UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
 
FORM 6-K
____________________
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
 
For the Month of August 2025
 
Commission File Number: 001-38303
______________________
 
WPP plc
(Translation of registrant's name into English)
________________________
 
Sea Containers, 18 Upper Ground
London, United Kingdom SE1 9GL
(Address of principal executive offices)
_________________________
 
 
Indicateby check mark whether the registrant files or will file annualreports under cover of Form 20-F or Form 40-F:
 
Form20-F X Form 40-F___
 
Indicateby check mark if the registrant is submitting the Form 6-K in paperas permitted by Regulation S-T Rule 101(b)(1): ___
 
Note:  Regulation S-T Rule 101(b)(1) only permits thesubmission in paper of a Form 6-K if submitted solely to provide anattached annual report to security holders.
 
Indicateby check mark if the registrant is submitting the Form 6-K in paperas permitted by Regulation S-T Rule 101(b)(7): ___
 
Note:  Regulation S-T Rule 101(b)(7) only permits thesubmission in paper of a Form 6-K if submitted to furnish a reportor other document that the registrant foreign private issuer mustfurnish and make public under the laws of the jurisdiction in whichthe registrant is incorporated, domiciled or legally organized (theregistrant’s “home country”), or under the rulesof the home country exchange on which the registrant’ssecurities are traded, as long as the report or other document isnot a press release, is not required to be and has not beendistributed to the registrant’s security holders, and, ifdiscussing a material event, has already been the subject of a Form6-K submission or other Commission filing on EDGAR.
 
Forward-Looking Statements
 
TheCompany may include forward-looking statements (including asdefined in the U.S. Private Securities Litigation Reform Act of1995) in oral or written public statements issued by or on behalfof the Company. These forward-looking statements may include, amongother things, plans, objectives, beliefs, intentions, strategies,projections and anticipated future economic performance based onassumptions and the like that are subject to risks anduncertainties. These statements can be identified by the fact thatthey do not relate strictly to historical or current facts. Theyuse words such as ‘aim’, ‘anticipate’,‘believe’, ‘estimate’,‘expect’, ‘forecast’,‘guidance’, ‘intend’, ‘may’,‘will’, ‘should’, ‘potential’,‘possible’, ‘predict’,‘project’, ‘plan’, ‘target’,and other words and similar references to future periods but arenot the exclusive means of identifying such statements. As such,all forward-looking statements involve risk and uncertainty becausethey relate to future events and circumstances that are beyond thecontrol of the Company. Actual results or outcomes may differmaterially from those discussed or implied in the forward-lookingstatements. Therefore, you should not rely on such forward-lookingstatements, which speak only as of the date they are made, as aprediction of actual results or otherwise. Important factors whichmay cause actual results to differ include but are not limited to:the unanticipated loss of a material client or key personnel;delays, suspensions or reductions in client advertising budgets;shifts in industry rates of compensation; regulatory compliancecosts or litigation; changes in competitive factors in theindustries in which we operate and demand for our products andservices; changes in client advertising, marketing and corporatecommunications requirements; our inability to realise the futureanticipated benefits of acquisitions; failure to realise ourassumptions regarding goodwill and indefinite lived intangibleassets; natural disasters or acts of terrorism; the Company’sability to attract new clients; the economic and geopoliticalimpact of the conflicts in Ukraine and the Middle East; the risk ofglobal economic downturn; slower growth, increasing interest ratesand high and sustained inflation; tariffs and other trade barriers;supply chain issues affecting the distribution of ourclients’ products; technological changes and risks to thesecurity of IT and operational infrastructure, systems, data andinformation resulting from increased threat of cyber and otherattacks; effectively managing the risks, challenges andefficiencies presented by using Artificial Intelligence (AI) andGenerative AI technologies and partnerships in our business; risksrelated to our environmental, social and governance goals andinitiatives, including impacts from regulators and otherstakeholders, and the impact of factors outside of our control onsuch goals and initiatives; the Company’s exposure to changesin the values of other major currencies (because a substantialportion of its revenues are derived and costs incurred outside ofthe UK); and the overall level of economic activity in theCompany’s major markets (which varies depending on, amongother things, regional, national and international political andeconomic conditions and government regulations in the world’sadvertising markets). In addition, you should consider the risksdescribed in Item 3D, captioned “Risk Factors” in theGroup’s most recent Annual Report on Form 20-F, which couldalso cause actual results to differ from forward-lookinginformation. In light of these and other uncertainties, theforward-looking statements included in this document should not beregarded as a representation by the Company that theCompany’s plans and objectives will be achieved. Neither theCompany, nor any of its directors, officers or employees, providesany representation, assurance or guarantee that the occurrence ofany events anticipated, expressed or implied in any forward-lookingstatements will actually occur. Other than in accordance with itslegal or regulatory obligations (including under the Market AbuseRegulation, the UK Listing Rules and the Disclosure andTransparency Rules of the Financial Conduct Authority), the Companyundertakes no obligation to update or revise any suchforward-looking statements, whether as a result of new information,future events or otherwise.
 
EXHIBIT INDEX
 
ExhibitNo.
Description
 
 
1
 
 
2025 Interim Results dated 07August 2025, prepared by WPP plc.
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              7 August2025

 
2025 InterimResults
H1 performance in line with July 2025 trading update; significantrepositioning and investment in WPP Media; strengthening of dataand AI capabilities
 
Key figures (£ million)
 
H1 2025
 
 +/(-) %reported1
 
 +/(-) % LFL2
 
H1 2024
 
Revenue
 
6,663
 
(7.8)
 
(2.4)
 
7,227
 
Revenue less pass-through costs
 
5,026
 
(10.2)
 
(4.3)
 
5,599
 
Reported:
 
 
 
 
 
Operating profit
 
221
 
(47.8)
 
 
423
 
Operating profit margin (%)3
 
3.3
 
(2.6)pt
 
 
5.9
 
Diluted EPS (p)
 
4.0
 
(78.7)
 
 
18.8
 
Dividends per share (p)
 
7.5
 
(50.0)
 
 
15.0
 
Headline4:
 
 
 
 
 
Operating profit
 
412
 
(36.2)
 
(29.1)
 
646
 
Operating profit margin (%)
 
8.2
 
(3.3)pt
 
(2.9)pt
 
11.5
 
Diluted EPS (p)
 
20.0
 
(35.3)
 
 
30.9
 
 
In line with the July trading update, WPP reports H1 revenue of£6,663m, down 7.8% on a reported basis and down 2.4%like-for-like (LFL), while revenue less pass-through costs of£5,026m was down 4.3% LFL. Q2 revenue less pass-through costsof £2,544m was down 12.6% on a reported basis and 5.8% LFL. H1reported operating profit margin was 3.3% and headline operatingprofit margin was 8.2%, representing a LFL decrease of 2.9pt. WithH1 results in line with our trading update issued in early July, wecontinue to expect 2025 LFL revenue less pass-through costs of -3%to -5% with headline operating profit margin down 50 to 175 bps(excluding the impact of FX).
 
Mark Read, Chief Executive Officer of WPP, said:
 
“It has been a challenging first half given pressures onclient spending and a slower new business environment. We have,however, made significant progress on the repositioning of WPPMedia, simplifying its organisational model to increaseeffectiveness and reduce costs. Meanwhile, the acquisition ofInfoSum, the launch of Open Intelligence and the continued adoptionof WPP Open all strengthen our data and technologycapabilities.
 
“The Board is declaring an interim dividend of 7.5p ahead ofa review of the strategy and future capital allocation policy whichwill be led by Cindy Rose, who succeeds me as CEO on 1 September.The priority is to drive sustainable growth supported by anappropriate level of financial flexibility while balancing returnsto shareholders.
 
“WPP is a company with enormous strengths in creativity andmedia, technology and AI, talented people, deep clientrelationships and unmatched global reach. Throughout my seven yearsas CEO, technological innovation has been a constant and I believethat thanks to our investment in AI we can look to the future withconfidence. I would like to thank our clients for their partnershipand our people for their dedication and I wish them, and Cindy,every success in the future.”
 
H1 and Q2 2025performance
 
●
Revenue –H1 reported revenue of £6,663mwas down 7.8%, with a LFL decline of 2.4%. H1 revenue lesspass-through costs of £5,026m was down 10.2% reported and down4.3% LFL. Q2 revenue of £3,420m was down 10.4%, a LFL declineof 4.0%. Q2 revenue less pass-through costs of £2,544m wasdown 12.6% reported and down 5.8% LFL.
 
●
Business segment and regions– Global IntegratedAgencies H1 LFL revenue less pass-through costs fell 4.5% (Q2:-6.0%) with WPP Media declining 2.9% (Q2: -4.7%) and otherintegrated creative agencies declining 5.8% (Q2: -7.2%). Bygeography, North America declined 2.4% (Q2: -4.6%), UK -6.0% (Q2:-6.5%), Western Continental Europe -5.5% (Q2: -6.5%) and Rest ofWorld -5.4% (Q2: -6.8%), with India broadly flat0.1% (Q2: -3.9%) offset by a decline in China of-16.6% (Q2: -15.9%).
 
●
Clients –WPP’s top 25 clients heldbroadly flat at 0.1% LFL growth in the first half. While Tech &Digital Services, Automotive and Healthcare client sectors werestable across the period, we did see more pressure in the secondquarter with LFL declines across all three. CPG, having been stablein the first quarter, also saw a LFL step down inQ2.
 
●
Operating profit –H1 headline operating profit was£412m, a margin of 8.2% (H1 2024: 11.5%), down 2.9pt LFL. Thelower margin reflects the decline in revenue less pass-throughcosts and higher severance costs, in particular at WPP Media. H1reported operating profit was £221m down 47.8%, includinggoodwill impairment of £116m.
 
●
Average adjusted netdebt as at 30 June 2025 of£3.4bn down £0.2bn from 30 June 2024, reflecting netsale proceeds received in December 2024 from FGS Global which wereused to pay down debt.
 
 
●
Dividend – The Board has decided to set the interim dividendat 7.5p (H1 2024: 15.0p). The Board recognises the importance ofdividends to shareholders and today's step balances that, creatingroom for our incoming CEO to review the group’s strategy andcapital allocation policy while maintaining financialflexibility.
 
Delivering on strategic priorities for 2025
 
●
Improving the competitivenessof WPP Media – WPPMedia’s performance during the course of the first halfreflects the continued impact of client losses and a challengingmacro environment. During the second quarter, however, we have seensignificant progress on the implementation of the plan laid out byBrian Lesser at the preliminary results announcement in February.Operationally, with the launch of Open Intelligence and supportedby the acquisition of InfoSum, WPP Media is well advanced on itsplan to create the next generation of AI-enhanced data andmarketing solutions for clients, delivered through theindustry’s most powerful and secure infrastructure. Inaddition, action taken in the second quarter to make WPPMedia’s organisational model more client-centric givesgreater flexibility for reinvestment and allows us to focus ourresources on continuing to improve our competitive proposition andon our client success.
 
●
Further adoption of WPP Open– AI, dataand technology are central to the way we serve our clients andcontinues to drive increased scope of work with existing clients.It is also supporting our new business activity. Usage of WPP Opencontinues to grow, with c.85% of our client-facing staff using theplatform in June (up from c.60% in March).
 
●
New business –Amid lower levels of activity at amarket level, H1 wins include Electronic Arts, Hisense and HeroMotocorp in Media, L’Oréal and Samsung in Influencer, TKMaxx and Honda in PR and Generali, IKEA and Heineken inCreative/Commerce.
 
●
Cost discipline enablinginvestment in WPP Open, AI and data – Inaddition to the annualisation of structural cost savings and acontinued focus on back-office efficiency, we are also taking aproactive approach to managing our flexible cost base. Headcountsince the start of the year was down 3.7%, broadly in line with theLFL revenue decline and we expect the severance action taken in thesecond quarter alone to generate £150m+ of annualised grosscost savings from 2026. We continue to prioritise investment in WPPOpen, AI and data including the integration of new AI tools intoWPP Open, driving day-to-day productivity improvements for ourpeople.
 
Financial outlook for 2025
 
●
LFL revenue less pass-throughcosts – In line with our trading update issuedin early July, we continue to expect 2025 LFL revenue lesspass-through costs of -3% to -5%.
 
●
Headline operating profitmargin – Again, in line with commentary inearly July, we continue to expect headline operating profit marginto be down 50 to 175 bps year on year (excluding the impact of FX).This incorporates the benefit of cost action taken in the firsthalf which will support an improved margin in the second half,while we continue to prioritise appropriate investment in thebusiness.
 
●
Adjusted operating cash flowbefore working capital – As a result of our LFL revenue less pass-throughcost and headline operating profit margin guidance, we now expectadjusted operating cash flow before working capital for 2025 to bein the range of £1.1bn to £1.2bn relative to our originalexpectation of around £1.4bn.
 
●
Other financial indicators– Further detail on 2025guidance is provided on page 10.
 
Conference Call at 9.30am UK/4.30am EDT:
 
●
Dial-in Details: UK+44 (0) 20 3936 2999; US +1 646 2334753; Passcode: 211445
●
Webcast: Live listen-only webcast will beavailable here
 
 
For further information:
 
Media
 
 
 
Investors and analysts
 
 
Chris Wade, WPP
 
+44 20 7282 4600
 
 
Thomas Singlehurst, CFA
 
+44 7876 431922
 
Richard Oldworth,
 
+44 7710 130 634
 
 
Anthony Hamilton
 
+44 7464 532903
 
Burson Buchanan
 
+44 20 7466 5000
 
 
Melissa Fung
 
+44 7353 107064
 
 
 
 
 
 
press@wpp.com
 
 
 
irteam@wpp.com
 
wpp.com/investors
 
 
 
1. Percentage change inreported sterling.
2. Like-for-like. LFLcomparisons are calculated as follows: current year, constantcurrency actual results (which include acquisitions from therelevant date of completion) are compared with prior year, constantcurrency actual results, adjusted to include the results ofacquisitions and disposals for the commensurate period in the prioryear.
3. Reported operating profitdivided by revenue.
4. In this press release, notall of the figures and ratios used are readily available from theunaudited interim results included in Appendix 4. Managementbelieves these non-GAAP measures, including like-for-like, revenueless pass-through costs and headline profit measures, are bothuseful and necessary to better understand the Group’sresults. Details of how these have been arrived at are shown inAppendix 4.
 
