Interim Results - Part 1
WPP Group PLC
17 August 2007
FOR IMMEDIATE RELEASE 17 August 2007
WPP
2007 INTERIM RESULTS
Billings up almost 5% at £15.085 billion
Reported revenue up 2% to £2.921 billion and up almost 8% in constant currencies
Like-for-like revenue up over 5%
Headline operating profit up over 6% to £383 million and
up over 12% in constant currencies
Headline operating margin up 0.5 margin points to 13.1%
Headline profit before tax up almost 7% to £338 million and up almost
14% in constant currencies
Profit before tax up over 2% to £294 million and up almost 9% in constant
currencies
Diluted headline earnings per share up over 9% at 18.2p and up almost
19% in constant currencies
Interim ordinary dividend up 20% to 4.32p per share
• Billings up almost 5% at £15.085 billion.
• Reported revenue up 2.0% to £2.921 billion and up almost 8% in constant
currencies.
• Like-for-like revenue up 5.3%, gross margin up 5.7%.
• Headline operating profit up 6.1% to £383.1 million from £361.0 million
and up over 12% in constant currencies.
• Headline operating margin up 0.5 margin points to 13.1%.
• Headline profit before tax up 6.9% to £338.0 million from £316.1 million
and up almost 14% in constant currencies.
• Profit before tax up 2.4% to £294.1 million from £287.1 million and up
almost 9% in constant currencies.
• Diluted headline earnings per share up 9.6% to 18.2p from 16.6p and up
almost 19% in constant currencies.
• Diluted earnings per share up 2.8% to 14.7p and up almost 12% in
constant currencies.
• Interim ordinary dividend up 20% to 4.32p per share.
• Average net debt for the first half up £26 million to £1,196 million
from £1,170 million, despite cash payments of £417 million for net cash
acquisition payments and share repurchases in the first six months.
• Estimated net new business billings of £1.565 billion ($3.051 billion).
• Acquisition of new technology company 24/7 Real Media Inc. completed on
2 July 2007.
In this press release not all the figures and ratios used are readily available
from the unaudited interim results included in Appendix I. Where required,
details of how these have been arrived at are shown in note 17 of Appendix I.
Summary of Results
The Board of WPP announces its unaudited interim results for the six months
ended 30 June 2007. These represent record levels of performance throughout the
business and the achievement, as last year, of the Group's financial model, with
like-for-like revenues growing over 5% and profits almost 10%, at the same time
as earnings per share, on a constant currency basis, grew considerably faster in
high double digits through a mixture of acquisitions, share buy-backs and a
reduced tax charge.
Billings were up almost 5% at £15.085 billion.
Reportable revenue was up 2.0% at £2.921 billion. On a constant currency basis,
revenue was up 7.7% compared with last year, with currency fluctuations, chiefly
the strength of the £ sterling against the US dollar, in the first six months
reducing the Group's revenue growth by almost 6 percentage points. Over the
first half of the year, the US dollar declined 10% against sterling. As a number
of our competitors report in US dollars and inter-currency comparisons are
difficult to make, Appendix 2 shows WPP's interim results in reportable US
dollars. This shows, for example, that US dollar reportable revenues were up by
12.3% to $5.764 billion, headline profits up 16.5% to $757.6 million and diluted
headline earnings per share up 20.4% to 36.0c. Further analysis is included in
Appendix 2.
On a like-for-like basis, which excludes the impact of acquisitions and
currency, revenues were up 5.3% (gross margin up 5.7%) in the first half, the
pace accelerating with 6.2% growth in the second quarter.
Headline earnings before interest, depreciation and amortisation ("EBITDA") was
up 5.5% to £452.5 million and up over 11% in constant currencies. Headline
operating profit was up 6.1% to £383.1 million from £361.0 million and up 12.1%
in constant currencies.
Headline operating margins rose yet again, in line with objectives, by 0.5
margin points to 13.1% from 12.6%, also in line with the full year margin target
of 15.0%. Before short-term and long-term incentives (including the cost of
share-based compensation), operating margins were flat with last year at 16.3%.
Short and long-term incentives and the cost of share-based incentives amounted
to £92.2 million or 20.2% of operating profits before bonus and taxes, down
slightly on last year as a result of currency movements and the first half
impact of additional space and staff costs.
