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WPP No Longer Has UK Tax Concerns, October Revenue Growth Improves

Date : 11/13/2012 @ 11:16PM
Source : Dow Jones News
Stock : Wpp Plc ADS Each Representing Five Ordinary Shares (MM) (WPPGY)
Quote : 104.84  0.02 (0.02%) @ 5:40AM
Wpp share price Chart

WPP No Longer Has UK Tax Concerns, October Revenue Growth Improves

WPP (LSE:WPP)
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LONDON--WPP PLC (WPP.LN) said Tuesday that is planning to move its headquarters to the U.K. as the coalition's new tax regime means it no longer has the same concerns over tax it had in 2008, adding that revenue growth in October appears to have been better than in September.

MAIN FACTS:

-A return to the U.K. should not have a tax cost for the WPP Group, at least for the remainder of this Government.

-It is proposed to put in place a new parent company for the WPP Group

-WPP continues to be engaged in discussions with share owners regarding compensation matters, both in relation to Sir Martin Sorrell and executive remuneration policy generally.

-It is expected that New WPP will continue to follow WPP's current dividend pay-out policy, whilst also continuing to examine the relative merits of dividends, capital expenditure, acquisitions and share re-purchases.

-Flash revenue numbers received for October indicate like-for-like revenue growth at a similar level to the third quarter and better than September.

-Shares closed Tuesday at 813 pence valuing the company at GBP10.27 billion.

-Write to Rory Gallivan at rory.gallivan@dowjones.com; Twitter: @RoryGallivan

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