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LONDON, March 31 (Reuters) - WPP, the world's
biggest advertising company, said it was pulling its dividend
and share buyback, and withdrawing its guidance for 2020 after
it saw an increasing number of cancellations from clients due to
the coronavirus crisis.
The group, which has sold multiple assets as part of a
programme to simplify the business, said it had cash of 3
billion pounds ($3.7 billion) and total liquidity, including
undrawn credit facilities, of 4.8 billion pounds.
It has also launched a review of its costs to protect
profitability from a fall in revenue.
"The actions we have taken in the last 18 months to
streamline and simplify WPP, together with raising 3.2 billion
pounds in asset disposals, have put WPP in a strong financial
position," Chief Executive Mark Read said in a statement on
Tuesday.
($1 = 0.8093 pounds)
(Reporting by Kate Holton; editing by Guy Faulconbridge)