On a reported basis the Group's staff cost to revenue ratio, including
incentives, improved 0.5 margin points to 59.9% in the first half of 2007,
compared with the same period last year, as productivity rose. On a
like-for-like basis, the average number of people in the Group, excluding
associates, was 81,521 in the first half of the year, compared to 77,948 in
2006, an increase of 4.6%. On the same basis, the total number of people in the
Group, excluding associates, at 30 June 2007 was 82,998 compared to 79,599 in
June 2006, an increase of 4.3%.
Headline profit before tax was up 6.9% to £338.0 million from £316.1 million or
up 13.7% in constant currencies.
Net finance costs (excluding the revaluation of financial instruments) were flat
with last year at £45.1 million compared with £44.9 million in 2006, reflecting
higher interest rates, offset by improved cash management and higher investment
income.
Reported profit before tax rose by 2.4% to £294.1 million from £287.1 million.
In constant currencies pre-tax profits rose by 8.9%.
The tax rate on headline profit before tax was 26.9%, down 2.1 percentage points
on the first half 2006 rate of 29.0%.
Profits attributable to share owners rose by 2.9% to £181.9 million from £176.7
million, or up 11.7% in constant currencies.
Diluted headline earnings per share rose by 9.6% to 18.2p from 16.6p. In
constant currencies, earnings per share on the same basis rose by 18.8%. Diluted
reported earnings per share were up 2.8% to 14.7p and up 11.7% in constant
currencies.
The Board declares an increase of 20% in the interim ordinary dividend to 4.32p
per share. The record date for this interim dividend is 12 October 2007, payable
on 12 November 2007.
Further details of WPP's financial performance are provided in Appendices I and
2.
Review of Operations
Revenue by Region
The pattern of revenue growth differed regionally. The table below gives details
of the proportion of revenue and revenue growth by region for the first six
months of 2007:
Region Constant Reported Constant Like-for-
Currency(*) Revenue Currency(*) like(**)
Revenue as Growth Revenue Revenue
a % of Total 07/06 Growth Growth
Group % 07/06 07/06
% %
North America 38.5 -2.1 8.3 5.1
United Kingdom 14.8 3.7 3.7(***) 2.3(****)
Continental 26.1 4.1 6.0 3.1
Europe
Asia Pacific, 20.6 6.1 11.9 10.9
Latin America,
Africa & Middle East
-------------------- ----- ----- ----- -----
TOTAL GROUP 100.0 2.0 7.7 5.3(*****)
-------------------- ----- ----- ----- -----
(*) Constant currency growth excludes the effects of currency movements
(**) Like-for-like growth excludes the effects of currency movements and the
impact of acquisitions
(***) Gross margin up 4.9%
(****) Gross margin up 4.1%
(******) Gross margin up 5.7%
On a constant currency basis, the Group grew at almost 8% and all regions showed
good growth. Again, the world grew at three speeds. The faster growing markets
of Asia Pacific, Latin America, Africa and the Middle East and Central and
Eastern Europe were at one end of the spectrum and the United Kingdom and
Western Continental Europe at the other, with North America and Spain in
between. Growth in all regions improved over those seen in the first quarter.
The United States continues to grow, with the rate in the first half up over 8%,
on a constant currency basis, compared with 6.5% growth in the first quarter. As
in the first quarter Asia Pacific, Latin America, Africa and the Middle East,
continues to be the fastest growing region, with revenues up almost 12%. Asia
Pacific remains strong, with revenues up almost 11%. Mainland China and India
continued the rapid growth seen in 2006 and the first quarter of 2007, with
first half like-for-like revenues up almost 29% and 22% respectively.
Continental Europe was up 6.0%, an improvement over the 4.4% growth in the first
quarter, with Central and Eastern Europe particularly strong at almost 19%. The
United Kingdom remains the slowest growing region with revenues up 3.7%, with
gross margin up 4.9% reflecting the relative scale of our market research
revenues in the United Kingdom. As more market research is executed on the web,
both revenue and direct costs are reduced. As a result, gross margin is probably
the better measure of performance.
Estimated net new business billings of £1.565 billion ($3.051 billion) were won
in the first half of the year and the Group continues to benefit from
consolidation trends in the industry, winning several assignments from existing
and new clients.
