WPP Scangroup PLC has today released its results for the year ended 31 December 2022.
Miriam Kaggwa, Chief Financial Officer, said:
“We have recorded improved performance in 2022, with YoY profit after tax up by 298% per cent across our WPP agencies.
We delivered increased value to our shareholders with an EPS growth of 450%. While market pressures led to relatively reduced client margins, we navigated these challenges by leveraging on our footprint and our expertise to build our client portfolio, recording net new business of KES 386 million in 2022. We recorded increased pass-through costs but still delivered strong fundamentals with KES 2.2 billion gross profit.’’
WPP Scangroup records flat half year growth
Patricia Ithau, Chief Executive Officer, said:
“WPP Scangroup PLC continues to deliver high client value driven by innovative, inclusive and impactful creative work across all our agencies. This year saw our agencies win top industry awards regionally and globally including the Cannes Lions where Ogilvy Africa was named Creative Agency of the Year.
We have strong momentum for 2023 backed by exceptional talent, world class technology and supportive clients who continue to inspire and channel our creative drive. We will continue to implement our strategy, invest in technology and deliver superior value to our clients, employees and communities.’’
Summary financial performance
The following figures are in comparison to the year ended 31 December 2022.
- FY reported gross revenue KES 7.3B, – 3.67 %
- FY gross profit KES 2.2B, -6.7%
- Operating expenses increased by 3.3% per cent owing to provision against old Value Added Tax receivables deemed not recoverable.
. Profit after tax KES 75m, +297%
- Reported EPS up 450% to KES 0.14
- KES 386 million of net new business won in FY22.
- The company’s board has recommended no dividend payout to shareholders.
Concluding remarks
We continue to make strides in driving bottom line growth by transforming our capabilities and investing in technology. While macroeconomic shocks are likely to continue impacting business growth, we have invested in tools and effected strategies that aim at cushioning the group, while providing shareholder value.
