WPP Seems Confident Production Arm Can Defy Declining Market
Dow Jones09-24
1305 GMT - WPP executives appear confident that bringing work in house can help the U.K. advertising group's production division deliver growth against a declining market, Citi analysts say in a research note. The company is looking to internalize a pool of previously externalized third-party spending estimated at between $1 billion and $2 billion to eliminate inefficiencies, the analysts say. "This shifts job economics toward higher net sales and improved operating margins while reducing gross client expenditures," they add. Shares fall 0.3%.
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