Global advertising giant WPP has revealed it cut 7,000 jobs over the past year as profits plunged in what bosses described as a "challenging" first half.
The London-listed firm said it slashed its workforce from 111,000 to 104,000 by the end of June as it battled tougher trading conditions.
The group added that it reduced roles by 3.7% in the first six months of 2025.
The group reported pre-tax profits tumbling to £98 million for the six months to June 30, down from £338 million a year earlier.
WPP’s outgoing chief executive Mark Read, who will be replaced by former Microsoft UK boss Cindy Rose on September 1, said: “It has been a challenging first half given pressures on client spending and a slower new business environment.
“We have, however, made significant progress on the repositioning of WPP Media, simplifying its organisational model to increase effectiveness and reduce costs.”
The company halved its interim dividend payout to 7p per share to give incoming chief executive Rose flexibility to review strategy. WPP said this would allow "our incoming CEO to review the group's strategy and capital allocation policy while maintaining financial flexibility".
Read emphasised that "the priority is to drive sustainable growth supported by an appropriate level of financial flexibility while balancing returns to shareholders".
WPP – which owns agencies such as Ogilvy and VML – warned over annual profits in July as clients cut spending amid global economic uncertainty, with trading worsening over the second quarter.
Revenues fell 7.8% in the first half, down 2.4% on a like-for-like basis, with the decline accelerating to 5.8% in the second quarter.
The company said it continues to expect full-year results in line with the lowered guidance provided in July.
(PA) Note: This article has been edited with the help of Artificial Intelligence.