 
First half 2025 overview
 
Revenue in the first half was £6,663m, down 7.8% from£7,227m in H1 2024, and down 2.4% LFL. Revenue lesspass-through costs was £5,026m, down 10.2% from £5,599min H1 2024, and down 4.3% LFL.
 
£ million
 
Q2 2025
 
%
reported
 
%
M&A
 
%
FX
 
 +/(-) % LFL
 
Revenue
 
3,420
 
(10.4)
 
(2.8)
 
(3.6)
 
(4.0)
 
Revenue less pass-through costs
 
2,544
 
(12.6)
 
(3.3)
 
(3.5)
 
(5.8)
 
 
£ million
 
H1 2025
 
%
reported
 
%
M&A
 
%
FX
 
 +/(-) % LFL
 
Revenue
 
6,663
 
(7.8)
 
(3.0)
 
(2.4)
 
(2.4)
 
Revenue less pass-through costs
 
5,026
 
(10.2)
 
(3.5)
 
(2.4)
 
(4.3)
 
 
 
Segmental review
 
Business segments – revenue less pass-throughcosts
 
+/(-) % LFL
 
Global
Integrated Agencies
 
Public Relations
 
Specialist Agencies
 
Q2 2025
 
(6.0)
 
(7.8)
 
(1.9)
 
H1 2025
 
(4.5)
 
(7.2)
 
(0.4)
 
 
Global Integrated Agencies: WPPMedia saw a LFL decline in revenue less pass-through costs of 2.9%in H1 (Q2: -4.7%) impacted by cuts in client spending as well asthe impact of one-off factors in Q2. Cuts to client spending andlower net new business, including the ramping down of a Q1 clientloss, particularly weighed on Q2 LFL.
 
Other Global Integrated Agencies declined 5.8% (Q2: -7.2%) as aresult of lower overall client spending, particularly at Ogilvywhich declined high-single digits in the first half. There was alsocontinuing pressure on project-based work which weighed on ouragencies, albeit both AKQA and Grey saw a slight sequentialquarterly improvement on easier comparisons. VML and Hogarthperformed relatively better in the first half (down low-singledigits and broadly flat, respectively), benefiting from recent newbusiness wins.
 
Public Relations: In Q2, Bursonsaw a broadly similar trend to Q1 with LFL revenue lesspass-through costs down mid-to-high-single digit as the businesscontinued to face a challenging environment for clientdiscretionary spending, in particular in Europe. We are howeverencouraged by improved new business momentum in H1, in particularin the US.
 
Specialist Agencies: Overall,Specialist Agencies was broadly flat, with H1 LFL revenue lesspass-through costs declining 0.4%, with a Q2 decline of 1.9%.Landor, and a number of our smaller specialist agencies, continuedto be affected by the macro environment and further delays inproject-based spending, particularly in Q2. However, CMI MediaGroup, our specialist healthcare media planning and buying agency,continued to grow strongly in H1, building on double-digit growthin 2024. Encouragingly, Design Bridge and Partners returned togrowth in Q2.
 

Regional segments – revenue less pass-throughcosts
 
+/(-) % LFL
 
North America
 
United Kingdom
 
Western Cont. Europe
 
Rest of World
 
Q2 2025
 
(4.6)
 
(6.5)
 
(6.5)
 
(6.8)
 
H1 2025
 
(2.4)
 
(6.0)
 
(5.5)
 
(5.4)
 
 
North America declined by 2.4% in H1 2025, driven by a Q2decline of 4.6% reflecting a quarter-on-quarter deteriorationagainst a tougher Q2 comparison (Q2 2024: +2.0%) and the ramp downof a Q1 client loss. This was partially offset by a resumption ofgrowth in Healthcare and a robust performance in Government. VMLsaw broadly flat H1 growth, while Ogilvy and AKQA suffered cuts inclient spend.
 
The United Kingdomdeclined 6.0% in H1, with Q2 seeing a6.5% decline despite an easing comparison (Q2 2024: -5.3%). Ogilvygrew in H1 benefiting from new business, offset by declines inother agencies. The UK saw pressure in Telecom, Media &Entertainment, reflecting client losses.
 
Western Continental Europe alsoremained weak against an easier comparison, down 5.5% in H1 and6.5% in Q2. France and Italy saw mid-to-high-single digit declines,reflecting the continuing impact of macroeconomic pressuresweighing on client spending and the impact of one-off factors.Germany declined 3.2% in H1, however with a sequential improvementin trend (Q2: -1.6%).
 
Rest of World declined 5.4% in H1.India remained flat (+0.1%) against a tough comparison (H1 2024:+8.1%), impacted by the timing of sporting events, but this wasoffset by a decline of 16.6% in China on client assignment lossesand persistent macroeconomic pressures. There were also declines inLatin America (-2.7%) and Middle East & Africa (-2.6%). Central& Eastern Europe, meanwhile, continued to grow(+2.2%).
 
 
Top five markets – revenue less pass-throughcosts
 
+/(-) % LFL
 
USA
 
UK
 
Germany
 
China
 
India
 
Q2 2025
 
(4.5)
 
(6.5)
 
(1.6)
 
(15.9)
 
(3.9)
 
H1 2025
 
(2.3)
 
(6.0)
 
(3.2)
 
(16.6)
 
0.1
 
 
 
Client sector – revenue less pass-through costs
 
 
Q2 2025
 
H1 2025
 
H1 2025
 
 
+/(-) % LFL
 
+/(-) % LFL
 
% share, revenue less pass-throughcosts1
 
CPG
 
(8.3)
 
(4.2)
 
27.8
 
Tech & Digital Services
 
(1.2)
 
1.5
 
17.8
 
Healthcare & Pharma
 
(0.5)
 
(0.2)
 
11.7
 
Automotive
 
(4.5)
 
0.1
 
10.7
 
Retail
 
(3.9)
 
(3.5)
 
8.9
 
Telecom, Media & Entertainment
 
(7.4)
 
(6.2)
 
6.5
 
Financial Services
 
(4.5)
 
(1.1)
 
6.2
 
Other
 
(14.6)
 
(14.2)
 
4.1
 
Travel & Leisure
 
(5.3)
 
(5.3)
 
3.6
 
Government, Public Sector & Non-profit
 
8.6
 
10.7
 
2.7
 
1. Proportion of WPP revenueless pass-through costs in H1 2025; table made up of clientsrepresenting 82% of WPP total revenue less pass-throughcosts.
 
Financial results
 
Unaudited incomestatement1:
 
Headline
 
Reported
 
£ million
 
H1 2025
 
H1 2024
 
 +/(-) %
 
H1 2025
 
H1 2024
 
 +/(-) %
 
Revenue
 
6,663
 
7,227
 
(7.8)
 
6,663
 
7,227
 
(7.8)
 
Revenue less pass-through costs
 
5,026
 
5,599
 
(10.2)
 
5,026
 
5,599
 
(10.2)
 
Operating profit
 
412
 
646
 
(36.2)
 
221
 
423
 
(47.8)
 
Operating profit margin(%)2
 
8.2 %
 
11.5 %
 
(3.3)pt
 
3.3 %
 
5.9%
 
(2.6)pt
 
Earnings from associates
 
17
 
15
 
13.3
 
17
 
16
 
6.3
 
Profit before interest & tax
 
429
 
661
 
(35.1)
 
238
 
439
 
(45.8)
 
Net finance costs
 
(129)
 
(136)
 
5.1
 
(140)
 
(101)
 
38.6
 
Profit before taxation
 
300
 
525
 
(42.9)
 
98
 
338
 
(71.0)
 
Tax
 
(55)
 
(146)
 
62.3
 
(28)
 
(92)
 
(69.6)
 
Profit after taxation
 
245
 
379
 
(35.4)
 
70
 
246
 
(71.5)
 
Non-controlling interests
 
(26)
 
(41)
 
36.6
 
(26)
 
(41)
 
(36.6)
 
Profit attributable to shareholders
 
219
 
338
 
(35.2)
 
44
 
205
 
(78.5)
 
Diluted EPS (p)
 
20.0p
 
30.9p
 
(35.3)
 
4.0p
 
18.8p
 
(78.7)
 
1. Non-GAAP measures in thistable are reconciled in Appendix 4.
 
2. Headline operating profitmargin is headline operating profit divided by revenue lesspass-through costs and reported operating profit margin is reportedoperating profit divided by revenue, with the % change expressed inmargin points.
 
Operating profit
 
Headline operating profit was £412m (H1 2024: £646m), ata headline operating profit margin of 8.2% (H1 2024: 11.5%), 3.3points lower than the prior period, and 2.9 points lower LFL. Thisreflects the decline in revenue less pass-through costs (LFLdecline of 4.3%) and increased severance activity compared to theprior period, in particular at WPP Media.
 
Total headline operating costs were down 6.8%, to £4,614m (H12024: £4,953m).
 
Staff costs of £3,685m were down 7.5% compared to the priorperiod (H1 2024: £3,985m), representing lower headcount as aresult of the actions we have taken to mitigate the top-linedecline in H1, lower incentives and our restructuring initiatives,which has more than offset wage inflation and severance costs inthe period, which were £86m (H1 2024: £36m).
 
Incentives of £59m were down 60.1% compared to the priorperiod (H1 2024: £148m) due to business performance againstannual incentive targets and the disposal of FGSGlobal.
 
The average number of people in the Group in the first half was106,000 compared to 113,000 in H1 2024. The total number of peopleas at 30 June 2025 was 104,000 compared to 111,000 as at 30 June2024.
 
Establishment costs of £219m were down 9.5% compared to theprior period (H1 2024: £242m) driven by the ongoing benefitsfrom the campus programme and consolidation of leases, the benefitfrom the prior year FGS disposal in H2 2024 and a favourable FXimpact. IT costs of £340m were broadly flat supported by ourcontinuing investment in WPP Open, AI and data. Personal costs of£98m were down 4.9% driven by savings in travel andentertainment, and other operating expenses of £272m were down3.5% driven by lower commercial and office costs.
 
Headline EBITDA (including IFRS 16 depreciation) for the period wasdown 29.8% to £531m (H1 2024: £756m).
 
Reported operating profit was £221m (H1 2024: £423m) at areported operating profit margin of 3.3% (H1 2024: 5.9%) with thedecrease primarily due to the same factors as headline operatingprofit above, with total adjusting items of £191m (H1 2024:£223m). Reported operating profit includes goodwill impairmentcharges of £116m (H1 2024: £nil), amortisation andimpairment of acquired intangible assets of £32m (H1 2024:£57m) and restructuring costs of £45m (H1 2024:£153m). The prior period included £23m of impairment ofinvestments in associates.
 
The restructuring costs represent a decrease of £108m from theprior period, consistent with the expected ramp down shared at the2024 Capital Markets day.
 
 
Net finance costs
 
Headline net finance costs of £129m were down 5.1% compared tothe prior period (H1 2024: £136m), primarily due to a loweraverage adjusted net debt in H1 2025 compared to H12024.
 
Reported net finance costs were £140m (H1 2024: £101m),including net expense of £11m (H1 2024: net income £35m)relating to the revaluation and retranslation of financialinstruments.
 
 
Tax
 
The headline effective tax rate (based on headline profit beforetax) was 18.3% (H1 2024: 28.0%).
 
The headline tax charge in the first half is lower than the priorcorresponding period primarily due to the benefit of credits fromthe successful resolution of a tax matter.
 
For the full year, we expect fixed elements within our tax chargeto have a proportionately higher effect on a lower profit beforetax, therefore our expectation is now for the full year headlineeffective tax rate to be around 31%.
 
The reported effective tax rate was 28.6% (H1 2024: 27.2%). Thereported effective tax rate is higher than the headline effectivetax rate primarily due to non-deductible goodwill impairmentcharges.
 
Given the Group’s geographic mix of profits and the changinginternational tax environment, the tax rate is expected to increaseover the next few years.
 
Earnings per share (“EPS”) and dividend
 
Headline diluted EPS was 20.0p (H1 2024: 30.9p), a decrease of35.3% due to lower headline operating profit offset by lowerheadline net finance costs and a lower headline effective taxrate.
 
Reported diluted EPS was 4.0p (H1 2024: 18.8p), a decrease of 78.7%due to lower reported operating profit, higher net finance costsand a higher reported effective tax rate.
 
For 2025, the Board is declaring an interim dividend of 7.5p (H12024: 15.0p). The record date for the interim dividend is10 October 2025, and the dividend will be payable on3 November 2025.
 
 
Cash flow highlights
 
Unaudited headline cash flowstatement1:
Six months ended (£ million)
 
30 June 2025
 
30 June 2024
 
Headline operating profit
 
412
 
646
 
Headline earnings from associates
 
17
 
15
 
Depreciation of property, plant and equipment
 
82
 
81
 
Amortisation of other intangibles
 
20
 
14
 
Depreciation of right-of-use assets
 
101
 
110
 
Headline EBITDA
 
632
 
866
 
Less: headline earnings from associates
 
(17)
 
(15)
 
Repayment of lease liabilities and related interest
 
(170)
 
(187)
 
Non-cash compensation
 
41
 
56
 
Non-headline cash items (including restructuringcosts)
 
(35)
 
(144)
 
Capex
 
(88)
 
(107)
 
Adjusted operating cash flow before working capital
 
363
 
469
 
Working capital
 
(1,348)
 
(1,056)
 
Adjusted operating cash flow
 
(985)
 
(587)
 
% conversion of Headline operating profit
 
(239) %
 
(91) %
 
Net dividends (to minorities)/from associates
 
(11)
 
(16)
 
Contingent consideration liability payments
 
(15)
 
(25)
 
Net interest
 
(93)
 
(49)
 
Cash tax2
 
(168)
 
(168)
 
Adjusted free cash flow
 
(1,272)
 
(845)
 
Disposal proceeds
 
6
 
33
 
Net initial acquisition payments
 
(133)
 
(29)
 
Dividends
 
—
 
—
 
Share purchases
 
(92)
 
(57)
 
Adjusted net cash flow
 
(1,491)
 
(898)
 
Reported:
 
 
 
Net cash outflow from operating activities
 
(1,036)
 
(540)
 
1. A summary of theGroup’s unaudited cash flow statement and notes for the sixmonths ended 30 June 2025 is provided in Appendix 1 and anynon-GAAP measures in this table are reconciled in Appendix4.
2. Cash tax in H1 2025 includes£43m related to tax payments for the FGSdisposal.
 
