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(Alliance News) - WPP PLC on Tuesday said it will restate its financial statements from the years 2017, 2018 and 2019 due to some aspects not meeting the accounting norms.
The London-based communications, advertising and public relations company said the problems lay in the presentation of cash and overdrafts within notional cash pooling arrangements as well as net investment hedging being inappropriately applied for against some foreign exchange exposures.
WPP plans to present the updated statements in an amended annual report as soon as it can, with the adjustments having no impact on headline measures, operating profit, net debt, net assets, net current liabilities or statement of cash flows.
The company said it will change its cash pooling arrangements during 2021 to avoid any problem in the future.
Shares in WPP were up 0.4% at 786.80 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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