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WPP plc (NYSE:WPP ) Q2 2024 Earnings Conference Call August 9, 2024 11:00 AM ET Company Participants Mark Read - CEO Joanne Wilson - CFO Tom Waldron - Head, IR Conference Call Participants Laura Metayer - Morgan Stanley Adam Berlin - UBS Julien Roch - Barclays Adrien de Saint Hilaire - Bank of America Joseph Thomas - HSBC Steve Liechti - Deutsche Numis Thomas Singlehurst - Citi Operator Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the WPP 2024 Interim Results Conference Call and Webcast.

Advertising giant WPP PLC (LSE:WPP) fetched a good price in its $1.7 billion disposal of strategic communications and advisory firm FGS Global, reckon Citi analyst. The price tag came comfortably above FGS's implied $1.4 billion valuation when WPP sold a partial stake to KKR in April 2023.

Global advertising giant WPP PLC (LSE:WPP)'s mediocre interim results came as little surprise to City analysts on Wednesday. Year on year revenues barely budged amid contracting marketing spend from WPP's blue-chip client base and while operating profit improved 38%, this came at the expense of considerable workforce layoffs.

Advertising giant WPP PLC (LSE:WPP) has trimmed its global workforce by 3,000 roles in the past year to reduce operating costs at a time when industry sales are failing to show momentum. According to interim results posted on Wednesday, WPP's headcount was 111,000 as of 30 June, down from 114,000 at the same point in 2023.

Advertising giant WPP PLC (LSE:WPP) has appointed former BT Group PLC (LSE:BT.A) boss Philip Jansen to the board as a non-executive director. Though best known for his roles as boss of BT and previously Worldpay (LSE:WPG), Jansen has advertising chops as a former marketing director at Dunlop Slazenger and Telewest.

WPP named former BT chief Philip Jansen as its new chair on Tuesday, succeeding Roberto Quarta at the world's largest advertising company.

Britain's WPP is set to pick former BT Group chief Philip Jansen as its new chair, the Financial Times reported on Tuesday, citing people familiar with the matter.

NEW YORK , July 11, 2024 /PRNewswire/ -- VTEX (NYSE: VTEX), the composable and complete digital commerce platform, has been selected by H Mart, the largest Asian-American supermarket chain in the U.S. with over 90 locations across North America , to power its ecommerce operations alongside global creative agency VML, a leading commerce systems integrator and implementation partner. This partnership marks a significant milestone for H Mart in its digital transformation by moving to a modern, SaaS commerce platform.

Multinational advertising giant WPP PLC (LSE:WPP)'s second-quarter results are due on 7 August, with analysts pinning hopes on signs of recovery following a dour 12 months. Advertising spend has been a net loser amid the global inflation cycle, but with cost pressures coming down and interest rates soon to follow, WPP could soon be seeing green shoots.

Talk of a bid for WPP PLC (LSE:WPP) PR business makes sense, according to analysts at Citi, and might persuade management given the value it could generate. Bloomberg and FT both reported that KKR had made a bid for control of FGS Global, the PR arm.