WPP Results Offer Glimmer of Hope to Wary Investors
Dow Jones
Aug 07
1647 GMT - WPP's latest results offered glimmers of hope and investors welcomed signs of progress on its turnaround plan, AJ Bell's Russ Mould says. The U.K. advertising group's top line is now falling less sharply and CEO Cindy Rose's plans to cut costs and offload noncore assets are taking effect, Mould says. "Rose will be aware more is required to win back investors who have abandoned WPP in droves in recent years--particularly as its problems cannot just be ascribed to a difficult market with rivals like Omnicom and Publicis still chalking up growth in spite of the uneven backdrop," he says. Still, she needs to convince investors that WPP can benefit from AI, Mould adds. WPP shares close 29% higher, in their best one-day percentage gain since 1992.
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