WPP Backs 2019 Guidance; Kantar Sale Progressing in Line With Views

By Anthony O. Goriainoff

WPP PLC (WPP.LN) on Wednesday backed its guidance for the year and said the sale of Kantar is progressing in line with the board's expectations.

The London-based advertising and marketing group had previously guided for like-for-like net sales to fall by 1.5% to 2.0% in 2019, and for headline operating margin to decline by 1.0 margin point on a constant-currency basis.

"In December we set out our vision for the future of WPP, and we continue to make progress in delivering our plan to return the company to sustainable growth over the next three years. Our financial guidance for the full year is unchanged," Chief Executive Mark Read said.

WPP's plans to sell a stake in Kantar were made public in October and are part of a broader effort by Mr. Read to streamline the group's operations. Last year, the company combined its iconic creative agency J.Walter Thompson with digital agency Wunderman to create a new business called Wunderman Thompson and merged Young & Rubicam with VML to form VMLY&R.

Shares at 1132 GMT were down 0.2% at 1,001.50 pence.

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(END) Dow Jones Newswires

June 12, 2019 07:48 ET (11:48 GMT)

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