency basis (5,038) (5,546) 508 Net debt at 31 July on reportable basis (5,038) (5,518) 480 Headline finance costs (86) (89) 3 Interest cover on headline PBIT 9.6x 10.0x - Headline EBITDA 948 1,016 (68) Rolling 12 month headline EBITDA 2,466 2,546 (80) Rolling average net debt/headline EBITDA¹ 2.1x 1.9x - 1 Average net debt/headline EBITDA for 12 months to 30 June WPP plc 22

23 Uses of Free Cash Flow TARGET H H FY 2017 Acquisitions (excluding earnouts)¹: Gross m 136m 185m 326m Less proceeds - (469m) (6m) (296m) Net (disposals)/acquisitions - (333m) 179m 30m Share buy-backs: % of issued share capital - 2%-3% 201m 1.3% 290m 1.3% 504m 2.5% Balance Sheet Average net debt at 2018 exchange rates - 5.0bn 4.7bn 5.1bn² Headroom: Undrawn facilities & surplus cash - 3.6bn 3.2bn 3.2bn Revised target range of average net debt/ebitda ratio lowered to x, to achieve over next months. 1 Acquisitions are initial payments, net of cash acquired and disposal proceeds, and include other investments and associates 2 FY 2017 average net debt stated at 2017 actual exchange rates WPP plc 23

24 Outlook Financial guidance for full year 2018 reflects first half revenue less pass-through costs growth and second quarter revised forecast: Like-for-like revenue and revenue less pass-through costs growth similar to first half. Target full year headline PBIT margin similar to first half decline of 0.4 margin points on a like-for-like basis. WPP plc 24

25 THE FUTURE WPP plc 25

26 How We See the World Continued growth in demand from clients for marketing and communication services, as clients need to: Drive their top-line growth. Build and manage direct customer relationships. Transform their customer experiences. Sell in a multi-channel environment. However, we need to recognise the challenges facing our industry: 1. Structural rather than cyclical shifts in the market as clients react to the new environment. 2. WPP and consulting companies starting to compete in the faster-growing segments. 3. Amazon, Facebook, Google et al. competing for talent, client attention and seeking more direct relationships. WPP plc 26

27 Path to Growth for WPP New vision for WPP: where we will grow and invest. Focus on our clients provide faster, more agile, more effectively integrated solutions. Continue to simplify our organisation to better position it for growth: easier for clients to access our talent, creativity and capabilities. easier for us to manage. more efficient and effective through co-locations, shared services, global platforms. Embed data and technology much more deeply into our offer while retaining our creative edge. Invest in talent that represents our changing world. Evaluate the shape of the overall portfolio to maximise share owner value and release capital. Strategy review by year end including actions that we will be taking to better position the business for growth and to address under-performing units and detail any restructuring costs that will be necessary as well as the associated benefits. WPP plc 27

28 Winning New Business Through Improved Client Focus WPP plc 28

29 Reshaping and Simplifying our Portfolio DISPOSALS/REALIGNMENTS AppNexus Dentsu JVs: - Japan, Malaysia, Singapore, Taiwan, Thailand and Vietnam FullSix Globant Grey Belgrade Imagina (return of capital from associate) Maxx Marketing ooh!media PXP Rediffusion JVs: - India Teledirect ACQUISITIONS Gorilla - (Wunderman) HZ - (Burson Cohn & Wolfe) WPP plc 29

30 Conclusion Business momentum continues to improve slowly: first quarter of like-for-like revenue less passthrough costs growth in a year. Listening to clients and people on how best to evolve our offer and strategy. Win rate has improved and we are growing relationships in new clients and areas but challenges remain as normal. Key priorities remain: creative agencies, data investment management and North America. Strategy update by year end. WPP plc 30

