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Currency headwinds send WPP revenue south

By BFN News | 01:11 PM | Wednesday 13 June, 2018

Public relations giant WPP said revenue during the first four months of its financial year had fallen 3.4% due to adverse currency movements. Revenue had fallen to £4.82bn, though on a constant currency basis it had actually risen 2.7% at $6.63bn, chairman Roberto Quarta said in speech notes for the company's annual general meeting. On a like-for-like basis, revenue rose 1.4%. The group's like-for-like revenue, less pass-through costs, was up 'marginally', a slight improvement over the first quarter's 0.1% decline, Quarta said. Western Continental Europe, Latin America and Central & Eastern Europe were up strongly in April, and Asia Pacific also improving compared with the first quarter, the company said. However, North America remained 'difficult', particularly in the group's advertising and data investment management businesses. 'For the remainder of 2018, the focus remains on improving revenue less pass-through costs growth and concentrating on meeting our operating margin objective, by managing absolute levels of costs and increasing our cost flexibility, in order to adjust our cost structure to significant market changes,' Quarta said. At 1:11pm: (LON:WPP) WPP Group PLC share price was +13.5p at 1260p Story provided by

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