The faster growing geographical markets of Asia Pacific, Latin America, Africa
and the Middle East and Central and Eastern Europe, accounted for 23% of the
Group's revenues in the first half of 2007.
Revenue by Communications Services Sector and Brand
The pattern of revenue growth also varied by communications services sector and
company brand. The table below gives details of the proportion of revenue and
revenue growth by communications services sector for the first six months of
2007:
Communications Constant Reported Constant Like-for-
Services Currency(*) Revenue Currency(*) like(**)Revenue
Sector Revenue as a Growth Revenue Growth 07/06%
% of Total 07/06 % Growth %
Group 07/06 %
Advertising, Media 46.5 0.7 6.0 5.2
Investment Management
Information, Insight & 14.8 -1.6 3.3(***) 1.3(****)
Consultancy
Public Relations & 10.8 7.8 14.8 7.7
Public Affairs
Branding & Identity, 27.9 4.0 10.5 6.8
Healthcare and
Specialist
Communications
---------------- ----- ---- ---- ----
TOTAL GROUP 100.0 2.0 7.7 5.3(*****)
---------------- ----- ---- ---- ----
(*) Constant currency growth excludes the effects of currency movements
(**) Like-for-like growth excludes the effects of currency movements and the
impact of acquisitions
(***) Gross margin up 5.9% (****) Gross margin up 4.2% (******) Gross margin up 5.7%
Media investment management continues to show the strongest growth of all our
communications services sectors, along with direct, internet and interactive.
Direct and digitally-related activities now account for approximately 23% of the
Group's total revenues, which are running at the rate of approximately $12
billion per annum. Brand advertising, particularly in the new faster growing
markets, along with information, insight & consultancy, branding & identity and
specialist communications, show consistent growth.
Public relations and public affairs also continues to show significant
improvement over last year, following a strong year in 2006, with constant
currency revenues up almost 15%, reflecting the positive impact on the sector's
growth of social networking on the web, which demonstrates the increased
effectiveness of editorial publicity over paid for publicity.
Over 53% of the Group's revenues came from outside advertising and media
investment management, in the first half of 2007.
Advertising and Media Investment Management
On a constant currency basis, advertising and media investment management
revenues grew by 6.0%, with like-for-like revenue growth of 5.2%. Operating
margins improved by 0.6 margin points in the first half.
These businesses generated estimated net new business billings of £1.276 billion
($2.489 billion).
Information, Insight and Consultancy
The Group's information, insight and consultancy businesses growth improved in
the second quarter, with first half revenues, on a constant currency basis, up
3.3% and gross margin up 5.9%. Operating margins improved 0.2 margin points in
the first half.
Public Relations and Public Affairs
In constant currencies, the Group's public relations and public affairs revenues
rose by 14.8%, with like-for-like growth of 7.7%. Operating margins improved 0.8
margin points in the first half.
Branding and Identity, Healthcare and Specialist Communications
The Group's branding and identity, healthcare and specialist communications
constant currency revenues were up 10.5%, with operating margins up 0.2 margin
points. Particularly good performances were registered by several companies in
this sector in the first half - including, in promotion and direct marketing
Ogilvy Activation, Wunderman, VML, G2, Bridge Worldwide, Mando, EWA, the Forward
Group; in branding and identity Enterprise IG, Addison and The Partners; in
healthcare Ogilvy Healthworld; and in specialist communications Geppetto,
Spafax, the Farm, MJM, the Food Group, BDG, Global Sportnet and Headcount.
Cash Flow and Balance Sheet
A summary of the Group's unaudited cash flow statement and balance sheet and
notes as at 30 June 2007 are provided in Appendix I.
In the first half of 2007, operating profit was £320 million, depreciation,
amortisation and impairment £117 million, non-cash based incentive charges £33
million, net interest paid £67 million, tax paid £76 million, capital
expenditure £72 million and other net cash inflows £24 million. Free cash flow
available for working capital requirements, debt repayment, acquisitions and
share re-purchases was, therefore, £279 million. This free cash flow was
absorbed by £208 million in net cash acquisition payments and investments (of
which £141 million was for initial acquisition payments net of disposal
proceeds, £65 million was for earnout payments and the balance of £2 million
related to prior year loan note redemptions), and £209 million by share
re-purchases, a total outflow of £417 million. This resulted in a net cash
outflow of £138 million, before any changes in working capital.
