Nairobi Securities Exchange listed marketing and communication group WPP Scangroup has reported its financial performance for the half period for 2017.
Revenue declined by 22.3% to Sh 2.0 Billion from Sh 2.6 Billion in the same period in 2016. The company said the decline was due to a significant reduction in marketing spend across the region by one Pan-African client. Further, there was reduced scope of work with several other clients and in particular, with one core client in Gabon.
Highlights;
- Profit Before Tax declined by 38% to Sh 244.5 Million compared to Sh 395 Million in half year 2016.
- Net interest income fell by 41% to Sh 140.2 Million as forex losses declined substantially to Sh 5.5 Million from Sh 33.5 Million in the same period in 2016.
- Operating and administrative expenses declined by 21% Sh 1.9 Billion attributed to an action taken in 2016 and early 2017 to realign the company’s cost base.
- EPS declined by 41% to Sh 0.39 compared to Sh 0.66 in the first half of 2016.
- The company’s board of directors did not recommend the payment of an interim dividend for half year period.
WPP-Scangroup is listed on the Nairobi Securities Exchange and has presence in 25 countries in Sub Saharan Africa.