Adjusted operating cash outflow was £985m (H1 2024:£587m). The main drivers of the larger cash outflow year onyear was the decrease in headline operating profit and a largerworking capital outflow, £292m higher than the prior period,which was partially offset by a decrease in non-headline cash coststo £35m (H1 2024: £144m). Working capital was a netoutflow of £1,348m (H1 2024: £1,056m) and reflects theusual seasonality of client activity and timing of payments.Non-headline cash items includes £40m of cash restructuringand transformation costs offset by £5m of investment incomereceived. The decrease from the prior period is driven by the rampdown of the previously announced structural cost saving programsand lower spend on our IT transformation.
 
Adjusted free cash outflow was £1,272m, higher than priorperiod (H1 2024: £845m) due to the higher adjusted operatingcash outflow and higher net interest payments. Adjusted net cashoutflow of £1,491m was higher than the prior period (H1 2024:£898m) due to higher net initial acquisition payments, mainlyfor the InfoSum acquisition, and higher share purchases compared tothe prior period.
 
Reported net cash outflow from operating activities (see Appendix1) increased to £1,036m (H1 2024: £540m outflow) due tothe decrease in reported operating profit and a larger workingcapital outflow.

Balance sheet highlights
 
Unaudited balance sheet
 
As at 30 June 2025, the Group had total equity of £3,408m(31 December 2024: £3,734m).
 
Non-current assets of £11,543m decreased by £305m(31 December 2024: £11,848m), primarily driven by lowergoodwill due to impairment charges recognised in H12025.
 
Current assets of £11,851m decreased by £1,810m(31 December 2024: £13,661m). The decrease principallyrelates to a decrease in cash and cash equivalents of £1,201mand trade and other receivables which decreased by £356m to£7,366m.
 
Current liabilities of £13,760m decreased by £1,756m(31 December 2024: £15,516m). The decrease principallyrelates to trade and other payables which decreased by£1,989m, partially offset by a net increase in currentborrowings of £352m. The increase in current borrowings is dueto an increase of short-term financing offset by the repayment of€500m of 1.375% bonds which matured March 2025.
 
The decrease in both trade and other receivables and trade andother payables is primarily due to the seasonality of clientactivity and timing of payments, with the movement from Decemberconsistent with prior years.
 
Non-current liabilities of £6,226m (31 December 2024:£6,259m) remained broadly flat.
 
Recognised within total equity, other comprehensive loss of£304m (H1 2024: £62m loss) for the period includes a£359m loss (H1 2024: £37m loss) for foreign exchangedifferences on translation of foreign operations, and an £88mgain (H1 2024: £18m loss) on the Group’s net investmenthedges.
 
A summary of the Group’s unaudited balance sheet and selectednotes as at 30 June 2025 is provided in Appendix1.
 
 
Adjusted net debt
 
As at 30 June 2025, the Group had cash and cash equivalents of£1.4bn (31 December 2024: £2.6bn) and borrowings of£4.8bn (31 December 2024: £4.3bn). The Group has currentliquidity of £3.0bn (31 December 2024: £4.5bn) comprisingof cash and cash equivalents, bank overdrafts and undrawn creditfacilities.
 
As at 30 June 2025, adjusted net debt was £3.3bn(31 December 2024: £1.7bn), up £1.6bn since thebeginning of the year, reflecting seasonal cash outflows in thefirst half of the year. Average adjusted net debt at 30 June2025 was £3.4bn, compared to £3.5bn at 31 December2024 and £3.6bn at 30 June 2024.
 
The average adjusted net debt to headline EBITDA ratio in the 12months ended 30 June 2025 is 1.98x (12 months ended30 June 2024: 1.85x), which is outside our target range of1.5x-1.75x.
 
The Group has a five-year Revolving Credit Facility of $2.5bnmaturing in February 2030, with a further one-year extension optionand with no financial covenants.
 
As at 30 June 2025, our bond portfolio had an average maturityof 6.4 years (31 December 2024: 6.3 years) and a weightedaverage coupon rate of 3.5% (31 December 2024:3.5%).
Financial outlook
 
Our guidance for 2025 is as follows:
 
Like-for-like revenue less pass-through costs growth of -3% to-5%
 
Headline operating margin expected to decline 50 to 175 bpsyear-on-year (excluding the impact of FX)
 
Other 2025 modelling assumptions:
 
●
Mergersand acquisitions will reduce revenue less pass-through costs byaround 3.0 points primarily due to the disposal of FGS Global,partially offset by anticipated M&A
●
FXimpact: current rates (at 1 August 2025, with USD/GBP rate of1.33) imply a c.1.7% drag on FY 2025 revenue less pass-throughcosts, with c.10bps reduction expected on FY 2025 headlineoperating margin
●
Inkeeping with our revenue less pass-through cost and headlineoperating margin guidance, we now expect thefollowing:
●
Headlineearnings from associates of around £40m(unchanged)
●
Non-controllinginterests of around £65m (unchanged)
●
Headlinenet finance costs of around £280m (unchanged)
●
Headline effective tax rate1of around 31% vs. 29%previously
●
Capexof around £220m vs. £250m previously
●
Cashrestructuring costs of around £90m vs. £110mpreviously
●
Adjustedoperating cash flow before working capital of around £1.1bn to£1.2bn vs. £1.4bn previously
 
 
Medium-term targets
 
In January 2024, we presented our updated medium-term financialframework including the following three targets:
 
●
3%+LFL growth in revenue less pass-through costs
●
16-17%headline operating profit margin
●
Adjusted operating cash flow conversion of85%+2
 
 
This announcement contains information that qualifies or mayqualify as inside information. The person responsible for arrangingthe release of this announcement on behalf of WPP plc is BalbirKelly-Bisla, Company Secretary.
 

1. Headline tax as a % of headline profit beforetax.
2. Adjusted operating cashflow divided by headline operating profit.
 
Q2 2025 highlights
 
At our January 2024 Capital Markets Day we set out four strategicpillars. Below we highlight key developments from Q2 against theseareas of strategic focus.
  
1. Lead through AI, data andtechnology
 
●
Driving investment and adoptionof WPP Open – At thepreliminary results in February 2025 we outlined our ambition todrive further investment in WPP Open, taking the annual spend onour AI-powered marketing operating system to £300m in 2025from £250m in 2024. A key metric for us is internal adoptionand we have seen further progress in adoption, with 69,000 of ourpeople (equivalent to c.85% of client-facing staff) using theplatform actively on a monthly basis, up from 33,000/c.40% inDecember.
 
●
Supporting WPP Media’s IDto AI approach via the acquisition of InfoSum– Theacquisition of InfoSum announced in April (see link)marks a major strategic step forward for WPP Media’sAI-driven data offer. The acquisition of InfoSum embeds anAI-enabled, secure and privacy-enhancing data collaborationplatform within WPP Open, enabling data-driven marketing and AImodel training for WPP and its clients, and is a critical milestonein our journey to leapfrog traditional identity-led solutions. InMay, InfoSum was named as a Leader in the IDC MarketScape(see link).
 
●
WPP Media launches OpenIntelligence – Leveraging the acquisition of InfoSum and progresson our global media platform, WPP Media launched Open Intelligence(see link).Open Intelligence is an AI-based tool designed to predict audiencebehaviour and marketing performance, powering Open Media Studio aswell as other applications within WPP Open. The key characteristicsare that it: (a) moves beyond reliance on identity data bycombining it with other data sources, including partner first partydata, for a more comprehensive, multimodal understanding ofaudiences; (b) employs a privacy-by-default approach enabled byInfoSum, enabling custom model training without moving or sharingdata using federated learning; and (c) drives continuousoptimisation of audience segmentation, creative development andmedia buying to improve ROI for our clients.
 
●
Burson launches ReputationCapital – In June,Burson, WPP’s global PR and communications agency, launchedReputation Capital, an AI-powered technology and consultingsolution designed to connect drivers of reputation to specificbusiness outcomes such as stock price, sales, or purchase intent(see link).Available through WPP Open, this tool provides clients with a liveview of their reputation, quantifying the tangible economic valueof building and maintaining a strong corporate perception andenabling immediate decision-making to drive commercial success forour clients. The launch of Reputation Capital follows the releaseof Decipher Tech in late March (see link).Decipher Tech uses AI-driven predictive believability and viralityindicators to forecast how messaging will resonate and to driveengagement with stakeholders.
 
●
Complementing direct investmentwith further strategic partnerships – Duringthe course of the quarter, WPP expanded relationships with a numberof strategic partners. In June (see link),WPP announced that it is the first advertising and marketingservices company to integrate Symphony, TikTok’sgroundbreaking generative AI tools, into WPP Open giving WPP teamsearly access to TikTok’s cutting-edge innovations, empoweringclients to connect with TikTok’s massive audience throughdynamic and engaging content. Separately, linked with the launch ofOpen Intelligence, WPP Media signed a number of partnerships andintegrations with leading platforms to help advertisers activatetheir first party data for enhanced audience reach, measurement andmedia optimisation. This includes separate agreements with AmazonAds (see link)as well as a number of retailers and technology companies,including Criteo, DICK’s Sporting Goods and Ocado Ads(see link).Finally, WPP expanded its partnership with Vercel (seelink)which brings Vercel's pioneering AI technologies – v0 and AISDK – to WPP teams and their clients. The first-of-its-kindpartnership is expected to increase development efficiency by up to25%, empowering WPP teams to deliver higher-value problem-solvingthrough WPP Open and craft more innovative creative executions forclients.
 
 
2. Accelerate growth through the power of creativetransformation
 
●
Creative Company of the Year atCannes Lions 2025 – In June,WPP was named Creative Company of the Year, a testament to thecollective creative excellence of our agencies and theiroutstanding client partnerships (see link).In addition, WPP’s Mindshare received the joint highestpoints tally in Media Network of the Year and Ogilvy and VML wereplaced in the top four for Creative Network of theYear.
 
Overall, WPP agenciescollectively secured 168 Lions, featuring a coveted Titanium Lionand 10 Grand Prix. Key winning campaigns include Ogilvy's"VaselineVerified" forUnilever (Titanium Lion & 2 Grand Prix), Mindshare's"RealBeauty Redefined for the AI Era" for Dove (Grand Prix forMedia), DAVID’s “HaalandPayback Time” for Supercell (Grand Prixin Entertainment), VML’s “PreservedPromos”for Ziploc (Grand Prix for Creative Commerce), VML &OpenMind’s “PhoneBreak”for Nestlé (Grand Prix for Outdoor) and AKQA's"SoundsRight" (GrandPrix for Innovation).
 
Althougha non-financial metric, WPP’s performance in awards showcasesthe Group’s ability to deliver innovative approaches toaudience engagement, deep cultural relevance, and pioneering,responsible applications of technology to drive growth for clientsworldwide.
 
●
New cross-channel B2B brandcampaign – In May, WPPlaunched a cross-channel B2B brand campaign“Transforming How WeCreate”, targetingbusiness leaders and senior marketing decision-makers. Led byWPP’s Chief Creative Officer Rob Reilly, the campaign wasdeveloped using WPP Open by a cross-agency team to highlightWPP’s AI credentials, our pioneering work and ambition tolead in the age of AI. The campaign reached 75% of the targetaudience and saw engagement metrics (video completion andclick-through rates) well above benchmark.
 
●
Appointment of Global Creative& Innovation Lead – In July,Daniel Barak was appointed as Global Creative & Innovation Leadat WPP, joining from RG/A where he had been Global ExecutiveCreative Director. At WPP, Daniel will work closely both with RobReilly, WPP’s Global Chief Creative Officer and Elav Horwitz,Global Head of Strategic Partnerships and AI Solutions, to amplifyWPP’s creative and innovation efforts by deliveringbreakthrough creative campaigns, immersive brand experiences andinnovation-led storytelling that leverages AI, data andtechnology.
 
3. Build world-class, market-leading brands
 
●
WPP Media launches as fullyintegrated, AI-powered media company, replacing GroupM– In lateMay, WPP strengthened its position as the leading marketingservices business for the intelligent era with the launch of WPPMedia, an AI-driven media company that replaces GroupM (seelink).Connected by WPP Open, WPP Media unites media, data, and productioncapabilities to deliver creative personalisation at scale,reflecting a strategic move towards simpler, more integratedsolutions for clients in the AI era.
 
●
WPP Media Business Intelligencereleases latest ‘This Year, Next Year’ report– In June, WPP MediaBusiness Intelligence published its Mid-Year Global AdvertisingForecast for 2025, projecting global ad revenue to reach $1.08trillion with 6.0% growth, a recalibration from previous forecastsdue to global trade disruptions (see link).The report also introduces a new classification system foradvertising activity (Content, Commerce, Location, andIntelligence) and examines key trends including the continueddominance of digital advertising, the rapid growth of retail mediaand user-generated content and the increasing impact of AI on mediainvestment.
 