Average net debt in the first six months of 2007 rose by £85 million to £1,196
million, compared to £1,111 million in 2006, at 2007 exchange rates. On 30 June
2007 net debt was £1,264 million, against £1,219 million on 30 June 2006, an
increase of £45 million. Your Board continues to examine ways of deploying its
EBITDA of over £1 billion (over $2 billion) and substantial cash flow of over
£700 million or over $1.4 billion per annum, to enhance share owner value, given
that interest cover remains strong at 8.5 times in the first half of 2007, in
comparison to 8.0 times on a comparable basis, in the first half of 2006. As
necessary capital expenditure, mainly on information technology and property, is
expected to remain equal to or less than the depreciation charge in the long
term, the Company has continued to concentrate on examining possible
acquisitions or returning excess capital to share owners in the form of
dividends and/or share buy-backs.
In the first half of 2007, the Group continued to make small to medium-sized
acquisitions or investments in high growth geographical or functional areas. In
the first six months of this year, acquisitions and increased equity stakes have
been concentrated in advertising & media investment management in the United
States (including digital), the United Kingdom, Austria, France, Germany
(including digital), the Netherlands (including digital), Russia, Spain, South
Africa, Brazil, Colombia, Australia, China and Japan; in information, insight &
consultancy in the United States and the United Kingdom; in public relations &
public affairs in the United States; in healthcare in the United Kingdom; in
branding and identity in Ireland and in direct, internet & interactive in the
United States, Belgium, Germany, South Africa, the Middle East, Chile, Mexico,
Korea and Singapore. The acquisition of 24/7 Real Media Inc., was completed
after the half-year end on 2 July 2007. This represents the company's first (and
the communications services industry's first) major investment in the
application of modern media technology to advertising and marketing services.
In addition to increasing the interim dividend by 20% to 4.32p per share, the
Company continues to focus on examining the alternative between increasing
dividends and accelerating share buy-backs, and completed a review of its share
buy-back policy in 2006. As a result, the Group accelerated its share repurchase
programme and now aims to buy-back up to 4-5% of its share capital each year, as
compared to 1-3% historically. In the first half of the year, 27.906 million
ordinary shares equivalent to 2.3% of the share capital, were purchased at an
average price of £7.50 and total cost of £209 million. All of these shares were
purchased in the market and subsequently cancelled.
Client Developments in the First Half of 2007
Including associates, the Group currently employs over 102,000 full-time people
in over 2,000 offices in 106 countries. It services over 340 of the Fortune
Global 500 companies, over one-half of the Nasdaq 100, over 30 of the Fortune
e-50, and approximately 330 national or multi-national clients in three or more
disciplines. More than 230 clients are served in four disciplines and these
clients account for over 50% of Group revenues. This reflects the increasing
opportunities for co-ordination between activities both nationally and
internationally. The Group also works with nearly 200 clients in 6 or more
countries. The Group estimates that more than 35% of new assignments in the
first half of the year were generated through the joint development of
opportunities by two or more Group companies.
Current Progress and Future Prospects
The Group's performance in the first half of the year mirrored the continuing
good economic conditions in the United States, Asia Pacific, Latin America,
Africa and the Middle East and Central and Eastern Europe, reinforced by a
continued improvement in Western Europe, although the United Kingdom remains
relatively weak, even against Western Continental Europe. In the last few
months, Spain has shown continued strength and France slower growth, with the
rest of Western Europe showing progress in Quarter 2 over Quarter 1.
Like-for-like revenue was up over 5% in the first half of 2007. This trend
continued into the second half, with July like-for-like revenues up strongly
over 7%. Experts forecast that the industry will grow at 4-5% this year, which,
so far, the group has exceeded, growing market share. An operating margin of
13.1% was achieved in the first half, in line with the Group's revised margin
target for 2007 of 15.0%.
The first half of 2007 saw another significant improvement in activity, even
against the strong performance of 2006. Levels of activity in 2007 should match,
or surpass, those seen in 2006 and there are significant new business
opportunities at both the network and parent company levels. As long as the
United States economy holds up, 2008 should be a good year too, buoyed by the
build up to Beijing 2008 and heavy United States political spending, in advance
of a Presidential election, which may see Hillary Clinton nominated and elected.
