REG - WPP PLC - Third Quarter 2025 Trading Update
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RNS Number : 4100F WPP PLC 30 October 2025
30 October 2025
Third Quarter 2025 Trading Update
YTD performance at the low-end of expectations; FY organic growth guidance
revised to -5.5% to -6.0%; Strategic review underway with a focus on returning
to growth and strengthening execution
Third Quarter £ million +/(-) % reported(1) +/(-) % LFL(2)
Revenue 3,259 (8.4) (3.5)
Revenue less pass-through costs 2,459 (11.1) (5.9)
Year to date £ million +/(-) % reported(1) +/(-) % LFL(2)
Revenue 9,922 (8.0) (2.8)
Revenue less pass-through costs 7,485 (10.5) (4.8)
Q3 revenue of £3,259m was down 8.4% YoY on a reported basis and down 3.5%
like-for-like (LFL), while revenue less pass-through costs of £2,459m was
down 5.9% LFL. Performance in the quarter was driven by a step down in WPP
Media vs. the second quarter. YTD reported revenue was down 8.0% YoY and down
2.8% LFL. YTD revenue less pass-through costs was down 10.5% YoY and 4.8% LFL.
Based on trading YTD, we expect 2025 LFL growth in revenue less pass-through
costs of -5.5% to -6.0% and headline operating profit margin of around 13%.
Cindy Rose, Chief Executive Officer of WPP, said:
"My ambition is for WPP to lead our industry in terms of innovation, client
delivery and organic growth. However, I acknowledge that our recent
performance is unacceptable and we are taking action to address this.
"We have strong foundations and the ingredients needed to succeed. We have
amazing long-standing clients that represent the largest, most well-known
brands in the world, strong capabilities and world-class talent that spans
media, production and creative, some of the most consequential agency brands
in the market, unrivalled global scale and reach, and market-leading
technology and technology partnerships that give us a real competitive edge.
This is an exciting platform to build on.
"To deliver performance improvements, we will position our offering to be much
simpler, more integrated, powered by data and AI, efficiently priced and
designed to deliver growth and business outcomes for our clients. We will
significantly improve our execution, strengthening our go-to-market and
dramatically simplifying how we organise ourselves internally, as well as
building a high-performance team culture. We will expand our addressable
market by pushing harder into enterprise and technology solutions. And
finally, we will take a disciplined approach to capital allocation with a
focus on cost efficiency and maintaining a strong balance sheet while
prioritising the parts of our business where we can deliver the greatest
shareholder value.
"There is a lot to do, and it will take time to see the impact, but in my
first 60 days we are already moving at pace with some initiatives already
announced and more to come. We know what it takes to win: we are optimistic,
energised and confident that we're building the right plan and the right
culture to secure a bright future for WPP, our people, our clients, and our
shareholders. We look forward to sharing more details early in the new year."
Q3 2025 performance
• Revenue - Q3 2025 revenue of £3,259m was down 8.4%, a LFL decline of
3.5%. Revenue less pass-through costs of £2,459m was down 11.1% reported and
5.9% LFL. YTD revenue of £9,922m was down 8.0%, a LFL decline of 2.8%. YTD
revenue less pass-through costs of £7,485m was down 10.5% reported and down
4.8% LFL.
• Business segment and regions - Global Integrated Agencies Q3 LFL
revenue less pass-through costs was down 6.2%, with WPP Media down 5.7%, a
sequential deterioration compared to Q2, and other Global Integrated Agencies
declining 6.5%. Public Relations saw Q3 LFL revenue less pass-through costs
down 5.9% while Specialist Agencies declined by 2.2%. By geography, North
America was down 6.0% and the UK was -8.9%. Western Continental Europe at
-4.4% also deteriorated quarter on quarter (excluding the impact of one-off
factors in Q2) while Rest of World at -5.0% saw an improvement, with growth of
6.7% in India and a decline of 10.6% in China.
• Clients - WPP's top 25 clients are down 2.0% year to date vs. Group LFL
down 4.8%. This includes the impact of client assignment losses as well as
pressure on CPG, Automotive and Government. Tech & Digital Services saw a
step down in the third quarter following a positive first half, while
Healthcare has returned to strong growth.
Key Strategic Initiatives
• Key leadership changes - Cindy Rose assumed the role of CEO from 1
September. On 5 September she appointed Devika Bulchandani as Chief Operating
Officer of WPP and Laurent Ezekiel as Global CEO of Ogilvy Group.
• Extended partnership with Google/Launch of WPP Open Pro - In October,
WPP announced a five-year extension of our partnership with Google dedicated
to advancing cloud and AI technology. This will drive efficiencies across our
enterprise tech spend and the ROI from our AI investments, supporting
innovation and product development to fuel client growth. WPP also announced
the launch of WPP Open Pro, a new edition of our AI platform for marketing,
WPP Open. WPP Open Pro streamlines the entire marketing lifecycle, allowing
clients to plan, create and activate campaigns and is designed to broaden our
addressable market.
