About: http://data.cimple.eu/news-article/30944dd8014f68719b6e881d0f8a508c2e937960f976c6029afa0c90

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About: http://data.cimple.eu/news-article/30944dd8014f68719b6e881d0f8a508c2e937960f976c6029afa0c90 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	British advertising giant WPP said Thursday that the coronavirus crisis sparked a £3.0-billion net loss last year as clients slashed marketing budgets. The loss after tax, equivalent to $4.2 billion or 3.5 billion euros, contrasted with net profit of £860 million in 2019. WPP said it had to take a huge charge of £3.1 billion in impairments linked to Covid-19. "2020 was a tough year for everyone," chief executive Mark Read said in a statement. "WPP's performance has been remarkably resilient, thanks to these efforts and the demonstrable value of what we do for our clients. "While revenue was significantly impacted as clients reduced spending, our performance exceeded our own expectations and those of the market throughout the year," he added. Read said the pandemic had strengthened the group's focus on digital activities as consumers spent increasing amounts of time on their laptops and smartphones. "At the height of the pandemic we saw five years' worth of innovation in five weeks, with a dramatic shift to digital media and ecommerce as people's lives went online," he noted. "Having modernised our client offer, refined our structure and strengthened our agency brands, we were well prepared for this shift and saw the benefits of this acceleration in parts of our business." Nevertheless, total revenue fell 7.3 percent to £12 billion last year. WPP, whose key competitor is Publicis of France, issued an upbeat outlook. "We see many areas of attractive growth for WPP, from the permanent shift to ecommerce (and) the digitisation of media," Read said. "Uncertainties remain around the impact of the vaccine roll-out and economic growth (but) we continue to expect 2021 to be a year of solid recovery." Despite the large annual loss, WPP's share price rose on news of a £300 million share buyback and the return of its shareholder dividend. WPP shares gained 0.6 percent in late morning deals on London's FTSE 100 index, which was marginally lower. jbo-rfj/bcp/bmm
schema:headline	British ad giant WPP logs £3 bn loss in pandemic year
schema:mentions	Digital media FTSE 100 Index Foreclosure E-commerce Dividend London Pandemic France United Kingdom Vaccine Severe acute respiratory syndrome coronavirus 2 Coronavirus disease 2019 Mark Read (singer) Publicis Digitization Share repurchase WPP plc Outlook.com
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-03-11 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	62 (xsd:integer)

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