WPP: at half-mast after its annual results
The British group explains the fall in its EPS by accelerated amortization of intangible assets due to the creation of VML, as well as property write-downs. On an underlying basis, EPS fell by 4.8% to 93.8 pence.
With an adjusted operating margin of 14.8% in 2023, an improvement of 20 basis points on a like-for-like basis, WPP still expects an increase of 20-40 basis points (excluding currency impact) for the current year.
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