WPP : Deterioration ahead but the group will beat its guidance for cost-cutting, in our view
>Scenario unchanged: very difficult Q2, envelop for cost reductions exceeded but watch out for WCR - WPP has reported its Q1 gross margin followed by a conference call. The organic contraction came to -3.3% in Q1 while our forecast was for -4.5%. Our estimates are unchanged following this publication with a 26% organic decline in Q2 and -12% for the full year. We still think that the group should exceed its current cost-cutting envelop (between £ 700m and £ 800) with ...WPP is a holding company. Through its subsidiaries, Co. is a communications services organization providing national and multinational clients a range of communications services. Co. is organized into four operating segments: Advertising and Media Investment Management; Data Investment Management; Public Relations and Public Affairs; and Branding and Identity, Healthcare and Specialist Communications. This last reportable segment includes WPP Digital and direct, digital, promotional & relationship marketing.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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