World’s largest advertising and PR group shelves share buyback and dividendCoronavirus – latest updatesSee all our coronavirus coverageAdvertising 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 largest advertising company by revenue, 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 were back at work, but that overall 95% of its global workforce were working remotely.