• Strategy review - Our strategic review is underway and focused on four
core principles: (1) simplifying and integrating our client offer and
harnessing our AI advantage to deliver growth and business outcomes for our
clients; (2) significantly improving our execution and building a
high-performance culture; (3) expanding our addressable market through
enterprise and technology solutions; (4) strengthening our financial
foundations and performance through operational efficiency and a disciplined
approach to capital allocation. Full details will be shared early in the new
year.
Financial outlook for 2025
• 2025 guidance - Based on trading year to date and the outlook for the
fourth quarter, we expect LFL growth in revenue less pass-through costs of
-5.5% to -6.0% (vs. -3% to -5% previously). Similarly, we expect headline
operating profit margin to be around 13% (vs. previous guidance of down 50 to
175 bps year on year excluding the impact of FX). Our guidance of adjusted
operating cash flow pre working capital is unchanged at £1.1bn to £1.2bn.
Conference Call at 9.30am GMT/5.30am EDT:
• Dial-in Details: UK +44 (0) 20 3936 2999; US +1 646 233 4753;
Passcode: 539142
• Webcast: Live listen-only webcast and replay will be available here
(https://www.investis-live.com/wpp/68da74dbe255d400105db04b/ebwb)
For further information:
Media Investors and analysts
Niken Wresniwiro, WPP +44 20 7282 4600 Thomas Singlehurst, CFA +44 7876 431922
Chris Lane, +44 7899 793612 Anthony Hamilton +44 7464 532903
Burson Buchanan +44 20 7466 5000 Melissa Fung +44 7353 107064
press@wpp.com irteam@wpp.com wpp.com/investors (wpp.com/investors)
(1.) Percentage change in reported sterling.
(2.) Like-for-like. LFL comparisons are calculated as follows: current year,
constant currency actual results (which include acquisitions from the relevant
date of completion) are compared with prior year, constant currency actual
results, adjusted to include the results of acquisitions and disposals for the
commensurate period in the prior year.
Third quarter 2025 overview
Revenue in the third quarter was £3.3bn, down 8.4% from £3.6bn in Q3 2024,
and down 3.5% LFL. Revenue less pass-through costs was £2.5bn, down 11.1%
from £2.8bn in Q3 2024, and down 5.9% LFL.
£ million Q3 2025 % % % +/(-) % LFL
reported M&A FX
Revenue 3,259 (8.4) (3.2) (1.7) (3.5)
Revenue less pass-through costs 2,459 (11.1) (3.5) (1.7) (5.9)
£ million YTD 2025 % % % +/(-) % LFL
reported M&A FX
Revenue 9,922 (8.0) (3.0) (2.2) (2.8)
Revenue less pass-through costs 7,485 (10.5) (3.6) (2.1) (4.8)
Segmental review
Business segments - revenue less pass-through costs
+/(-) % LFL Global Public Relations Specialist Agencies
Integrated Agencies
Q3 2025 (6.2) (5.9) (2.2)
YTD 2025 (5.0) (6.8) (0.9)
Global Integrated Agencies: WPP Media, our media planning and buying business,
saw a LFL decline in revenue less pass-through costs of 5.7% in Q3 (Q3 2024:
+4.8%) a sequential step down from the second quarter (-4.7%, which included
the impact of one-off factors). Performance in the quarter was impacted by
client assignment losses in the US and UK, a significant deterioration in
Germany and moderating declines in China, partially offset by improving
performance in Spain and India. Given the impact of further client assignment
losses from 1 October, we anticipate the LFL decline in revenue less
pass-through costs to deteriorate further in the fourth quarter.
Other Global Integrated Agencies declined 6.5% LFL (Q3 2024: -3.1%), impacted
by continued volatility in client spending, with sustained pressure on both
Ogilvy and AKQA. VML's revenue less pass-through costs in the quarter
continued to decline but at a more moderate rate, while Hogarth saw a return
to growth in the third quarter supported by a strong performance in India.
Public Relations: Reported revenue less pass-through costs continues to be
impacted by the disposal of FGS Global which completed in Q4 2024. On a LFL
basis, Burson saw a mildly improved trend relative to the first half, but
still saw revenue less pass-through costs down in the mid single digits as the
business continued to face a challenging environment. We continue to be
encouraged by improved new business momentum, in particular in the US, and
expect an improving trend into year-end.
Specialist Agencies: CMI Media Group, our specialist healthcare media planning
and buying agency, continued to grow strongly, sustaining double-digit growth
from the first half of the year. Meanwhile, Landor and Design Bridge and
Partners both saw a return to growth in the quarter supported by spend from
existing clients. With pressure on the longer tail of activities within the
segment, overall Specialist Agencies saw a decline of 2.2% (Q3 2024: +0.8%).