●
New Leadership at AKQA– In earlyJuly, WPP announced the appointment of Baiju Shah, formerly GlobalChief Strategy Officer at Accenture Song, as the new Global CEO ofAKQA (see link).This strategic hire reflects WPP's mission to deliver outstandingcreativity coupled with deep expertise in AI, data, and technologyand follows a more comprehensive rebuild of the global leadershipteam announced in April (see link)which included the appointment of Miriam Plon Sauer as ChiefStrategy Officer, Ben Royce as Chief Technology Officer, Tim Devineas Chief Innovation Officer and Jonathan Bolden as ChiefTransformation Officer.
 
4. Execute efficiently to drive financial returns through marginand cash
 
●
Reducing freelancer use– WPPcontinues to strategically reduce its reliance on externalfreelancers, driven by enhanced internal capabilities andtechnology-enabled efficiencies. This proactive approach hasresulted in a 13% reduction in freelancer usage over the last 12months, contributing to a c.25% overall reduction in freelancersover the past two years to fewer than 8,000 in the first half.Freelancers now represent 6.7% of our total workforce, down from8.2% two years ago.
 
●
Empowering teams with AI agents– Duringthe quarter, we launched AgentBuilder Pro within WPP Open,upgrading our existing AgentBuilder tool. Powered by AgentBuilder,more than 50,000 agents have been created inside WPP drivingsignificant advances in terms of internal productivity as well asdriving better outcomes for clients. More broadly, deployment ofAI-enhanced tools is associated with an increase in productivityfor teams using WPP Open, incorporating improved productionefficiency and a reduction in review and approvaltimes.
 
Corporate governance, purpose and ESG
 
●
Annual and SustainabilityReports – Our 2024 AnnualReport was published at the endof March 2025. The report provides a comprehensive overview ofWPP’s financial results, strategic progress and future growthinitiatives while including important updates on corporategovernance and ESG. Additional context on ways WPP is working todeliver against its purpose can be seen in our 2024 SustainabilityReport.
 
Business segment and regional analysis
 
 
Business segments – revenue analysis
 
 
Q2 2025
 
H1 2025
 
 
£ million
 
+/(-) % reported
 
+/(-) % LFL
 
£ million
 
+/(-) % reported
 
+/(-) % LFL
 
Global Integrated Agencies
 
3,024
 
(6.6)
 
(3.9)
 
5,871
 
(4.0)
 
(2.2)
 
Public Relations
 
176
 
(43.4)
 
(9.3)
 
351
 
(41.6)
 
(7.8)
 
Specialist Agencies
 
220
 
(17.3)
 
(0.5)
 
441
 
(13.4)
 
(0.5)
 
Total Group
 
3,420
 
(10.4)
 
(4.0)
 
6,663
 
(7.8)
 
(2.4)
 
 
 
Business segments – revenue less pass-through costsanalysis
 
 
Q2 2025
 
H1 2025
 
 
£ million
 
+/(-) % reported
 
+/(-) % LFL
 
£ million
 
+/(-) % reported
 
+/(-) % LFL
 
Global Integrated Agencies
 
2,183
 
(8.7)
 
(6.0)
 
4,302
 
(6.4)
 
(4.5)
 
Public Relations
 
168
 
(42.7)
 
(7.8)
 
335
 
(41.0)
 
(7.2)
 
Specialist Agencies
 
193
 
(15.0)
 
(1.9)
 
389
 
(10.8)
 
(0.4)
 
Total Group
 
2,544
 
(12.6)
 
(5.8)
 
5,026
 
(10.2)
 
(4.3)
 
 
 
Business segments – headline operating profitanalysis
 
£ million
 
H1 2025
 
% margin1
 
H1 2024
 
% margin1
 
Global Integrated Agencies
 
352
 
8.2
 
551
 
12.0
 
Public Relations
 
39
 
11.6
 
80
 
14.1
 
Specialist Agencies
 
21
 
5.4
 
15
 
3.4
 
Total Group
 
412
 
8.2
 
646
 
11.5
 
 
 
1. Headline operating profit asa percentage of revenue less pass-throughcosts.

Business segment and regional analysis
 
Regional – revenue analysis
 
 
Q2 2025
 
H1 2025
 
 
£ million
 
+/(-) % reported
 
+/(-) % LFL
 
£ million
 
+/(-) % reported
 
+/(-) % LFL
 
N. America
 
1,279
 
(12.8)
 
(2.8)
 
2,537
 
(8.8)
 
(1.1)
 
United Kingdom
 
517
 
(5.0)
 
(6.6)
 
1,011
 
(4.4)
 
(6.2)
 
W Cont. Europe
 
713
 
(6.4)
 
(1.1)
 
1,351
 
(7.3)
 
(1.0)
 
AP, LA, AME, CEE1
 
911
 
(12.6)
 
(6.2)
 
1,764
 
(8.6)
 
(3.1)
 
Total Group
 
3,420
 
(10.4)
 
(4.0)
 
6,663
 
(7.8)
 
(2.4)
 
 
 
Regional – revenue less pass-through costsanalysis
 
 
Q2 2025
 
H1 2025
 
 
£ million
 
+/(-) % reported
 
+/(-) % LFL
 
£ million
 
+/(-) % reported
 
+/(-) % LFL
 
N. America
 
974
 
(15.5)
 
(4.6)
 
1,966
 
(10.9)
 
(2.4)
 
United Kingdom
 
381
 
(3.8)
 
(6.5)
 
749
 
(3.9)
 
(6.0)
 
W Cont. Europe
 
534
 
(12.2)
 
(6.5)
 
1,021
 
(12.3)
 
(5.5)
 
AP, LA, AME, CEE
 
655
 
(13.4)
 
(6.8)
 
1,290
 
(11.0)
 
(5.4)
 
Total Group
 
2,544
 
(12.6)
 
(5.8)
 
5,026
 
(10.2)
 
(4.3)
 
 
 
Regional – headline operating profit analysis
 
£ million
 
H1 2025
 
% margin2
 
H1 2024
 
% margin2
 
N. America
 
281
 
14.3
 
336
 
15.2
 
United Kingdom
 
47
 
6.3
 
78
 
10.0
 
W Cont. Europe
 
36
 
3.5
 
117
 
10.1
 
AP, LA, AME, CEE
 
48
 
3.7
 
115
 
7.9
 
Total Group
 
412
 
8.2
 
646
 
11.5
 


1. Asia Pacific, Latin America,Africa & Middle East and Central & EasternEurope.
2. Headline operating profit asa percentage of revenue less pass-throughcosts.
 
 
 
Appendix 1: Interim results for the six months ended 30 June2025
 

Unaudited condensed consolidated interim income statement for thesix months ended 30 June 2025
 
 
£ million
 
Notes
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Revenue
 
3
 
6,663
 
7,227
 
Costs of services
 
 
(5,826)
 
(6,187)
 
Gross profit
 
 
837
 
1,040
 
General and administrative costs
 
 
(616)
 
(617)
 
Operating profit
 
 
221
 
423
 
Earnings from associates
 
 
17
 
16
 
Profit before interest and taxation
 
 
238
 
439
 
Finance and investment income
 
 
49
 
74
 
Finance costs
 
 
(178)
 
(210)
 
Revaluation and retranslation of financial instruments
 
 
(11)
 
35
 
Profit before taxation
 
3
 
98
 
338
 
Taxation
 
 
(28)
 
(92)
 
Profit for the period
 
 
70
246
 
 
 
 
 
Attributable to:
 
 
 
 
Equity holders of the parent
 
 
44
 
205
 
Non-controlling interests
 
 
26
 
41
 
 
 
70
 
246
 
 
 
 
 
 
Earnings per share:
 
 
 
 
Basic earnings per ordinary share
 
5
 
4.1p
 
19.1p
 
Diluted earnings per ordinary share
 
5
 
4.0p
 
18.8p
 
 
 
 

The accompanying notes form an integral part of this unauditedcondensed consolidated interim income statement.
 
 
Unaudited condensed consolidated interim statement ofcomprehensive
(loss) / income for the six months ended 30 June 2025
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Profit for the period
 
70
 
246
 
Items that may be reclassified subsequently to profit orloss:
 
 
 
Foreign exchange differences on translation of foreignoperations
 
(359)
 
(37)
 
Gain/(loss) on net investment hedges
 
88
 
(18)
 
Cash flow hedges:
 
 
 
Fair value gain/(loss) arising on hedging instruments
 
19
 
(45)
 
Amounts reclassified to profit or loss
 
(46)
 
29
 
Costs of hedging
 
3
 
11
 
 
(295)
 
(60)
 
 
 
 
Items that will not be reclassified subsequently to profit orloss:
 
 
 
Movementson equity investments held at fair value through othercomprehensive income
(9)
 
(2)
 
 
(9)
 
(2)
 
 
 
 
Other comprehensive loss for the period
 
(304)
 
(62)
 
Total comprehensive (loss)/income for the period
 
(234)
 
184
 
 
 
 
Attributable to:
 
 
 
Equity holders of the parent
 
(248)
 
142
 
Non-controlling interests
 
14
 
42
 
 
(234)
 
184
 
 
 

 
The accompanying notes form an integral part of this unauditedcondensed consolidated interim statement of comprehensive (loss) /income.
 
Unaudited condensed consolidated interim cash flow statement forthe six months ended 30 June 2025
 
£ million
 
Notes
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Net cash outflow from operating activities1
 
6
 
(1,036)
 
(540)
 
Investing activities
 
 
 
 
Acquisitions1
 
9
 
(127)
 
(33)
 
Disposals of investments and subsidiaries
 
 
5
 
29
 
Purchases of property, plant and equipment
 
 
(42)
 
(82)
 
Purchases of intangible assets
 
 
(46)
 
(25)
 
Proceeds on disposal of property, plant and equipment
 
 
1
 
1
 
Net cash outflow from investing activities
 
 
(209)
 
(110)
 
Financing activities
 
 
 
 
Principal elements of lease payments
 
 
(120)
 
(140)
 
Cash consideration received from non-controlling
interests
 
 
—
 
3
 
Cash consideration for purchase of non-controllinginterests
 
 
(7)
 
(20)
 
Share repurchases and buybacks
 
 
(92)
 
(57)
 
Proceeds from borrowings
 
 
666
 
1,060
 
Repayment of borrowings
 
 
(418)
 
(13)
 
Repayment of borrowing related derivatives2
 
 
(26)
 
—
 
Financing and share issue costs
 
 
—
 
(6)
 
Dividends paid to non-controlling interests in subsidiaryundertakings
 
 
(26)
 
(34)
 
Net cash (outflow)/inflow from financing activities
 
 
(23)
 
793
 
Net (decrease)/increase in cash and cash equivalents
 
 
(1,268)
 
143
 
Foreign exchange translation of cash and cashequivalents
 
 
(31)
 
(59)
 
   Cash and cash equivalents at beginning ofperiod
 
 
2,467
 
1,860
 
Cash and cash equivalents at end of period
 
7
 
1,168
 
1,944
 
 
 
The accompanying notes form an integral part of thisunauditedcondensed consolidated interimcash flow statement.
 
1 Contingentconsideration liability payments in excess of the amount determinedat acquisition are recorded as operatingactivities.
2 Repayment of borrowingrelated derivatives was previously presented within Repayment ofborrowings.
 
 
Unaudited condensed consolidated interim balance sheet as at30 June 2025
 
£ million
 
Notes
 
30 June 2025
 
31 December 2024
 
Non-current assets
 
 
 
 
Goodwill
 
 
7,348
7,610
Other intangible assets
 
 
726
737
Property, plant and equipment
 
 
841
909
Right-of-use assets
 
 
1,396
1,385
Interests in associates
 
 
238
253
Other investments
 
 
346
398
Deferred tax assets
 
 
304
323
Corporate income tax recoverable
 
 
64
59
Trade and other receivables
 
 
280
174
 
 
11,543
11,848
Current assets
 
 
 
 
Corporate income tax recoverable
 
 
100
113
Trade and other receivables
 
 
7,366
7,722
Accrued income and unbilled media
 
 
2,948
3,188
Cash and cash equivalents
 
7
 
1,437
2,638
 
 
11,851
13,661
 
 
 
 
Current liabilities
 
 
 
 
Trade and other payables
 
 
(11,067)
(13,056)
Deferred income and customer advances
 
 
(1,216)
(1,160)
Corporate income tax payable
 
 
(182)
(333)
Lease liabilities
 
 
(222)
(240)
Borrowings
 
7
 
(936)
(584)
Provisions for liabilities and charges
 
 
(137)
(143)
 
 
(13,760)
(15,516)
Net current liabilities
 
 
(1,909)
(1,855)
 
 
 
 
Non-current liabilities
 
 
 
 
Borrowings
 
7
 
(3,845)
(3,744)
Trade and other payables
 
 
(136)
(229)
Deferred tax liabilities
 
 
(173)
(142)
Employee benefit obligations
 
 
(129)
(132)
Provisions for liabilities and charges
 
 
(192)
(232)
Lease liabilities
 
 
(1,751)
(1,780)
 
 
(6,226)
(6,259)
Net assets
 
 
3,408
3,734
 
 
 
 
Equity
 
 
 
 
Called-up share capital
 
 
109
109
Share premium account
 
 
579
579
Other reserves
 
 
(140)
151
Own shares
 
 
(208)
(191)
Retained earnings
 
 
2,824
2,827
Equity shareholders’ funds
 
 
3,164
3,475
Non-controlling interests
 
 
244
259
Total equity
 
 
3,408
3,734
 
 

The accompanying notes form an integral part of thisunauditedcondensed consolidated interimbalance sheet.
 
