WPP (WPP) said Thursday it is targeting 500 million British pounds ($676.9 million) in annualized savings by 2028 as part of a multiyear strategic plan and restructuring.

"Transitioning from a holding company structure to a single company, WPP will simplify its business to deliver fully integrated, AI-enabled solutions through four core operating units: WPP Media, WPP Creative, WPP Production and WPP Enterprise Solutions across four regions, North America, Latin America, EMEA and APAC," the company said.

WPP also reported preliminary 2025 revenue of 13.55 billion pounds, down 8.1% from a year earlier.

"Reflecting confidence in the plan, having declared a [7.5 pence] final dividend for 2025, the board intends to maintain the annual dividend at 15.0 [pence] per share in 2026," the company said.

WPP shares were down 7.8% in recent premarket activity.