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WPP says turnaround on track as third-quarter revenue decline narrows

By Reuters News

LONDON, Oct 29 (Reuters) - British ad group WPP WPP.L said its turnaround plan was on track on Thursday, reporting a smaller decline in third-quarter like-for-like revenue and highlighting renewed client partnerships with Coca-Cola and DoorDash.

• Revenue less pass-through costs of £2.411 billion fell 2.1% on a like-for-like basis in the third quarter, an improvement on the 2.8% decline in the second quarter

• WPP reiterated its full-year guidance, expecting like-for-like revenue less pass-through costs to decline by low to mid-single digits in the second half and a full-year headline operating margin of 12% to 13%

• CEO Cindy Rose said WPP was stabilising its business performance and laying the foundations for a simpler, more unified company

• "Winning competitive pitches to renew long-standing partnerships with clients like The Coca-Cola Company and DoorDash provides further evidence of commercial momentum," she said

• WPP shares have risen 14% so far this year

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