 
Unaudited condensed consolidated interim statement of changes inequity for the period ended 30 June 2025
 
 
 
 
 
 
£ million
 
 
 
Called-up
share capital
 
Share premium account
 
Other reserves
 
 
 
Own shares
 
Retained earnings1
 
Total equity
share
holders’ funds
 
Non-controlling interests
 
 
 
 
Total
 
Balance at 1 January 2024
 
114
 
577
 
187
 
(990)
 
3,488
 
3,376
 
457
 
3,833
 
Profit for the period
 
—
 
—
 
—
 
—
 
205
 
205
 
41
 
246
 
Other comprehensive loss
 
—
 
—
 
(61)
 
—
 
(2)
 
(63)
 
1
 
(62)
 
Total comprehensive (loss)/income
 
—
 
—
 
(61)
 
—
 
203
 
142
 
42
 
184
 
Dividends paid
 
—
 
—
 
—
 
—
 
—
 
—
 
(34)
 
(34)
 
Treasury shares used for share option schemes
 
—
 
—
 
—
 
54
 
(54)
 
—
 
—
 
—
 
Non-cash share-based incentive plans (including shareoptions)
 
—
 
—
 
—
 
—
 
56
 
56
 
—
 
56
 
Tax on share-based payments
 
—
 
—
 
—
 
—
 
—
 
—
 
—
 
—
 
Net movement in own shares held by ESOP Trusts
 
—
 
—
 
—
 
(4)
 
(53)
 
(57)
 
—
 
(57)
 
Net movement of liabilities in respect of put options
 
—
 
—
 
12
 
—
 
2
 
14
 
—
 
14
 
Net movement in non-controlling interests2
 
—
 
—
 
—
 
—
 
(34)
 
(34)
 
(4)
 
(38)
 
Total transactions with owners
 
—
 
—
 
12
 
50
 
(83)
 
(21)
 
(38)
 
(59)
 
 
 
 
 
 
 
 
 
 
 
Balance at 30 June 2024
 
114
 
577
 
138
 
(940)
 
3,608
 
3,497
 
461
 
3,958
 
 
 
 
 
 
 
 
 
 
 
Balance at 1 January 2025
 
109
 
579
 
151
 
(191)
 
2,827
 
3,475
 
259
 
3,734
 
Profit for the period
 
—
 
—
 
—
 
—
 
44
 
44
 
26
 
70
 
Other comprehensive loss
 
—
 
—
 
(282)
 
—
 
(10)
 
(292)
 
(12)
 
(304)
 
Total comprehensive (loss)/income
 
—
 
—
 
(282)
 
—
 
34
 
(248)
 
14
 
(234)
 
Dividends paid
 
—
 
—
 
—
 
—
 
—
 
—
 
(26)
 
(26)
 
Treasury shares used for share option schemes
 
—
 
—
 
—
 
—
 
—
 
—
 
—
 
—
 
Non-cash share-based incentive plans (including shareoptions)
 
—
 
—
 
—
 
—
 
41
 
41
 
—
 
41
 
Tax on share-based payments
 
—
 
—
 
—
 
—
 
(1)
 
(1)
 
—
 
(1)
 
Net movement in own shares held by ESOP Trusts
 
—
 
—
 
—
 
(17)
 
(75)
 
(92)
 
—
 
(92)
 
Net movement of liabilities in respect of put options
 
—
 
—
 
(9)
 
—
 
—
 
(9)
 
—
 
(9)
 
Net movement in non-controlling interests2
 
—
 
—
 
—
 
—
 
(2)
 
(2)
 
(3)
 
(5)
 
Total transactions with owners
 
—
 
—
 
(9)
 
(17)
 
(37)
 
(63)
 
(29)
 
(92)
 
 
 
 
 
 
 
 
 
 
 
Balance at 30 June 2025
 
109
 
579
 
(140)
 
(208)
 
2,824
 
3,164
 
244
 
3,408
 
 
 
The accompanying notes form an integral part of this unauditedcondensed consolidated interim statement of changes inequity.
 
1 Accumulated losses onexisting equity investments held at fair value through othercomprehensive income are £363 million at 30 June 2025 (31December 2024: £354 million).
2 Net movement innon-controlling interests represents movements in retained earningsand non-controlling interests arising from changes in ownership ofexisting subsidiaries and recognition of non-controlling interestson new acquisitions.
 
 
Notes to the unaudited condensed consolidated interim financialstatements
 

1. Basis of preparation
 
The unaudited condensed consolidated interim financial statementsfor the six months ended 30 June 2025 comply with IAS 34Interim Financial Reporting as issued by the InternationalAccounting Standards Board (IASB), the Disclosure Guidance andTransparency Rules sourcebook of the United Kingdom’sFinancial Conduct Authority and with the accounting policies of WPPplc and its subsidiaries (the Group), which were set out on pages151 - 156 of the 2024 Annual Report and Accounts. No changes havebeen made to the Group’s accounting policies in the periodended 30 June 2025.
 
The tax charge for the Group is calculated in accordance with IAS34, by applying management’s best estimate of the effectivetax rate (excluding discrete items) expected to apply to totalannual earnings, to the profit before tax for the six months ended30 June 2025. This is then adjusted for certain discrete itemswhich occurred in the interim period.
 
The Group does not consider that the amendments to standardsadopted during the period have a significant impact on thefinancial statements.
 
The unaudited condensed consolidated interim financial statementsare prepared under the historical cost convention, except for therevaluation of certain financial instruments as disclosed in ouraccounting policies. The unaudited condensed consolidated interimfinancial statements for the six months to 30 June 2025 andsix months to 30 June 2024 do not constitute statutoryaccounts. The statutory accounts for the year ended31 December 2024, reported on by the Group’s auditor,have been delivered to the Jersey Registrar and received anunqualified auditors’ report.
 
Having considered the principal risks (as outlined on pages 78 - 85of the 2024 Annual Report and Accounts, and summarised in Appendix2), the directors consider it appropriate to adopt the goingconcern basis of accounting in preparing these interim financialstatements. In making this assessment, the directors have reviewedthe results of latest cash flow forecasts for the period to 31December 2026 and have considered the results of a reverse stresstest to quantify the level of revenue less pass-through costsdecline required to utilise all of the Group's liquidity headroom,taking into account debt maturities and cost mitigations. Thelikelihood of declines required to utilise all available headroomis considered remote. None of the Group's facilities have financialcovenants.
 
The unaudited condensed consolidated interim financial statementsdo not include all the information and disclosures required in theannual financial statements and should be read in conjunction withthe Group’s annual consolidated financial statements as at31 December 2024.
 
2. Costs of services and general and administrativecosts
 
Costs of services and general and administrative costsinclude:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Staff costs1
 
3,685
 
3,985
 
Establishment costs
 
219
 
242
 
Media pass-through costs
 
1,279
 
1,208
 
Other costs of services and general and administrativecosts2
 
1,259
 
1,369
 
 
6,442
 
6,804
 
1 Additional staff costs of£4 million (period ended 30 June 2024: £77 million) areincluded within Restructuring and transformation costsbelow.
2 Other costs of services andgeneral and administrative costs include £358 million (periodended 30 June 2024: £420 million) of other pass-throughcosts.
 
2. Costs of services and general and administrative costs(continued)
 
Other costs of services and general and administrative costsinclude the following significant items:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Goodwill impairment
 
116
 
—
 
Amortisation and impairment of acquired intangibleassets
 
32
 
57
 
Restructuring and transformation costs
 
32
 
131
 
 
Goodwill impairment
In the six months to 30 June 2025, goodwill impairment charges of£116 million were recognised (period to 30 June 2024:£nil). As a result of the separation of AKQA and Grey in 2025,the previous AKQA Group cash generating unit (“CGU”),which was impaired in 2024, now constitutes two separate CGUs forAKQA and Grey. Of the total impairment charges recognised in thecurrent period, £58 million related to the Grey CGU and£58 million related to the AKQA CGU.
 
The impairment charges related to both the Grey and AKQA CGUsreflect the impact of previously unforeseen declines in tradingperformance, predominantly due to the adverse impact of furthermacroeconomic pressures and uncertainty in the period following theintroduction of new global tariffs in April, which are impactingclient discretionary spend and the volume of net newbusiness.
 
The recoverable amounts of the Grey and AKQA CGUs, which are bothpart of the Global Integrated Agencies reportable segment, are£181 million and £172 million, respectively. Therecoverable amounts of the Grey and AKQA CGUs were calculated on afair value less costs of disposal (FVLCD) basis. The FVLCDs weredetermined using a discounted cash flow approach with future cashflows based upon a projection period of up to five years, with cashflows beyond the projection period based on a long-term growth rateof 2.0% (2024: 2.0%). Post-tax discount rates of 12.25% (2024:10.5%) and 11.25% (2024: 10.5%) were applied to determine the Greyand AKQA recoverable amounts, respectively. The basis for the keyinputs, which are considered Level 3 in the fair value hierarchy,is consistent with the previous full year impairmenttest.
 
The new factors impacting Grey and AKQA, described above, have alsoreduced the headroom at the Ogilvy CGU in 2025. If operatingmargins, which the impairment assessments are sensitive to, infuture periods were 2.0% lower than current expectations,additional goodwill impairment charges of £36 million for AKQAand £27 million for Grey would be recognised. For Ogilvy, ifoperating margin was 1.0% lower than current expectations agoodwill impairment charge of £68 million would be recognised,if the discount rate was 1.0% higher a goodwill impairment chargeof £84 million would be recognised.
 
Amortisation and impairment of acquired intangibleassets 
Charges of £32 million (2024: £57 million) relate toongoing amortisation charges for previously acquired intangibleassets. The prior period included an accelerated amortisationcharge of £20 million for certain brands that no longer had auseful life due to the creation of Burson.
 
Restructuring and transformation costs 
Charges of £32 million (2024: £131 million) include£25 million (2024: £47 million) in relation to theGroup’s IT transformation programme, which includes therollout of new ERP systems. The prior period included costs of£76 million related to the continuing transformation plan,including the creation of VML and Burson, and simplification ofGroupM.
  
Notes to the unaudited condensed consolidated interim financialstatements
 
3. Segmental analysis
 
Reported contributions by reportable segments were asfollows:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Revenue1
 
 
 
Global Integrated Agencies
 
5,871
 
6,117
 
Public Relations
 
351
 
601
 
Specialist Agencies
 
441
 
509
 
 
6,663
 
7,227
 
Revenue less pass-throughcosts1,2
 
 
 
Global Integrated Agencies
 
4,302
 
4,595
 
Public Relations
 
335
 
568
 
Specialist Agencies
 
389
 
436
 
 
5,026
 
5,599
 
Headline operatingprofit1,3
 
 
 
Global Integrated Agencies
 
352
 
551
 
Public Relations
 
39
 
80
 
Specialist Agencies
 
21
 
15
 
 
412
 
646
 
Adjusting items within IFRS operating profit4
 
(191)
 
(223)
 
Financing items5
 
(140)
 
(101)
 
Earnings from associates
 
17
 
16
 
Reported profit before tax
 
98
 
338
 
 
1 Intersegment transactionshave not been separately disclosed as they are notmaterial.
2 Revenue less pass-throughcosts is defined and reconciled by segment and by geographical areain Appendix 4.
3 Headline operating profit isdefined in Appendix 4. A reconciliation from reported profit beforetax to headline operating profit is also provided in Appendix4.
4 Adjusting items are definedand reconciled in Appendix 4.
5 Financing items includefinance and investment income, finance costs and revaluation andretranslation of financial instruments.
 
 
 
3. Segmental analysis (continued)
 
Reported contributions by geographical area were asfollows:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Revenue1
 
 
 
North America2
 
2,537
 
2,781
 
United Kingdom
 
1,011
 
1,058
 
Western Continental Europe
 
1,351
 
1,458
 
Asia Pacific, Latin America, Africa & Middle East and Central& Eastern Europe
 
1,764
 
1,930
 
 
6,663
 
7,227
 
Revenue less pass-throughcosts1,3
 
 
 
North America2
 
1,966
 
2,207
 
United Kingdom
 
749
 
779
 
Western Continental Europe
 
1,021
 
1,164
 
Asia Pacific, Latin America, Africa & Middle East and Central& Eastern Europe
 
1,290
 
1,449
 
 
5,026
 
5,599
 
Headline operatingprofit1,4
 
 
 
North America2
 
281
 
336
 
United Kingdom
 
47
 
78
 
Western Continental Europe
 
36
 
117
 
Asia Pacific, Latin America, Africa & Middle East and Central& Eastern Europe
 
48
 
115
 
 
412
 
646
 
Adjusting items within IFRS operating profit5
 
(191)
 
(223)
 
Financing items6
 
(140)
 
(101)
 
Earnings from associates
 
17
 
16
 
Reporting profit beforetax4
 
98
 
338
 
 
1 Interregional transactionshave not been separately disclosed as they are notmaterial.
2 North America includes theUS, which has revenue of £2,387 million (2024: £2,609million), revenue less pass-through costs of £1,852 million(2024: £2,071 million) and headline operating profit of£264 million (2024: £316 million).
3 Revenue less pass-throughcosts is defined and reconciled by segment and by geographical areain Appendix 4.
4 Headline operating profit isdefined in Appendix 4. A reconciliation from reported profit beforetax to headline operating profit is also provided in Appendix4.
5 Adjusting items are definedand reconciled in Appendix 4.
6 Financing items includefinance and investment income, finance costs and revaluation andretranslation of financial instruments.
 
 
Notes to the unaudited condensed consolidated interim financialstatements
  
 
4. Ordinary dividends
 
The Board has recommended an interim dividend of 7.5p (2024: 15.0p)per ordinary share. This is expected to be paid on 3 November2025 to shareholders on the register at 10 October 2025. TheBoard recommended a final dividend of 24.4p per ordinary share inrespect of 2024. This was paid on 4 July 2025.
 
