WPP sees FY25 like-for-like revenue – pass-through costs growth of flat to -2%

Sees FY25 like-for-like revenue less pass-through costs growth of flat to -2%, with performance improving in H2. Headline operating margin expected to be around flat. Sees other 2025 financial indications: Mergers and acquisitions will reduce revenue less pass-through costs by around 3.0 points primarily due to the disposal of FGS Global, partially offset by anticipated M&A; FX impact: current rates imply a c.0.1% drag on FY 2025 revenue less pass-through costs, with no meaningful impact expected on FY 2025 headline operating margin; Headline earnings from associates around GBP 40m; Non-controlling interests around GBP 65m; Headline net finance costs of around GBP 280m; Capex of around GBP 250m; Cash restructuring costs of around GBP 110m Adjusted operating cash flow before working capital of around GBP 1.4bn,2024: GBP 1.3bn..