“Despite our net sales being down 3.2%, we saw a 1.4% decline in our operating margin, and very pleasingly our net debt ended the year at £700 million, the lowest since 2004, so we made a lot of progress during the year,” said Read.
Here, a few highlights:
—WPP reported 2020 worldwide revenue less pass-through costs of £9.8 billion ($12.5 billion), down 10.0%. Worldwide revenue of £12.0 billion ($15.4 billion), down 9.3%.
—Worldwide revenue less pass-through costs in 2020 fell 8.2% on a like-for-like basis. WPP calculates like-for-like growth, or organic growth, at constant currency exchange rates excluding effects of acquisitions and divestitures.
—For the year, U.S. revenue less pass-through costs fell 5.8% on a like-for-like basis.
—In its global integrated agencies sector, VMLY&R was the best performer, close to flat for the year and growing in the fourth quarter. GroupM was down 4.1% in the quarter, about flat with a year earlier.
—The company anticipates its e-commerce business to rise 19% in 2021 and for connected TV spending to jump 40%.
Contributing: Bradley Johnson