LONDON (dpa-AFX) - British communications services provider WPP Group Plc
(WPP.L, WPPGY) reported Thursday that its fiscal 2023 profit before tax plunged
70.1 percent to 346 million pounds from last year's 1.16 billion pounds.

Earnings per share were 10.1 pence, down 83.5 percent from 61.2 pence a year
ago. The decline in results mainly reflected the accelerated amortisation of
indefinite life brands and the impairment taken as a result of the 2023 property
review.

Headline profit before tax was 1.53 billion pounds, compared to 1.60 billion
pounds a year ago. Headline earnings per share were 93.8 pence, compared to last
year's 98.5 pence.

Revenue grew 2.9 percent to 14.85 billion pounds from last year's 14.43 billion
pounds. Revenue less pass-through costs edged up 0.5 percent to 11.86 billion
pounds.

Like-for-like or LFL revenue growth was 3.2 percent and LFL Revenue less
pass-through costs growth was 0.9 percent.

Further, the Board is proposing a final dividend for 2023 of 24.4 pence per
share, giving a full-year dividend of 39.4 pence per share, both same as last
year. The record date for the final dividend is June 7, and the dividend will be
payable on July 5.

Looking ahead for fiscal 2024, the company projects LFL revenue less
pass-through costs growth of 0-1 percent, with improvement in headline operating
profit margin of 20-40 basis points.

Over the medium-term, the company targets 3 percent+ LFL growth in revenue less
pass-through costs and 16 percent to 17 percent headline operating profit
margin.

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