31 HARD COPY ONLY Other Financial Information WPP plc 31

32 Unaudited IFRS Income Statement HALF YEAR TO 30 JUNE 2018 M 2017¹ M Δ REPORTED Δ CONSTANT CURRENCY Revenue 7,493 7, % 2.9% Gross profit 1,274 1, % -2.2% Operating profit pre exceptional & goodwill/intangibles² % -1.6% Net exceptional gain/(loss) 143 (14) - - Goodwill/intangible charges (84) (98) 14.1% 13.5% Operating profit % 22.5% Income from associates % -15.3% Share of associate exceptionals (29) PBIT % 14.5% Net finance costs (5) (5) -2.1% - Profit before tax % 14.2% Tax (141) (145) 3.1% -3.1% Profit after tax % 16.8% Non-controlling interests (33) (38) 12.0% 9.0% Attributable to share owners % 18.4% Reported diluted EPS 53.4p 46.6p 14.6% 20.3% revenue and revenue less pass-through costs restated by 247m and 14m respectively for the implementation of IFRS 15 2 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, share of exceptional gains/losses of associates, restructuring costs and revaluation of financial instruments WPP plc 32

33 Net Exceptional Gain HALF YEAR TO 30 JUNE 2018 M Gain on disposals of investments and subsidiaries (Globant 185m) 190 Restructuring costs (46) Investment write-downs (1) Net exceptional gain 143 Share of associate exceptionals (29) Net exceptional gain including associate exceptionals 114 WPP plc 33

34 Unaudited Headline¹ IFRS Income Statement HALF YEAR TO 30 JUNE 2018 M 2017² M Δ REPORTED 1 Figures before goodwill and intangibles charges, gains/losses on step-ups, gains/losses on disposals of subsidiaries and investments, investment write-downs, share of exceptional gains/losses of associates, restructuring costs and revaluation of financial instruments revenue and revenue less pass-through costs restated by 247m and 14m respectively for the implementation of IFRS 15 3 Headline PBIT before associates as a percentage of revenue less pass-through costs margin 4 Margin Points 5 Headline PBIT as a percentage of revenue less pass-through costs margin Δ CONSTANT CURRENCY Δ LIKE-FOR-LIKE Revenue 7,493 7, % 2.9% 1.6% Revenue less pass-through costs 6,149 6, % 1.4% 0.3% PBIT before associates % -1.6% Income from associates % -15.3% PBIT % -2.3% Net finance costs (86) (89) 3.0% 0.5% Profit before tax % -2.5% Tax at 22.5% ( %) (165) (174) 5.2% 0.1% Profit after tax % -3.2% Non-controlling interests (33) (37) 12.0% 9.0% Attributable to share owners % -2.8% Diluted EPS 42.6p 45.4p -6.2% -1.3% PBIT before associates margin³ 12.8% 13.1% -0.4⁴ -0.4⁴ -0.3⁴ PBIT margin⁵ 13.3% 13.8% -0.5⁴ -0.5⁴ -0.4⁴ EBITDA 948 1, % -1.9% WPP plc 34

35 Revenue Less Pass-Through Costs Growth by Country REVENUE LESS PASS-THROUGH COSTS GROWTH¹ More than 10% TOP COUNTRIES Argentina, South Korea 5% to 10% Brazil, Mainland China, Colombia, Japan, Mexico, Poland, Sweden 0% to 5% Greater China², Denmark, France, Germany, Netherlands, India, Italy, Norway, Spain, South Africa, Thailand, Turkey, UK Less than 0% Australia, Belgium, Canada, Dubai, Indonesia, Russia, Singapore, Switzerland, USA 1 Like-for-like growth vs prior year 2 Includes Hong Kong and Taiwan WPP plc 35

36 Revenue Less Pass-Through Costs Growth by Category REVENUE LESS PASS-THROUGH COSTS GROWTH¹ More than 10% CATEGORIES Retail 5% to 10% Electronics 0% to 5% Automotive, Media & Entertainment, Travel & Airline Less than 0% Computers, Drinks, Financial Services, Food, Government, Oil, Personal Care & Drugs, Telecommunications 1 Like-for-like growth vs prior year WPP plc 36

