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WPP highlights new business wins as Q3 revenue falls 9.8%

Thu, 29th Oct 2020

Media company WPP recorded third-quarter revenue of just under £3 billion, down 9.8% compared to Q3 2019. The result brought the company's total revenue for the first nine months of 2020 to £8.6 billion, down by 11.5% on the same period in 2019. On a like-for-like basis, Q3 revenue was down 5.5%. However, WPP highlighted 'good momentum' in new business, bringing in $1.6 billion in the third quarter and $5.6 billion in the first nine months of 2020. The company also cut its net debt position to £2.5 billion, down by £2 billion year on year. CEO Mark Read said: 'Given the tightening of COVID restrictions around the world and uncertainty in the global economic outlook, we remain cautious about the pace of recovery. 'It is important that we maintain our strong financial position and we are on track to achieve cost savings towards the upper end of our £700-800 million target.' Story provided by StockMarketWire.com

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