WPP is down 3% in London after the communications group reported EPS down 83.5% to 10.1 pence, and pre-tax profit down 70.1% to £346 million, for the past year.

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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