WPP launches $1.1bn buyback after ‘outstanding’ year

WPP, the world’s largest advertising group, announced an £800 million ($1.1 billion) share buyback for 2022 after it said an “outstanding” year had enabled it to meet recently upgraded forecasts for 2021 net sales.

The group said its main net sales metric — like-for-like revenue less pass-through costs — had risen by 12.1 percent in 2021. It forecast around 5 percent growth for 2022.

“We look forward to 2022 with confidence,” Chief Executive Mark Read said. “We are guiding to strong top-line growth, improving profitability and continued investment in our people and services.”