WPP reports 1H EPS 20p vs. 30.9p last year

In line with the July trading update, WPP (WPP) reports H1 revenue of GBP 6,663m, down 7.8% on a reported basis and down 2.4% like-for-like, while revenue less pass-through costs of GBP 5,026m was down 4.3% LFL. Q2 revenue less pass-through costs of GBP 2,544m was down 12.6% on a reported basis and 5.8% LFL. H1 reported operating profit margin was 3.3% and headline operating profit margin was 8.2%, representing a LFL decrease of 2.9pt. With H1 results in line with our trading update issued in early July, we continue to expect 2025 LFL revenue less pass-through costs of -3% to -5% with headline operating profit margin down 50 to 175 bps.