2008 should be a bumper year, with the culmination of these two major events and
the European Football Championships in Austria and Switzerland. 2009 may see
slower growth, following the anticipated strength of 2008 and as the new United
States administration wrestles with the country's fiscal and trade imbalances.
Corporate profitability remains strong on both sides of the Atlantic, in fact,
at the highest levels as a proportion of GNP for almost 50 years and, as a
result, advertising and marketing services spending does too, if anything
continuing to strengthen. However, in a low inflationary environment, which
remains a government and central bank priority and which has been with us
continuously for almost 16 years, significant, repeated, like-for-like sales
gains remain difficult to achieve. Overcapacity, disintermediation via the web,
slowing population growth and concentrating distribution result in limited
pricing power. This pressure is at its most intense in the slower growth, but
large, mature markets of the United States and Western Europe. Concerns remain
of stagflation, as the United States and other nations wrestle with increasing
oil prices, twin fiscal and trade deficits and the potential impact of changes
in interest rate policy.
The consumer remains under pressure on both sides of the Atlantic from
increasing levels of debt, low savings ratios and house prices. Any slack in
consumer spending has not to date been taken up by significant increases in
corporate capital spending, beyond replacement spending. Company boards remain
cautious, perhaps cowed by regulatory measures and fear of failure. The average
life of a Chief Executive Officer, remains around four years and apparently
under two years for a Chief Marketing Officer in the United States.
In this environment, clients are seeking new ways of reaching the consumer and
finding new geographic growth opportunities. Satellite and cable television,
outdoor and out-of-home advertising and radio in the traditional media and, more
importantly, direct, internet and interactive (including mobile and video) are
taking a growing share of client spending, albeit from lower absolute and
relative levels. Similarly, but geographically, Asia Pacific (particularly but
not exclusively China and India and including the new tigers of Indonesia,
Pakistan and Vietnam), Latin America, despite some political volatility and some
growth of populism and protectionism, Africa, the Middle East and Central and
Eastern Europe are becoming more and more significant, again from lower absolute
and relative levels.
We are finding that our industry is becoming more and more multi-paced. Slow
growth in traditional media, such as network television, newspapers and
magazines, more rapid growth in new media, such as direct, internet and
interactive, driven by new technology. Slower growth in the mature markets of
the United States and Western Europe, more rapid growth in, Asia Pacific, Latin
America, Africa and the Middle East and Central and Eastern Europe. Growth
patterns even vary within regions - for example, slow growth in Western Europe
alongside rapid growth in Central and Eastern Europe.
In these market conditions, the prospects for our industry remain very good, as
the need for differentiation through innovation and branding and global
expansion grow. The two critical strategic opportunities for our clients, media
owners and ourselves, remain geographical expansion across the globe and
assessing and dealing with the implications of new technological developments -
which could be glibly described as "China and the internet". Clearly, it is more
complex than this, with China an icon for Asia Pacific, Latin America, Africa
and the Middle East and Central and Eastern Europe and the internet an icon for
mobile, iPodsTM, video iPodsTM, iPhonesTM, PVRs, HDTV, IPTV, gaming and social
networks, amongst others. Geographical development remains relatively easy to
manage. Technological development remains relatively difficult to manage as it
is taxing to forecast the impact of such changes, although increasing complexity
makes us more valuable to our clients. It is difficult to imagine what those
half a dozen PhDs might now be cooking up in Beijing or Bangalore, let alone
Silicon Valley.
Since the birth of WPP in 1985, some 22 years ago, our industry has, so far,
seen three distinct phases. The first, some 15-20 years ago, as David Ogilvy
would, perhaps, have phrased it, the era of the Big Idea. This is just as
critical today, as big creative ideas need to differentiate clients products and
services, either tangibly or intangibly in an increasingly undifferentiated
world.
Secondly, around 10 years ago, we saw the beginning of the growth and
concentration of media planning and buying or what we call media investment
management. According to industry research sources, approximately 1-in-4
advertisements you may see anywhere in the world may have been planned or bought
by WPP's GroupM and its constituent operating brands MindShare, Mediaedge:cia,
MediaCom or Maxus. GroupM increasingly provides one buying point in each country
to give clients increased cross-platform content opportunities, buying leverage
and consumer and research insights. Inside WPP, there is, therefore, an almost
$40 billion (the level of our gross media billings and turnover) media engine
that mirrors the importance of media in the Japanese or Dentsu model. As a
result, traditional media faces increased buying concentration, as well as the
challenges of new media and technology.