5. Earnings per share ("EPS")
 
Basic EPS
 
The calculation of basic EPS is as follows:
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Profit for the period attributable to equity holders of theparent 
(£ million)
 
44
 
205
 
Weighted average number of shares used in basic EPS calculation(million)
 
1,077
 
1,075
 
Basic EPS
 
4.1 p
 
19.1 p
 
 
Diluted EPS
 
The calculation of diluted EPS is as follows:
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Profit for the period attributable to equity holders of theparent
(£ million)
 
44
 
205
 
Weighted average number of shares used in diluted EPS calculation(million)
 
1,093
 
1,092
 
Diluted EPS
 
4.0 p
 
18.8 p
 
 
A reconciliation between the shares used in calculating basic anddiluted EPS is as follows:
 
million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Weighted average number of shares used in basic EPScalculation
 
1,077
 
1,075
 
Other potentially issuable shares
 
16
 
17
 
Weighted average number of shares used in diluted EPScalculation
 
1,093
 
1,092
 
 
At 30 June 2025 there were 1,091,394,251 (30 June 2024:1,141,513,946) ordinary shares in issue, including 12,591,893treasury shares (30 June 2024: 62,959,463).
 
 
Notes to the unaudited condensed consolidated interim financialstatements
 
 
6. Analysis of cash flows
 
The following table analyses the net cash outflow from operatingactivities presented within the cash flow statement:
 
Net cash outflow from operating activities:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Profit for the period
 
70
 
246
 
Taxation
 
28
 
92
 
Revaluation and retranslation of financial instruments
 
11
 
(35)
 
Finance costs
 
178
 
210
 
Finance and investment income
 
(49)
 
(74)
 
Earnings from associates
 
(17)
 
(16)
 
Operating profit
 
221
 
423
 
Adjustments for:
 
 
 
Non-cash share-based incentive plans (including shareoptions)
 
41
 
56
 
Depreciation of property, plant and equipment
 
82
 
81
 
Depreciation of right-of-use assets
 
101
 
110
 
Goodwill impairment
 
116
 
—
 
Impairment of investments in associates
 
—
 
23
 
Property-related impairment charges
 
5
 
4
 
Amortisation and impairment of acquired intangibleassets
 
32
 
57
 
Amortisation of other intangible assets
 
20
 
14
 
Gains on disposal of investments and subsidiaries
 
(2)
 
(8)
 
Gains on sale of property, plant and equipment
 
—
 
(2)
 
Operating cash flow before movements in working capital andprovisions
 
616
 
758
 
Decrease in trade receivables and accrued income
 
375
 
430
 
Decrease in trade payables and deferred income
 
(1,303)
 
(1,055)
 
Increase in other receivables
 
(219)
 
(109)
 
Decrease in other payables
 
(186)
 
(337)
 
(Decrease) / increase in provisions
 
(15)
 
15
 
Cash used by operations
 
(732)
 
(298)
 
Corporation and overseas tax paid
 
(168)
 
(168)
 
Interest paid on lease liabilities
 
(50)
 
(47)
 
Other interest and similar charges paid
 
(117)
 
(118)
 
Interest received
 
24
 
69
 
Investment income
 
5
 
5
 
Dividends from associates
 
15
 
18
 
Contingent consideration liability payments recognised in operatingactivities1
 
(13)
 
(1)
 
Net cash outflow from operating activities
 
(1,036)
 
(540)
 
 
1 Contingent considerationliability payments in excess of the amount determined atacquisition are recorded as operatingactivities.
 
  
Notes to the unaudited condensed consolidated interim financialstatements
 
  
7. Cash and cash equivalents and total borrowings
 
 
£ million
 
30 June 2025
 
31 December 2024
 
Cash and cash equivalents as presented in the consolidated balancesheet
 
1,437
 
2,638
 
Bank overdrafts
 
(269)
 
(171)
 
Cash and cash equivalents as presented in the consolidated cashflow statement
 
1,168
 
2,467
 
Borrowings due within one year (excluding bankoverdrafts)
 
(667)
 
(413)
 
Borrowings due after one year
 
(3,845)
 
(3,744)
 
Total borrowings (excluding bank overdrafts)
 
(4,512)
 
(4,157)
 
 
 
The Group estimates that the fair value of corporate bonds is£3,651 million at 30 June 2025
(31 December 2024: £3,964 million).
 
8. Financial Instruments - fair value
 
The following table provides an analysis of financial instrumentsthat are measured subsequent to initial recognition at fair value,grouped into levels 1 to 3 based on the degree to which the fairvalue is observable, or based on observable inputs:
 
£ million
 
Level 1
 
Level 2
 
Level 3
 
Total
 
30 June 2025
 
 
 
 
 
Derivatives in designated hedge relationships
 
 
 
 
 
Derivative assets
 
—
 
86
 
—
 
86
 
Derivative liabilities
 
—
 
(3)
 
—
 
(3)
 
Held at fair value through profit or loss
 
 
 
 
 
Money market funds
 
12
 
—
 
—
 
12
 
Other investments
 
60
 
—
 
198
 
258
 
Derivative assets
 
—
 
2
 
—
 
2
 
Derivative liabilities
 
—
 
(2)
 
—
 
(2)
 
Contingent consideration liabilities
 
—
 
(31)
 
(88)
 
(119)
 
Held at fair value through other comprehensive income
 
 
 
 
 
Trade and other receivables
 
—
 
237
 
—
 
237
 
Other investments
 
2
 
—
 
86
 
88
 
 
The fair values of financial assets and liabilities are based onquoted market prices where available. Where the market value is notavailable, the Group has estimated relevant fair values on thebasis of available information from outside sources.
 
For all level 3 fair value measurements, a change to one or more ofthese unobservable inputs to reflect a reasonably possiblealternative assumption would not result in a significant change tothe fair value.
 
8. Financial Instruments - fair value (continued)
 
Reconciliation of level 3 fair value measurements:
£ million
 
Contingent consideration liabilities
 
Other investments
 
1 January 2025
 
(133)
322
 
Losses recognised in the income statement
 
(3)
(15)
Losses recognised in other comprehensive income
 
—
(9)
Exchange adjustments
 
2
(20)
Transfers
 
31
—
Additions
 
—
6
Settlements
 
15
—
30 June 2025
 
(88)
284
 
 
 
9. Acquisitions
 
Acquisition of InfoSum
 
On 4 April 2025, the Group acquired 100% of the ordinary sharecapital of Cognitive Logic Inc.(“InfoSum”), a datacollaboration platform.
 
Total cash consideration of £108 million was paid oncompletion date. Total net assets acquired were £17 million,including £32 million of proprietary technology intangibleassets. The goodwill on the acquisition was £91 million. Thegoodwill is attributable to anticipated synergies and will not bedeductible for tax purposes.
 
 
10. Related party transactions
 
The Group enters into transactions with its associate undertakings,primarily in relation to pass-through billingarrangements.
 
The following amounts were outstanding at 30 June 2025 and 31December 2024:
 
£ million
 
30 June 2025
 
31 December 2024
 
Amounts owed by related parties
 
109
 
68
 
Amounts owed to related parties
 
(124)
 
(104)
 
 
There are no material provisions for doubtful debts relating tothese balances and no material expense has been recognised in theincome statement in relation to bad or doubtful debts for theperiod ended 30 June 2025.
 
 
11. Events after the reporting period
 
There were no events after the reporting period that requiredisclosure.
 
Director’s responsibility statement
 
 
The Directors confirm that to the best of theirknowledge:
 
a.
thecondensed set of financial statements, which has been prepared inaccordance with the applicable set of accounting standards, gives atrue and fair view of the assets, liabilities, financial positionand profit or loss of the issuer, or the undertakings included inthe consolidation as a whole as required by DTR4.2.4R;
b.
theinterim management report includes a fair review of the informationrequired by DTR 4.2.7R; and
c.
theinterim management report includes a fair review of the informationrequired by DTR 4.2.8R.
 
 
The names and functions of the WPP plc Board can be found at:wpp.com/about/our-leadership/the-wpp-board
 
This responsibility statement is approved by the Board of Directorsand is signed on its behalf by:
 
 
 
 
 
J Wilson
Chief Financial Officer
7 August 2025
 
 
  
Independent review report to WPP plc
 

 
Report on the condensed consolidated interim financialstatements
 
Our conclusion
 
We have reviewed WPP plc’s condensed consolidated interimfinancial statements (the “interim financialstatements”) in the 2025 Interim Results of WPP plc for thesix month period ended 30 June 2025 (the“period”).
 
Based on our review, nothing has come to our attention that causesus to believe that the interim financial statements are notprepared, in all material respects, in accordance withInternational Accounting Standard 34 “Interim FinancialReporting” as issued by the IASB and the Disclosure Guidanceand Transparency Rules sourcebook of the United Kingdom’sFinancial Conduct Authority.
 
The interim financial statements comprise:
●
thecondensed consolidated interim balance sheet at 30 June2025;
●
thecondensed consolidated interim income statement for the period thenended;
●
thecondensed consolidated interim statement of comprehensive (loss) /income for the period then ended;
●
thecondensed consolidated interim cash flow statement for the periodthen ended;
●
thecondensed consolidated interim statement of changes in equity forthe period then ended; and
●
theexplanatory notes to the interim financial statements.
 
The interim financial statements included in the 2025 InterimResults of WPP plc have been prepared in accordance withInternational Accounting Standard 34 “Interim FinancialReporting” as issued by the IASB and the Disclosure Guidanceand Transparency Rules sourcebook of the United Kingdom’sFinancial Conduct Authority.
 
Basis for conclusion
 
We conducted our review in accordance with International Standardon Review Engagements (UK) 2410 “Review of Interim FinancialInformation Performed by the Independent Auditor of theEntity” issued by the Financial Reporting Council for use inthe United Kingdom (“ISRE (UK) 2410”). A review ofinterim financial information consists of making enquiries,primarily of persons responsible for financial and accountingmatters, and applying analytical and other reviewprocedures.
 
A review is substantially less in scope than an audit conducted inaccordance with International Standards on Auditing (UK) and,consequently, does not enable us to obtain assurance that we wouldbecome aware of all significant matters that might be identified inan audit. Accordingly, we do not express an auditopinion.
 
We have read the other information contained in the 2025 InterimResults and considered whether it contains any apparentmisstatements or material inconsistencies with the information inthe interim financial statements.
 
Conclusions relating to going concern
 
Based on our review procedures, which are less extensive than thoseperformed in an audit as described in the basis for conclusionsection of this report, nothing has come to our attention tosuggest that the directors have inappropriately adopted the goingconcern basis of accounting or that the directors have identifiedmaterial uncertainties relating to going concern that are notappropriately disclosed. This conclusion is based on the reviewprocedures performed in accordance with ISRE (UK) 2410. However,future events or conditions may cause the group to cease tocontinue as a going concern.
 
 
Responsibilities for the interim financial statements and thereview
 
Our responsibilities and those of the directors
 
The 2025 Interim Results, including the interim financialstatements, is the responsibility of, and has been approved by thedirectors. The directors are responsible for preparing the 2025Interim Results in accordance with the Disclosure Guidance andTransparency Rules sourcebook of the United Kingdom’sFinancial Conduct Authority. In preparing the 2025 Interim Results,including the interim financial statements, the directors areresponsible for assessing the group’s ability to continue asa going concern, disclosing, as applicable, matters related togoing concern and using the going concern basis of accountingunless the directors either intend to liquidate the group or tocease operations or have no realistic alternative but to doso.
 
Our responsibility is to express a conclusion on the interimfinancial statements in the 2025 Interim Results based on ourreview. Our conclusion, including our conclusions relating to goingconcern, is based on procedures that are less extensive than auditprocedures, as described in the basis for conclusion paragraph ofthis report. This report, including the conclusion, has beenprepared for and only for the company for the purpose of complyingwith the Disclosure Guidance and Transparency Rules sourcebook ofthe United Kingdom’s Financial Conduct Authority and for noother purpose. We do not, in giving this conclusion, accept orassume responsibility for any other purpose or to any other personto whom this report is shown or into whose hands it may come savewhere expressly agreed by our prior consent inwriting.
 
 
 
 
 
 
PricewaterhouseCoopers LLP
Chartered Accountants
London
7 August 2025
  
Appendix 2: Principal risks and uncertainties
 

 
The Board regularly reviews the principal and emerging risks anduncertainties affecting the Group and these were set out on pages78 - 85 of the 2024 Annual Report and Accounts, and are as follows:economic risk; geopolitical risk; strategic plan; AI strategy; ITand systems; client loss; client concentration; people, culture andsuccession; cyber and information security; credit risk; internalfinancial controls; data privacy; taxation; regulatory; sanctions;and environmental, social and governance (ESG).
 
No changes to the Group’s principal risks and uncertaintieshave occurred in the period ended 30 June 2025.
 
Appendix 3: Cautionary statement regarding forward-lookingstatements
 
 
This document contains statements that are, or may be deemed to be,“forward-looking statements”. Forward-lookingstatements give the Company’s current expectations orforecasts of future events.
 
