WPP - WPP surges on strong Q3 performance

WPP (NYSE:WPP) has issued its Q3 trading update, with revenue up 9.1% Y/Y (14.3% on a constant currency basis) to £3.24B. Revenue less pass-through costs grew 9.9% Y/Y to £2.64B , and up 15.3% on a constant currency basis. YTD, revenue rose 9.6% Y/Y to £9.37B, while revenue less pass-through costs grew 6.7% to £7.53B. At September 30, 2021, net debt was £1.6B, compared to £2.3B on 30 September 2020. Bouyed by strong business momentum in Q3, the firm further raised its guidance for 2021, expecting like-for-like revenue less pass-through costs growth of 11.5-12.0% (previously 9-10% growth); headline operating margin slightly above 14% (previously towards the upper end of the range of 13.5-14.0%); and capex of £450-500M. CEO update: "Our very strong performance goes well beyond a cyclical recovery, with like-for-like growth over 2019 at 6.9% in the quarter. Clients across all sectors and geographies are making significant investments in

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WPP surges on strong Q3 performance