WPP grows local revenues

Holding company WPP AUNZ has reported a slight half year profit increase to $49.1 million from its previous $47.2 million.

In the second financial results since the take over of STW, now badged as WPP AUNZ, the holding group attributed its slight revenue increase to consolidating its business portfolio and cutting costs.

Net sales for the company were up 0.7% to $410m while profit before interest and tax grew 4.1%.

The company signalled a slight growth in earnings and profits for its full year financial results.

Michael Connaghan, CEO of WPP AUNZ, said in a statement: “Our half year results for 30 June 2017 were in line with expectations. Despite a flat media market, our strategy of bringing together the best knowledge, thinking and talent to meet our clients’ challenges has served us well.

“While we remain cautious on the outlook, due to continuing external headwinds, we now have a good grasp of the levers within our control and the people and culture to deliver on our purpose. We are on track to deliver mid-single digit growth in earnings per share for the full year 2017.”

The consolidation of The White Agency and Grey to whiteGREY in May and AKQA expanding its network in Australia by rebranding digital agency DT has been attributed to saving costs for WPP AUNZ.

Earlier this week week, WPP said that it had grown revenues globally but warned of too much discounting in the industry.

WPP AUNZ own multiple agencies including Y&R ANZ, whiteGREY, Spinach, Ogilvy, Ogilvy PR, PPR, Mindshare, MEC, Mediacom, Maxus, Ikon, Howorth, Group M amd AKQA.


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