Last checked at 
(Adds detail, background)
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
the coronavirus outbreak forced an increasing number of clients
to cancel work.
The group, which has cut debt and raised cash as part of a
three-year turnaround plan, said it was producing health
campaigns for governments and clients around the world including
in Britain where it launched an information service on WhatsApp.
But other clients are pulling campaigns and with no
visibility on how long the downturn will last WPP has also
launched a cost cutting drive, identifying up to 800 million
pounds that can be saved in 2020.
The owner of the Ogilvy, Grey and Finsbury agencies has
frozen new hires, reviewed freelance expenditure, stopped
discretionary costs such travel and postponed salary increases.
Members of the executive committee and board have taken a
20% salary cut for an initial period of three months.
"It is clear that the companies in the strongest financial
position will be best placed to protect their people, serve
their clients and benefit their shareholders during a period of
great uncertainty, which is why we are taking the steps we are
outlining today," Chief Executive Mark Read said.
At the end of 2019, WPP had cash of 3 billion pounds ($3.7
billion) and total liquidity, including undrawn credit
facilities, of 4.8 billion pounds.
WPP, with 107,000 staff, competes with U.S.-groups Omnicom
and IPG, and France's Publicis. Already IPG and
Publicis have pulled their outlooks for 2020.
($1 = 0.8093 pounds)
(Reporting by Kate Holton; Editing by Kirsten Donovan)
