WPP Scangroup has bounced back to profit territory after recording an after-tax profit of KSh 130 million last year, against a KSh 145.5 million loss reported in 2022.
- •The company has changed the tide after seven years of declining profit by registering a 1 per cent gross net revenue growth to KSh 2.2 billion.
- •In the FY 2023, the firm we recorded an operating profit of KSh 269 million excluding restructuring cost, with an Earnings Per Share growth of 191 per cent.
- •The directors however did not declare a dividend for the financial year ended 31 December 2023
“We have built a strong technology stack to support innovation-led growth for our agencies. The next stage of transforming our business is focused on continuing to invest in technology and talent, leveraging the gig economy and AI for agility and developing net-zero targets in line with our sustainability agenda,” said Patricia Ithau, Chief Executive Officer.
Commenting on a case filed by former CEO Bharat Thakrar against the company, Scangroup said it is in the process of perusing the court pleadings to enter an appearance and prepare a suitable defence.
“At the date of approving this financial statement and after the end of the reporting period, the directors are aware of a case filed by the former CEO and a current shareholder of the company against the company. We cannot comment any further as the matter is the subject of an active litigation in court,” the company said in a statement.
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