WPP AUNZ says March quarter net sales fell 5.2% to $144 million but the advertising group has reaffirmed its full year earnings guidance.
Costing cutting and restrucuring led to improved earnings in the first quarter of the year despite the dip in net sales.
Headline earnings before interest and tax (EBIT) for the March quarter came in at $10.2 million, compared to a loss of $3.8 in the same three months in 2020.
“We are pleased with our results for the quarter which were very much on track with our expectations and reflect the benefits of the transformation of our business in the last 12 months," says CEO Jens Monsees.
"The results are a credit to our whole team who have embraced change in our business while also working through a global pandemic.
"We are pleased to reaffirm our previously announced guidance of headline EBIT of between $85 million and $95 million."
The takeover of WPP AUNZ by the UK company, WPP plc, the world's biggest advertising company, is progressing. The global player is paying $230 million to buy the 38.5% of the Australian company it doesn't own.
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