These forward-looking statements may include, among other things,plans, objectives, beliefs, intentions, strategies, projections andanticipated future economic performance based on assumptions andthe like that are subject to risks and uncertainties. Thesestatements can be identified by the fact that they do not relatestrictly to historical or current facts. They use words such as‘aim’, ‘anticipate’, ‘believe’,‘estimate’, ‘expect’,‘forecast’, ‘guidance’,‘intend’, ‘may’, ‘will’,‘should’, ‘potential’,‘possible’, ‘predict’,‘project’, ‘plan’, ‘target’,and other words and similar references to future periods but arenot the exclusive means of identifying such statements. As such,all forward-looking statements involve risk and uncertainty becausethey relate to future events and circumstances that are beyond thecontrol of the Company. Actual results or outcomes may differmaterially from those discussed or implied in the forward-lookingstatements. Therefore, you should not rely on such forward-lookingstatements, which speak only as of the date they are made, as aprediction of actual results or otherwise. Important factors whichmay cause actual results to differ include but are not limited to:the unanticipated loss of a material client or key personnel;delays, suspensions or reductions in client advertising budgets;shifts in industry rates of compensation; regulatory compliancecosts or litigation; changes in competitive factors in theindustries in which we operate and demand for our products andservices; changes in client advertising, marketing and corporatecommunications requirements; our inability to realise the futureanticipated benefits of acquisitions; failure to realise ourassumptions regarding goodwill and indefinite lived intangibleassets; natural disasters or acts of terrorism; the Company’sability to attract new clients; the economic and geopoliticalimpact of the conflicts in Ukraine and the Middle East; the risk ofglobal economic downturn; slower growth, increasing interest ratesand high and sustained inflation; tariffs and other trade barriers;supply chain issues affecting the distribution of ourclients’ products; technological changes and risks to thesecurity of IT and operational infrastructure, systems, data andinformation resulting from increased threat of cyber and otherattacks; effectively managing the risks, challenges andefficiencies presented by using Artificial Intelligence (AI) andGenerative AI technologies and partnerships in our business; risksrelated to our environmental, social and governance goals andinitiatives, including impacts from regulators and otherstakeholders, and the impact of factors outside of our control onsuch goals and initiatives; the Company’s exposure to changesin the values of other major currencies (because a substantialportion of its revenues are derived and costs incurred outside ofthe UK); and the overall level of economic activity in theCompany’s major markets (which varies depending on, amongother things, regional, national and international political andeconomic conditions and government regulations in the world’sadvertising markets). In addition, you should consider the risksdescribed in Item 3D, captioned ‘Risk Factors’ in theCompany’s most recent Annual Report on Form 20-F, which couldalso cause actual results to differ from forward-lookinginformation. Neither the Company, nor any of its directors,officers or employees, provides any representation, assurance orguarantee that the occurrence of any events anticipated, expressedor implied in any forward-looking statements will actually occur.Accordingly, no assurance can be given that any particularexpectation will be met and investors are cautioned not to placeundue reliance on the forward-looking statements.
 
Other than in accordance with its legal or regulatory obligations(including under the Market Abuse Regulation, the UK Listing Rulesand the Disclosure and Transparency Rules of the Financial ConductAuthority), the Company undertakes no obligation to update orrevise any such forward-looking statements, whether as a result ofnew information, future events or otherwise.
 
Any forward-looking statements made by or on behalf of the Groupspeak only as of the date they are made and are based upon theknowledge and information available to the Directors at thetime.
 
 
Appendix 4: Alternative performance measures for the period ended30 June 2025

 
The Group presents alternative performance measures, includingheadline operating profit, headline operating profit margin,headline profit before interest and tax, headline profit beforetax, headline earnings, headline basic and diluted EPS, headlineEBITDA, revenue less pass-through costs, adjusted net debt andaverage adjusted net debt, adjusted operating cash flow, adjustedfree cash flow and adjusted net cash flow. These are used bymanagement for internal performance analyses. The presentation ofthese measures facilitates comparability with other companies,although management’s measures may not be calculated in thesame way as similarly titled measures reported by other companies,and these measures are useful in connection with discussions withthe investment community.
 
In the calculation of headline measures, judgement is required bymanagement in determining which items are considered to be large,unusual and non-recurring such that they are to beexcluded.
 
The exclusion of certain adjusting items may result in headlinemeasures being materially higher or lower than reported earnings,for example when significant impairments or restructuring chargesare excluded but the related benefits are included within headlinemeasures. Headline measures should not be considered in isolationas they provide additional information to aid the understanding ofthe Group’s financial performance.
 
 
Reconciliation of revenue to revenue less pass-throughcosts:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Revenue
 
6,663
 
7,227
 
Media pass-through costs
 
(1,279)
 
(1,208)
 
Other pass-through costs
 
(358)
 
(420)
 
Revenue less pass-through costs
 
5,026
 
5,599
 
 
 
Reconciliation of revenue to revenue less pass-through costs byreportable segment:
 
Six months ended 30 June 2025
£ million
 
Global Integrated Agencies
 
Public Relations
 
Specialist Agencies
 
Revenue
 
5,871
 
351
 
441
 
Media pass-through costs
 
(1,279)
 
—
 
—
 
Other pass-through costs
 
(290)
 
(16)
 
(52)
 
Revenue less-pass through costs
 
4,302
 
335
 
389
 
 
Six months ended 30 June 2024
£ million
 
Global Integrated Agencies
 
Public Relations
 
Specialist Agencies
 
Revenue
 
6,117
 
601
 
509
 
Media pass-through costs
 
(1,208)
 
—
 
—
 
Other pass-through costs
 
(314)
 
(33)
 
(73)
 
Revenue less-pass through costs
 
4,595
 
568
 
436
 
 

 
 
Reconciliation of revenue to revenue less pass-through costs bygeographical area:
 
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
North America
 
 
 
Revenue
 
2,537
 
2,781
 
Media pass-through costs
 
(416)
 
(395)
 
Other pass-through costs
 
(155)
 
(179)
 
Revenue less pass-through costs
 
1,966
 
2,207
 
United Kingdom
 
 
 
Revenue
 
1,011
 
1,058
 
Media pass-through costs
 
(185)
 
(182)
 
Other pass-through costs
 
(77)
 
(97)
 
Revenue less pass-through costs
 
749
 
779
 
 
 
 
Western Continental Europe
 
 
 
Revenue
 
1,351
 
1,458
 
Media pass-through costs
 
(271)
 
(231)
 
Other pass-through costs
 
(59)
 
(63)
 
Revenue less pass-through costs
 
1,021
 
1,164
 
 
 
 
Asia Pacific, Latin America, Africa & Middle East and Central& Eastern Europe
 
Revenue
 
1,764
 
1,930
 
Media pass-through costs
 
(407)
 
(400)
 
Other pass-through costs
 
(67)
 
(81)
 
Revenue less pass-through costs
 
1,290
 
1,449
 
 
 

Reconciliation of profit before taxation to headline operatingprofit:
 
£ million
 
Six months ended 30 June 2025
 
Margin
 
Six months ended 30 June 2024
 
Margin
 
Profit before taxation
 
98
 
 
338
 
 
Finance and investment income
 
(49)
 
 
(74)
 
 
Finance costs
 
178
 
 
210
 
 
Revaluation and retranslation of financial instruments
 
11
 
 
(35)
 
 
Profit before interest and taxation
 
238
 
 
439
 
 
Earnings from associates
 
(17)
 
 
(16)
 
 
Operating profit1
 
221
 
3.3 %
 
423
 
5.9 %
 
Goodwill impairment
 
116
 
 
—
 
 
Impairment of investments in associates
 
—
 
 
23
 
 
Amortisation and impairment of acquired intangibleassets
 
32
 
 
57
 
 
Restructuring and transformation costs
 
32
 
 
131
 
 
Property-related restructuring costs2
 
13
 
 
22
 
 
Gains on disposal of investments and subsidiaries
 
(2)
 
 
(8)
 
 
Gains on disposal of property
 
—
 
 
(2)
 
 
Headline operating profit1
 
412
 
8.2 %
 
646
 
11.5 %
 
 
1 Operating profit margin iscalculated as operating profit as a percentage of revenue. Headlineoperating profit margin is calculated as headline operating profitas a percentage of revenue less pass-throughcosts.
 
2 Property-relatedrestructuring costs includes £5 million of property-relatedimpairment charges (2024: £4 million).
 
 
Headline operating profit margin before and after earnings fromassociates:
 
£ million
 
Six months ended 30 June 2025
 
Margin
 
Six months ended 30 June 2024
 
Margin
 
Revenue less pass-through costs
 
5,026
 
 
5,599
 
 
Headline operating profit
 
412
 
8.2 %
 
646
 
11.5 %
 
Headline earnings from associates
 
17
 
 
15
 
 
Headline PBIT
 
429
 
8.5 %
 
661
 
11.8 %
 
 
 
Calculation of headline EBITDA:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Headline PBIT
 
429
 
661
 
Depreciation of property, plant and equipment
 
82
 
81
 
Amortisation of other intangible assets
 
20
 
14
 
Headline EBITDA (including depreciation of right-of-useassets)
 
531
 
756
 
Depreciation of right-of-use assets
 
101
 
110
 
Headline EBITDA
 
632
 
866
 
 
Headline EBITDA (including depreciation of right-of-use assets) isused in the Group’s key leverage metric (average adjusted netdebt/headline EBITDA within the range of 1.5x-1.75x).
 
 
Reconciliation of profit before taxation to headline PBT andheadline earnings:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Profit before taxation
 
98
 
338
 
Goodwill impairment
 
116
 
—
 
Impairment of investments in associates
 
—
 
23
 
Amortisation and impairment of acquired intangibleassets
 
32
 
57
 
Restructuring and transformation costs
 
32
 
131
 
Property-related restructuring costs
 
13
 
22
 
Gains on disposal of investments and subsidiaries
 
(2)
 
(8)
 
Gains on disposal of property
 
—
 
(2)
 
Share of adjusting and other items for associates
 
—
 
(1)
 
Revaluation and retranslation of financial instruments
 
11
 
(35)
 
Headline PBT
 
300
 
525
 
Headline tax charge
 
(55)
 
(146)
 
Non-controlling interests
 
(26)
 
(41)
 
Headline earnings
 
219
 
338
 
 
Headline PBT and headline earnings are metrics that management useto assess the performance of the business.
 
 
Calculation of headline net finance costs:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Finance and investment income
 
(49)
 
(74)
 
Finance costs
 
178
 
210
 
Headline net finance costs
 
129
 
136
 
 
 
Calculation of headline taxation:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Headline PBT
 
300
 
525
 
Tax charge
 
28
 
92
 
Tax credit relating to restructuring and transformation costs andproperty-related costs
 
10
 
36
 
Deferred tax impact of the amortisation of acquisition relatedintangible assets and liabilities
 
5
 
8
 
Deferred tax relating to investments in associates
 
12
 
10
 
Headline tax charge
 
55
 
146
 
Headline tax rate
 
18.3%
 
28.0%
 
 
The headline tax rate as a percentage of headline PBT (thatincludes the share of headline results of associates) is 18.3%(2024: 28.0%).
 
 
Earnings from associates:
 
Management reviews the 'earnings from associates' by assessing theunderlying component movements including 'share of profit beforeinterest and taxation of associates', 'share of adjusting and otheritems for associates', 'share of interest and non-controllinginterests of associates', and 'share of taxation of associates',which are derived from the income statements of the associateundertakings. Management applies consistent principles indetermining items adjusted from headline profit as withsubsidiaries.
 
The following table is an analysis of 'earnings from associates'and underlying component movements:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Share of profit before interest and taxation
 
19
 
18
 
Share of adjusting and other items for associates
 
—
 
1
 
Share of interest and non-controlling interests
 
3
 
2
 
Share of taxation
 
(5)
 
(5)
 
Earnings from associates
 
17
 
16
 
less: share of adjusting and other items forassociates
 
—
 
(1)
 
Headline earnings from associates
 
17
 
15
 
 
 
Headline earnings per share:
 
The calculation of basic headline EPS is as follows:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Headline earnings (£ million)
 
219
 
338
 
Weighted average number of shares used in basic EPS calculation(million) (note 5)
 
1,077
 
1,075
 
Basic headline EPS
 
20.3p
 
31.4p
 
 
 
The calculation of diluted headline EPS is as follows:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Headline earnings (£ million)
 
219
 
338
 
Weighted average number of shares used in diluted EPS calculation(million) (note 5)
 
1,093
 
1,092
 
Diluted headline EPS
 
20.0p
 
30.9p
 
 
 
 
Adjusted net debt and average adjusted net debt:
 
Management believes that adjusted net debt and average adjusted netdebt are appropriate and meaningful measures of the debt levelswithin the Group. Adjusted net debt at a period end is defined ascash and cash equivalents, bank overdrafts and borrowings duewithin one year, borrowings due after one year and derivativefinancial instruments hedging debt items. The definition ofadjusted net debt has been updated to include the impact ofderivative financial instruments that hedge debt items asmanagement believes this provides a more accurate representation ofthe adjusted net debt levels of the Group.
 
£ million
 
30 June 2025
 
31 December 20241
 
30 June 20241
 
Cash and cash equivalents
 
1,437
 
2,638
 
2,128
 
Borrowings due within one year
 
(936)
 
(584)
 
(1,201)
 
Borrowings due after one year
 
(3,845)
 
(3,744)
 
(4,298)
 
Derivative financial instruments
 
83
 
(52)
 
(55)
 
Adjusted net debt1
 
(3,261)
 
(1,742)
 
(3,426)
 
Average adjusted netdebt1
 
(3,383)
 
(3,506)
 
(3,633)
 
 
Adjusted net debt excludes lease liabilities. Average adjusted netdebt is calculated as the average of the Group’s monthlyadjusted net debt. Average adjusted net debt for 30 June 2025 and30 June 2024 represents the average for the twelve month periodended 30 June 2025 and 30 June 2024 respectively. Average adjustednet debt for 31 December 2024 represents the average for the twelvemonth period ended 31 December 2024.
 
Average adjusted net debt to headline EBITDA ratio:
 
£ million
 
30 June 2025
 
31 December 2024
 
30 June 2024
 
Average adjusted net debt (12 month rolling)1
 
(3,383)
 
(3,506)
 
(3,633)
 
Headline EBITDA (including depreciation of right-of-use assets) (12month rolling)
 
1,710
 
1,935
 
1,966
 
Average adjusted net debt to headlineEBITDA ratio1
 
1.98x
 
1.81x
 
1.85x
 
 
The average adjusted net debt and headline EBITDA (includingdepreciation of right-of-use assets) amounts used in the averageadjusted net debt to headline EBITDA (including depreciation ofright-of-use assets) ratio calculation above are for the 12 monthsended 30 June 2025, 31 December 2024 and 30 June 2024respectively.
 
 

1 The definitions of adjustednet debt and average adjusted net debt have been updated to includederivative financial instruments. Prior year comparatives andrelated metrics (i.e. the average adjusted net debt to headlineEBITDA ratio) have been re-presented for this newdefinition.
 
 
Reconciliation of adjusted cash flow measures
 
The Group bases its internal cash flow objectives on adjustedoperating cash flow, adjusted operating cash flow before workingcapital, adjusted free cash flow and adjusted net cashflow.
 
