(Adds details, quote)
LONDON, Feb 26 (Reuters) - WPP, the world's biggest
advertising company, said it would target flat organic growth
and profit margin in 2020 after weakness in major markets
dragged its fourth quarter down.
The British group reported a 1.9% drop in its main measure
of organic revenue less pass-through costs compared with the
0.5% growth recorded in the previous quarter.
For the year, the group reported organic sales down 1.6%.
That excludes its data business Kantar after it sold a major
stake in the unit to Bain Capital.
The company also reiterated its 2021 targets of reaching
organic growth in line with peers and a headline operating
profit margin of at least 15%. Its forecasts were made prior to
any impact from the coronavirus.
"We said that we would make progress in the journey to
return WPP to growth, simplifying our business and reducing our
debt, and we have delivered against each of these goals," Chief
Executive Mark Read said.
WPP has endured a tough three years after it lost work from
major clients such as Ford and American Express in the United
States. While its performance has started to improve its shares
are still languishing, down more than 50% since March 2017.
(Reporting by Kate Holton; editing by Paul Sandle)
WPP (WPP)