Regional segments - revenue less pass-through costs
+/(-) % LFL North America United Kingdom Western Cont. Europe Rest of World
Q3 2025 (6.0) (8.9) (4.4) (5.0)
YTD 2025 (3.6) (7.0) (5.1) (5.2)
North America saw a further sequential deterioration, declining 6.0% in Q3
2025 relative to Q2 2025 (-4.6%) on a largely unchanged comparison. Q3 saw the
impact of client assignment losses and spending cuts, in particular at Ogilvy
and WPP Media, with pressure centred on CPG, Automotive and Government and a
decline in spend in Tech & Digital Services. Meanwhile, the region saw
growth from VML, Hogarth and within Specialist Agencies by segment and within
Healthcare by client industry. Given the impact of account losses, we
anticipate a further deterioration in growth in Q4.
The United Kingdom declined 8.9% against a toughening comparison (Q3 2024:
0.0%) with the impact of client assignment losses amplified by spending cuts.
Pressure was centred on WPP Media, VML and AKQA, offsetting more robust trends
at Design Bridge and Partners and Ogilvy.
Western Continental Europe saw a more moderate decline against a tougher
comparison from 2024 (Q3 2024: +2.2%). Spain remains a relative outperformer,
returning to growth, while Germany saw a significant step down in the third
quarter driven by spending cuts in particular within Automotive.
Rest of World declined 5.0%, driven primarily by Asia Pacific which declined
7.4%. Growth in India of 6.7%, reflecting continued strong new business
momentum in particular at WPP Media, was offset by a 10.6% decline in China,
where the impact of client assignment losses is moderating but there are
persistent macroeconomic pressures. There were declines in Latin America
(-3.1%) but stability across Africa & Middle East (+0.1%) and growth in
Central & Eastern Europe (+1.3%).
Top five markets - revenue less pass-through costs
% LFL +/(-) USA UK Germany China India
Q3 2025 (5.6) (8.9) (10.6) (10.6) 6.7
YTD 2025 (3.4) (7.0) (5.7) (14.5) 2.1
Client sector - revenue less pass-through costs
Q3 2025 YTD 2025 YTD 2025
% share, revenue less pass-through costs(1)
+/(-) % LFL +/(-) % LFL
CPG (6.7) (5.1) 27.6
Tech & Digital Services (4.5) (0.6) 17.7
Healthcare & Pharma 6.7 2.1 11.9
Automotive (6.8) (2.3) 10.6
Retail (8.2) (5.1) 8.9
Telecom, Media & Entertainment (6.7) (6.4) 6.6
Financial Services (5.7) (2.7) 6.2
Other (13.1) (13.9) 4.1
Travel & Leisure (9.0) (6.6) 3.5
Government, Public Sector & Non-profit (9.9) 1.9 2.9
(1.) Proportion of WPP revenue less pass-through costs in YTD 2025; table made
up of clients representing 83% of WPP total revenue less pass-through costs.
Balance sheet highlights
Average adjusted net debt (for the last 12 month rolling period) at
30 September 2025 was £3.4bn, compared to £3.6bn at 30 September 2024, and
£3.5bn at 31 December 2024.
Adjusted net debt at 30 September 2025 was £3.6bn, consistent with
30 September 2024.
Financial outlook
Our guidance for 2025 is as follows:
Like-for-like revenue less pass-through costs growth of -5.5% to -6.0%
Headline operating margin of around 13%
Other 2025 modelling assumptions remain unchanged:
• Mergers and acquisitions will reduce revenue less pass-through costs by
around 3 percentage points primarily due to the disposal of FGS Global
• FX impact: current rates (at 21 October 2025, with USD/GBP rate of
1.34) imply a c.1.8% drag on FY 2025 revenue less pass-through costs, with
c.10bps reduction expected on FY 2025 headline operating margin
• Headline earnings from associates around £40m
• Non-controlling interests around £65m
• Headline net finance costs of around £280m
• Headline effective tax rate(1) of around 31%
• Capex of around £220m
• Cash restructuring costs of around £90m
• Adjusted operating cash flow before working capital of around
£1.1bn to £1.2bn
This announcement contains information that qualifies or may qualify as inside
information. The person responsible for arranging the release of this
announcement on behalf of WPP plc is Balbir Kelly-Bisla, Company Secretary.
(1.) Headline tax as a % of headline profit before tax.
Q3 2025 highlights
Below we highlight key developments from Q3 across the Group:
1. Clients
• WPP Media new business - During the course of the third quarter WPP
Media secured a number of client assignments including the retention of our
partnership with Marks & Spencer in the UK in July, the win of Mastercard
in August and the wins of Maersk, TruGreen and Suncorp Group in September.
