 Andrew Scott |
WPP's reported first-quarter revenues slipped four percent to $4.6B, though like-for-like performance inched ahead 0.8 percent.
The poor financial performance sent WPP shares tumbling about eight percent.
A lackluster North America market held back growth as revenues there dropped 10.6 percent to $1.7B on a reported basis and 1.1 percent LFL.
CEO Mark Read told the Wall Street Journal he's unhappy with the creative shops in North America. “I think they could be stronger both reputationally and in the quality of the work," he said. "Part of that is that we need to invest in them.”
WPP's PR/PA group (Hill+Knowlton Strategies, Burson Cohn & Wolfe, Finsbury, Ogilvy) reported a 6.7 percent decline in reported revenues to $352M and a 1.5 percent gain on an LFL basis.
Looking ahead, Read and COO Andrew Scott will take "a fresh look at our strategy, developing a vision for the group that recognizes the challenges and opportunities presented by the structural shifts in our industry, and executing resolutely against it."
They promised to "proactively" deal with under-performing parts of WPP to enhance growth and shareholder value.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
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