WPP, the world’s biggest advertising company, said it was pulling its dividend and share buyback, and withdrawing its guidance for 2020 after the coronavirus outbreak forced an increasing number of clients to cancel work. Members of the executive committee and board have taken a 20 per cent salary cut for an initial period of three months. At the end of 2019, WPP had cash of £3 billion and total liquidity, including undrawn credit facilities, of £4.8 billion. WPP, with 107,000 staff, competes with US groups Omnicom and IPG, and France’s Publicis. Already IPG and Publicis have pulled their outlooks for 2020.
Source: The Irish Times March 31, 2020 06:45 UTC