Finally, we are witnessing, the third era - the application of technology, where
high science is being increasingly applied to advertising and marketing services
industries. This kicked off with a major land-grab by Google, with its proposed
$3.1 billion purchase of DoubleClick, our own $650 million purchase of 24/7 Real
Media Inc. and Microsoft's $6.1 billion purchase of aQuantive. It does not
include, as some have suggested, the purchase of digital agencies. DoubleClick,
24/7 Real Media Inc. and aQuantive represent, for the first time, the
application of modern technology to provide advertising and marketing solutions
for clients. Whilst also about talent, these initiatives really concern the
deployment of detailed and precise technology in our industry for the first
time. This land-grab has also set off a related wave of agency consolidations.
The prospects for trading performance improvements at WPP remain good too. Six
months ago the Group increased its margin target for 2009 to 16.0% and for 2010
to 16.5%. The Group is on track to achieve this accelerated timetable. Our long
term operating margin target remains 19%.
Plans, budgets and forecasts will continue to be made on a conservative basis
and considerable attention is still being focused on achieving margin and staff
cost to revenue or gross margin targets. Margins continue to be strong in
important parts of the business. In addition to influencing absolute levels of
cost, the initiatives taken by the parent company in the areas of human
resources, property, procurement, information technology and practice
development continue to improve the flexibility of the Group's cost base.
The Group continues to improve co-operation and co-ordination between companies
in order to add value to our clients' businesses and our people's careers, an
objective which has been specifically built into short-term incentive plans.
Particular emphasis and success has been achieved in the areas of media
investment management, healthcare, privatisation, new technologies, new markets,
retailing, internal communications, hi-tech, financial services and media and
entertainment. The Group continues to lead the industry, in co-ordinating
investment geographically and functionally through parent company initiatives,
which competitors initially 'pooh-poohed' but now attempt to imitate. Increasing
co-operation, although more difficult to achieve in a multi-branded company,
which has grown by acquisition, than in an organically grown uni-branded one,
remains a priority.
The Group also continues to concentrate on its long-term targets and strategic
objectives of improving operating profits by 10-15%; improving operating margins
by half to one margin point per annum or more depending on revenue growth;
improving staff cost to revenue or gross margin ratios by 0.6 margin points per
annum or more depending on revenue growth; converting 25-33% of incremental
revenue to profit; growing revenue faster than industry averages and encouraging
co-operation among Group companies.
As clients face an increasingly undifferentiated market place, particularly in
mature markets, the Group is competitively well positioned to offer them the
creativity they desire, along with the ability to deliver the most effective
co-ordinated communications in the most efficient manner. The rise of the
procurement function, the increasing concentration of distribution and the
legislative acceptance of media ownership concentration in several countries,
will further stimulate consolidation amongst clients, media owners, wholesalers
and retailers and last, but not least, advertising and marketing services
agencies. The Group is very well positioned to capitalise on these developments
and to focus on developing the best talents, the strongest management structures
and the most innovative incentive plans in the industry for our people.
For further information:
Sir Martin Sorrell ) +44 20 7408-2204
Paul Richardson )
Feona McEwan )
Fran Butera +1 212 632 2235
www.wppinvestor.com
This announcement has been filed at the Company Announcements Office of the
London Stock Exchange and is being distributed to all owners of Ordinary shares
and American Depository Receipts. Copies are available to the public at the
Company's registered office.
The following cautionary statement is included for safe harbour purposes in
connection with the Private Securities Litigation Reform Act of 1995 introduced
in the United States of America. This announcement may contain forward-looking
statements within the meaning of the US federal securities laws. These
statements are subject to risks and uncertainties that could cause actual
results to differ materially including adjustments arising from the annual audit
by management and the Company's independent auditors. For further information on
factors which could impact the Company and the statements contained herein,
please refer to public filings by the Company with the Securities and Exchange
Commission. The statements in this announcement should be considered in light of
these risks and uncertainties.
This information is provided by RNS
The company news service from the London Stock Exchange
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