WPP AUNZ reports Q1 profits ahead of takeover scheme vote

April 9, 2021 2:27

WPP AUNZ has released its financial results for first quarter 2021, ahead of its shareholder vote on the WPP plc acquisition on 21 April.

The first quarter results, which are based on unaudited management results, show net sales for the March quarter were $144 million, a 5.2% drop on the previous corresponding period’s $151.9 million, but consistent with expectations.

Despite net sales being below 2020 and the market still recovering from the impact of the pandemic, initiatives and corresponding reduction in the cost base led to improved earnings for the quarter. Headline earnings before interest and tax (EBIT) for the March quarter was $10.2 million versus a loss of $3.8 million in Q1 2020.

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Olivia Kruimel

Olivia Kruimel was the managing editor at Mumbrella. She has more than 15 years of experience in journalism, communications and marketing. Her journalism career began at Fairfax Media (now part of Nine) and includes various B2B publications such as B&T, Travel Today and ALB. As a marketer Olivia has worked for Standard Chartered and various global law firms.