WPP ups share buyback after strong 2013

Friday, 28 February 2014 00:45 -     - {{hitsCtrl.values.hits}}

Reuters: WPP, the world’s largest advertising company, increased its share buyback program on Thursday after reporting strong 2013 results, record profit margins and a good start to 2014. Martin Sorrell’s ad group recorded 2013 like-for-like revenue growth, the main industry metric, of 3.5%, after it rebounded in the second half of the year with growth of 4.6%. It said like-for-like revenues were up 5.7% in January and it was targeting growth of over 3% for 2014. The strong results enabled the British group to increase its share buyback program to 2-3% of the share capital against the current 1%. For the longer-term outlook WPP also increased the amount of revenue it expects to get from faster growing emerging markets and new digital services over the next five years.