Reconciliation of operating cash flow, adjusted free cash flow andadjusted net cash flow:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Net cash outflow from operating activities
 
(1,036)
 
(540)
 
Corporation and overseas tax paid
 
168
 
168
 
Interest paid on lease liabilities
 
50
 
47
 
Other interest and similar charges paid
 
117
 
118
 
Interest received
 
(24)
 
(69)
 
Investment income
 
(5)
 
(5)
 
Dividends from associates
 
(15)
 
(18)
 
Contingent consideration liability payments recognised in operatingactivities
 
13
 
1
 
Cash used by operations
 
(732)
 
(298)
 
Purchase of property, plant and equipment
 
(42)
 
(82)
 
Purchase of intangible assets
 
(46)
 
(25)
 
Repayment of lease liabilities
 
(120)
 
(140)
 
Interest paid on lease liabilities
 
(50)
 
(47)
 
Investment income
 
5
 
5
 
Adjusted operating cash flow
 
(985)
 
(587)
 
Corporation and overseas tax paid
 
(168)
 
(168)
 
Other interest and similar charges paid
 
(117)
 
(118)
 
Interest received
 
24
 
69
 
Dividends from associates
 
15
 
18
 
Contingent consideration liability payments
 
(15)
 
(25)
 
Dividends paid to non-controlling interests in subsidiaryundertakings
 
(26)
 
(34)
 
Adjusted free cash flow
 
(1,272)
 
(845)
 
Net disposal proceeds
 
6
 
33
 
Net initial acquisition payments
 
(133)
 
(29)
 
Share purchases
 
(92)
 
(57)
 
Adjusted net cash flow
 
(1,491)
 
(898)
 
 
Reconciliation of adjusted operating cash flow before workingcapital:
 
£ million
 
Six months ended 30 June 2025
 
Six months ended 30 June 2024
 
Adjusted operating cash flow
 
(985)
 
(587)
 
Less movements in working capital and provisions:
 
 
 
Decrease in trade receivables and accrued income
 
(375)
 
(430)
 
Decrease in trade payables and deferred income
 
1,303
 
1,055
 
Increase in other receivables
 
219
 
109
 
Decrease in other payables
 
186
 
337
 
(Decrease) / increase in provisions
 
15
 
(15)
 
Adjusted operating cash flow before working capital
 
363
 
469
 
 
 
Reconciliation of adjusted cash flow measures(continued)
 
Management believes adjusted operating cash flow is a target thatcan be translated into targets for operating business units that donot have direct control of items which influence adjusted free cashflow, such as the Group effective tax rate and leverage; and ismeaningful to investors as a measure of the degree to whichheadline operating profit is converted into cash after the cost ofleased operating assets, investment in capital expenditure, andworking capital.
 
Adjusted operating cash flow before working capital is meaningfulto investors because it excludes working capital movements whichcan be volatile around period ends.
 
Adjusted free cash flow is meaningful to investors because it isthe measure of the Group’s funds available for acquisitionrelated payments, dividends to shareholders, share repurchases anddebt repayment. The purpose of presenting adjusted free cash flowis to indicate the ongoing cash generation within the control ofthe Group after taking account of the necessary cash expendituresof maintaining the capital and operating structure of the Group (inthe form of payments of interest, corporate taxation, and capitalexpenditure).
 
Adjusted net cash flow is meaningful to investors because it is themeasure of the Group’s funds available for debt repayment orto increase cash on hand after acquisition related payments,dividends to shareholders and share repurchases. The purpose ofpresenting adjusted net cash flow is to indicate the ongoing cashgeneration within the control of the Group after taking account ofthe necessary cash expenditures of maintaining the capital andoperating structure of the Group (in the form of payments ofinterest, corporate taxation, and capital expenditure) and afteracquisitions, dividend payments to shareholders and sharerepurchases.
 
Constant currency and ‘like-for-like’:
 
These condensed consolidated interim financial statements arepresented in pounds sterling. However, the Group’ssignificant international operations give rise to fluctuations inforeign exchange rates. To neutralise foreign exchange impact andillustrate the underlying change in revenue and profit from oneperiod to the next, the Group has adopted the practice ofdiscussing results in both reportable currency (local currencyresults translated into pounds sterling at the prevailing foreignexchange rate) and constant currency.
 
Management also believes that discussing like-for-like contributesto the understanding of the Group’s performance and trendsbecause it allows for meaningful comparisons of the current periodto that of prior periods.
 
Further details of the constant currency and like-for-like methodsare outlined in the Glossary.
 
The following tables reconcile reported revenue growth for thethree and six months ended 30 June 2025 and 2024, includinglike-for-like revenue growth for the same periods:
 
£ million
 
 
 
Revenue
 
 
 
Six months ended 30 June 2024 reported (H1)
 
7,227
 
 
Impact of exchange rate changes
 
(175)
 
(2.4) %
 
Impact of acquisitions and disposals
 
(214)
 
(3.0) %
 
Like-for-like growth
 
(175)
 
(2.4) %
 
Six months ended 30 June 2025 reported (H1)
 
6,663
 
(7.8) %
 
 
 
Constant currency and ‘like-for-like’(continued):
 
 
£ million
 
 
 
Revenue
 
 
 
Three months ended 30 June 2024 reported (Q2)
 
3,815
 
 
Impact of exchange rate changes
 
(135)
 
(3.6) %
 
Impact of acquisitions and disposals
 
(107)
 
(2.8) %
 
Like-for-like growth
 
(153)
 
(4.0) %
 
Three months ended 30 June 2025 reported (Q2)
 
3,420
 
(10.4) %
 
 
 
 
The following tables reconcile revenue less pass-through costsgrowth for the three and six months ended 30 June 2025 and 2024,including like-for-like revenue less pass-through costs growth forthe same periods:
 
£ million
 
 
 
Revenue less pass-through costs
 
 
 
Six months ended 30 June 2024 reported (H1)
 
5,599
 
 
Impact of exchange rate changes
 
(134)
 
(2.4) %
 
Impact of acquisitions and disposals
 
(196)
 
(3.5) %
 
Like-for-like growth
 
(243)
 
(4.3) %
 
Six months ended 30 June 2025 reported (H1)
 
5,026
 
(10.2) %
 
 
£ million
 
 
 
Revenue less pass-through costs
 
 
 
Three months ended 30 June 2024 reported (Q2)
 
2,912
 
 
Impact of exchange rate changes
 
(103)
 
(3.5) %
 
Impact of acquisitions and disposals
 
(96)
 
(3.3) %
 
Like-for-like growth
 
(169)
 
(5.8) %
 
Three months ended 30 June 2025 reported (Q2)
 
2,544
 
(12.6) %
 
 
The following table reconciles headline operating profit growth forthe six months ended 30 June 2025 and 2024, including like-for-likeheadline operating profit growth for the same period:
 
£ million
 
Margin
 
 
 
Headline operating profit
 
 
 
 
Six months ended 30 June 2024 reported (H1)
 
11.5 %
 
646
 
 
Impact of exchange rate changes
 
 
(19)
 
(2.9) %
 
Impact of acquisitions and disposals
 
 
(27)
 
(4.2) %
 
Like-for-like growth
 
 
(188)
 
(29.1) %
 
Six months ended 30 June 2025 reported (H1)
 
8.2 %
 
412
 
(36.2) %
 
 
 
 
Adjusted free cash flow
Adjusted free cash flow is calculated as cash used in/generated byoperations plus dividends received from associates, interestreceived, investment income received, and share option proceeds,less corporation and overseas tax paid, interest and similarcharges paid, dividends paid to non-controlling interests insubsidiary undertakings, repayment of lease liabilities, interestpaid on lease liabilities, contingent consideration liabilitypayments and purchases of property, plant and equipment andpurchases of intangible assets.
 
Adjusted operating cash flow
Adjusted operating cash flow is calculated as cash usedin/generated by operations plus investment income received, andshare option proceeds, less repayment of lease liabilities,interest paid on lease liabilities, and purchases of property,plant and equipment and purchases of intangibleassets.
 
Adjusted operating cash flow before working capital
Adjusted operating cash flow before movement in trade receivablesand accrued income, trade payables and deferred income, otherreceivables, other payables and provisions.
 
Adjusted net cash flow
Adjusted net cash flow is calculated as adjusted free cash flow (asdefined above) plus disposal proceeds, less net initial acquisitionpayments, dividends and share purchases.
 
Adjusting items
Adjusting items include gains/losses on disposal of investments andsubsidiaries, gains/losses on disposal of property, goodwillimpairment, other impairment charges, impairment of investments inassociates, amortisation and impairment of acquired intangibleassets, restructuring and transformation costs, property-relatedrestructuring costs, other transaction costs, legal provisioncharges/gains, revaluation and retranslation of financialinstruments and share of adjusting and other items forassociates.
 
Average adjusted net debt and adjusted net debt
Average adjusted net debt is the average monthly net borrowings ofthe Group. Adjusted net debt consists of cash and cash equivalents,bank overdrafts, current and non-current borrowings, derivativefinancial instruments hedging debt, and excludes leaseliabilities.
 
Billings
Billings comprise the gross amounts billed to clients in respect ofcommission-based/fee-based income together with the total of otherfees earned.
 
Constant currency
The Group uses US dollar-based, constant currency models to measureperformance across all jurisdictions. These are calculated byapplying budgeted 2025 exchange rates to local currency reportedresults for the current and prior year, which excludes anyvariances attributable to foreign exchange ratemovements.
 
Establishment costs
Establishment costs are costs directly related to the occupancy ofthe buildings utilised by WPP. These include the depreciation ofright of use assets and leasehold improvements; and the costs ofproperty taxes, utilities, maintenance and facilities managementamongst others.
 
General and administrative costs
General and administrative costs include marketing costs, certainprofessional fees and an allocation of other costs, including staffand establishment costs (defined above), based on the function ofemployees within the Group.
 
Headline costs
Headline costs comprise costs of services and generaladministrative costs excluding gains/losses on disposal ofinvestments and subsidiaries, gains/losses on disposal of property,goodwill impairment, other impairment charges, impairment ofinvestments in associates, amortisation and impairment of acquiredintangible assets, restructuring and transformation costs,property-related restructuring costs, other transaction costs,legal provision charges/gains, revaluation and retranslation offinancial instruments and share of adjusting and other items forassociates.
 
Headline earnings
Headline PBT less headline tax charge and headline non-controllinginterests.
 
Headline EBITDA
Profit before finance income/costs and revaluation andretranslation of financial instruments, taxation, gains/losses ondisposal of investments and subsidiaries, gains/losses on disposalof property, goodwill impairment, impairment of investments inassociates, amortisation and impairment of acquired intangibleassets, restructuring and transformation costs, property-relatedrestructuring costs, legal provision charges/gains and share ofadjusting and other items for associates.
 
Headline earnings from associates
Earnings from associates, excluding share of adjusting and otheritems for associates.
 
Headline net finance costs
Net finance costs (as defined below) excluding revaluation andretranslation of financial instruments.
 
Headline operating profit
Operating profit before gains/losses on disposal of investments andsubsidiaries, gains/losses on disposal of property, otherimpairment charges, goodwill impairment, impairment of investmentsin associates, amortisation and impairment of acquired intangibleassets, restructuring and transformation costs, property-relatedrestructuring costs, other transaction costs and legal provisioncharges/gains.
 
Headline operating profit margin
Headline operating profit margin is calculated as headlineoperating profit (defined above) as a percentage of revenue lesspass-through costs.
 
Headline PBIT
Profit before net finance costs, taxation, gains/losses on disposalof investments and subsidiaries, gains/losses on disposal ofproperty, goodwill impairment, impairment of investments inassociates, amortisation and impairment of acquired intangibleassets, other impairment charges, restructuring and transformationcosts, property-related restructuring costs, other transactioncosts, legal provision charges/gains and share of adjusting andother items for associates.
 
Headline PBT 
Profit before taxation, gains/losses on disposal of investments andsubsidiaries, gains/losses on disposal of property, goodwillimpairment, impairment of investments in associates, amortisationand impairment of acquired intangible assets, other impairmentcharges, restructuring and transformation costs, property-relatedrestructuring costs, other transaction costs, legal provisioncharges/gains, share of adjusting and other items for associates,and revaluation and retranslation of financialinstruments.
 
Headline tax charge
Taxation excluding tax/deferred tax relating to gains/losses ondisposal of investments and subsidiaries, gains/losses on disposalof property, acquisition related intangible assets and liabilities,restructuring and transformation costs, property-relatedrestructuring costs, investments in associates, other transactioncosts and legal provision charges/gains.
 
Like-for-like
Like-for-like comparisons are calculated as follows: current year,constant currency actual results (which include acquisitions fromthe relevant date of completion) are compared with prior year,constant currency actual results, adjusted to include the resultsof acquisitions and disposals.
 
Net finance costs
All costs related to interest expense on bank overdrafts, bonds,bank loans, lease liabilities, swaps and revaluation andretranslation of financial instruments less any interest income oncash surplus and investments.
 
Net working capital
The movement in net working capital consists of movements in tradereceivables and accrued income, trade payables and deferred income,other receivables, other payables and provisions per the analysisof cash flows in note 6.
 
Pass-through costs
Pass-through costs comprise fees paid to external suppliers whenthey are engaged to perform part or all of a specific project andare charged directly to clients. This includes the cost of mediawhere the Group is buying digital media for its own account on atransparent opt-in basis and, as a result, the subsequent mediapass-through costs have to be accounted for as revenue, as well asbillings.
 
Revenue less pass-through costs
Revenue less pass-through costs is revenue less media and otherpass-through costs.
 
 
 
SIGNATURES
 
 
Pursuant to therequirements of the Securities Exchange Act of 1934, the registranthas duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.
 
 
WPP PLC
 
(Registrant)
 
 
Date:07 August 2025.
By: ______________________ 
 
          BalbirKelly-Bisla
 
          CompanySecretary