WPP board agrees return to UK as it continues to see profit growth
Global marketing services group WPP has issued its intention to return to the UK as it reported a seven per cent growth in its pre-tax profits of £358m during the first half of 2012.
The company, which is currently headquartered in Ireland, owns marketing services agencies such as Wunderman, JWT, Kantar Media and recently acquired digital agencies AKQA and Fortune Cookie, reported a one per cent increase in billings to £21.7 billion and an increase in its pre-tax profits of seven per cent.
Despite the growth in size of the company, it has also highlighted a ‘slowing of revenues’ during the second quarter in the USA and Europe, while the company has also predicted that 2013 will be ‘challenging’.
The decision to return to the UK has been approved by the board of WPP, but still needs consent to be granted by the majority of its shareholders and follows the Coalition Government’s alteration of foreign taxation legislation on foreign profits from next year.
In making the announcement, the statement does state that the change will affect UK tax-paying individual shareholders most.
WPP CEO Sir Martin Sorrell shared his expectations for 2013 with The Drum last month, as part of the Empty 13 discussion.
Content created with:
WPP
WPP plc is a British multinational communications, advertising, public relations, technology, and commerce holding company headquartered in London, England. It was...
Find out more