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WPP launches $1.1 billion buyback after ‘outstanding’ year

Randy Mancini 4 Feb 24
Corporate logo of WPP is pictured
FILE PHOTO: The corporate logo of WPP is seen in this picture from 2018, obtained July 12, 2019. WPP/Handout via REUTERS

February 24, 2022

LONDON (Reuters) – WPP, the world’s largest advertising group, announced an 800 million-pound ($1.1 billion) share buyback for 2022 after it said an “outstanding” year had enabled it to meet recently upgraded forecasts for 2021 net sales.

The group said its main net sales metric – like-for-like revenue less pass-through costs – had risen by 12.1% in 2021. It forecast around 5% growth for 2022.

“We look forward to 2022 with confidence,” Chief Executive Mark Read said. “We are guiding to strong top-line growth, improving profitability and continued investment in our people and services.”

(Reporting by Kate Holton; Editing by William Schomberg)