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World’s second-largest advertising group shelves share buyback and dividend

Advertising giant WPP has unveiled a £2bn savings plan to shore up its balance sheet in the face of the coronavirus pandemic.

WPP is the world’s second-largest advertising company, with more than 107,000 staff around the world. It said it was implementing the measures after revenues in China slumped by 23% in the first two months this year. China, the world’s second largest advertising market after the US, accounts for 7% of WPP’s £10.8bn net sales. The group said just over half of its 5,000 staff in China are back at work, but that overall 95% of its global workforce are working remotely.

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