37 Effects of Currency HALF YEAR TO 30 JUNE STERLING STRONGER/(WEAKER) US$ % % % Chinese Renminbi % Brazilian Real % Australian $ % Currency movements accounted for 5.0% decrease revenue less pass-through costs. Reflects strengthening of sterling against most currencies. Canadian $ % Indian Rupee % Singapore $ % Russian Rouble % South African Rand % WPP plc 37

38 Debt Maturity Profile m at 30 June 2018 TOTAL CREDIT TOTAL DRAWN bonds 400m (2.875% Sep 46) US bond $500m (5.625% Nov 43) US bond $272m (5.125% Sep 42) Eurobonds 600m (1.625% Mar 30) Eurobonds 750m (2.25% Sep '26) Eurobond 500m (1.375% Mar 25)/ 444m Swap US bond $750m (3.75% Sep '24) Eurobonds 750m (3.0% Nov 23) US bond $500m (3.625% Sep 22) Eurobond 250m (3m EURIBOR % Mar 22) US bond $812m (4.75% Nov 21) bonds 200m (6.375% Nov 20) Eurobonds 250m (3m EURIBOR % May 20) Eurobonds 600m (0.75% Nov 19) Debt Facilities 6,024 6,024 Bank revolver 4 WPP ($2,500m Jul 21) 1, Bank revolver 4 WPP AUNZ (A$520m Mar 19) Net cash, overdrafts & other adjustments (1,997) Total Borrowing Capacity / Net Debt 8,210 4,634 Exchange Rates /$ / /A$ Swapped to 444m at 2.61% 2 Swapped to 6 month $Libor % 3 Swapped to 6 month $Libor % 4 These instruments are subject to financial covenants Weighted Average Coupon 3.0% Weighted Average Maturity 8.9 years Available Liquidity 3,576m WPP plc 38

39 Acquisition Highlights Since 1 April Gorilla¹ USA (Wunderman) Gorilla Group is an award-winning e-commerce specialist based in USA. Clients include American Hotel Register Company, Gates Industrial Corporation and protein bar manufacturer RXBAR. The agency employs about 370 employees and is based in Chicago with offices in USA, Canada, Poland and Ukraine. Gorilla Group works with enterprise B2B and direct-to-consumer brands across the manufacturing, distribution, apparel, retail, health & beauty, food and beverage sectors. With a strong history in strategy, experience design, technology enablement, marketing, and managed services, Gorilla Group creates high-performing commerce solutions that enable clients to successfully evolve and compete in the digital economy. Hirshorn-Zuckerman Design Group ( HZ )¹ USA (Burson Cohn & Wolfe) HZ is a branding, content and design agency based in USA. Clients include Hilton Worldwide, Salesforce and Tishman Speyer s Rockefeller Center. The agency employs nearly 200 people and is based in Rockville, MD, with offices in Baltimore, Los Angeles, New York City and Washington, DC. It was founded in Offerings include a full spectrum of multichannel digital design and development, mobile activation, social media, brand and identity creation, content, film and video production, search marketing (SEO/SEM), data and analytics as well as and integrated media solutions. Its client base spans the consumer, hospitality, food and beverage, education, B2B, real estate, sports and entertainment and technology industries. 1 Q3 acquisition WPP plc 39

40 Acquisition Highlights Since 1 April Y&R/Wunderman/Sudler & Hennessey¹ - SE Asia WPP has acquired full ownership of Y&R and Wunderman joint venture agency assets across Southeast Asia and Taiwan, and Dentsu Sudler & Hennessey in Japan, following a share swap transaction with Dentsu Inc. The transaction includes Y&R in Malaysia, Singapore, Thailand and Vietnam; Wunderman in Taiwan and Thailand; and Dentsu Sudler & Hennessey (to be rebranded as Sudler) in Japan. 1 Step-up WPP plc 40

41 2018 Interim Results London 4 SEPTEMBER 2018 WPP plc 41