• Other new client assignments across the Group - Wins include: Haleon,
the Financial Times, TruGreen, PwC and Nestlé within creative, production,
commerce and design. WPP agencies also secured creative mandates from Comic
Relief in the UK and the F1 Abu Dhabi Grand Prix in UAE. In PR, wins included
Stellantis in Brazil, Lipton Teas & Infusions in the UK and Tourism New
Zealand in Australia.
• Industry recognition - At the 2025 Global Influencer Awards in July (see
link
(https://www.ogilvy.com/ideas/ogilvy-earns-most-awards-global-influencer-marketing-awards-for-7th-straight-year)
), Ogilvy was recognised as the 'Most Awarded Agency' for the seventh
consecutive year. Meanwhile at the 2025 World Media Awards (see link
(https://www.wppmedia.com/news/world-media-awards-2025) ), an event which
recognises the most effective, content-driven marketing campaigns worldwide,
WPP Media's clients and teams were recognised with three major prizes and
three shortlist mentions, including a Grand Prix and a Luxury & Lifestyle
award for our 'Linked by Love' work for Cartier and a Technology &
Telecoms award for our 'The Exponential Era
(https://www.wppmedia.com/case-studies/The-Exponential-Era) ' work for Nokia.
2. Technology
• Adoption of WPP Open continues to grow - In 2025 we continue to
prioritise investment in WPP Open, our AI-powered marketing operating system,
focusing on deployment across our business, as part of our commitment to spend
£300m in 2025 on AI-driven technology. A key metric for us is internal
adoption and we have seen continued progress with 76,000 of our people
(equivalent to over 90% of client-facing staff) using the platform actively on
a monthly basis during the course of September. This compares with
69,000/c.85% in June and up from 33,000/c.40% in December 2024.
• Launch of WPP Open Pro - In October (see link
(https://www.wpp.com/en/news/2025/10/wpp-unveils-wpp-open-pro) ) we announced
the launch of WPP Open Pro, a new edition of our AI platform for marketing WPP
Open. WPP Open Pro is designed to empower brands of all sizes to plan, create
and publish campaigns directly. WPP Open Pro will expand WPP's reach across
the global advertising market while also offering an efficient route for
existing clients to leverage WPP's platform and tools. The platform not only
enables WPP to service the evolving needs of its current client base but also
to increase our addressable market, accessing smaller brand budgets.
• WPP partners with Google - In early October (see link
(https://www.wpp.com/en/news/2025/10/wpp-and-google-forge-groundbreaking-partnership-to-redefine-marketing-with-ai)
) WPP announced a five-year expansion of our partnership with Google dedicated
to advancing cloud and AI technology. The collaboration aims to revolutionise
how brands approach integrated creative, production, media, experience and
commerce, enabling real-time personalisation of marketing. The partnership
encompasses bespoke AI model development, privacy-first data collaboration as
well as co-development of industry-leading learning & development
capabilities all in service of revolutionising how brands approach integrated
marketing (creative, production, media), experience & commerce. As well as
delivering efficiencies across our enterprise tech spend, the partnership will
drive the ROI from our AI investments supporting client retention and new
business.
• WPP partners with the MACH Alliance - In early September (see link
(https://www.wpp.com/en/news/2025/09/wpp-partners-with-the-mach-alliance) ),
WPP announced a global partnership with the MACH alliance, a not-for-profit
industry body advancing composable enterprise architecture to help
organisations adopt transformative technologies and future-proof their
businesses. The expanded partnership brings together established
MACH-certified expertise within AKQA, Ogilvy One and VML under a unified
global membership and capability for clients worldwide, allowing them to
rapidly adopt new technologies like AI without having to overhaul their entire
technology stack.
• WPP Media and Criteo launch Connected TV partnership - In July (see
link (https://www.wppmedia.com/news/scaling-commerce-signals-CTV) ) WPP and
Criteo announced a new partnership to scale commerce intelligence to Connected
TV (CTV), combining WPP's scaled relationships with premium supply partners
via Open Intelligence and Criteo's real time commerce signals. The alliance
will enable advertisers to reach qualified consumers at scale across premium
CTV inventory, turning connected TV into a channel for performance-based
marketing.
• WPP Media concludes Retail Media partnerships in Turkey - In July WPP
Media announced two separate partnerships in Turkey, one with Migros Group
(see link
(https://www.wppmedia.com/news/migros-group-wpp-media-turkiye-ai-strategic-partnership-digital-media)
) and one with Mimeda (see link
(https://www.wppmedia.com/news/wpp-media-turkey-mimeda-retail-media-partnership)
). The former aligns WPP Media with one of the leading retailers in Turkey
while the latter combines WPP Media's global media planning and buying
expertise with Mimeda's local insights and technological infrastructure,
supported by Migros's extensive retail experience.
3. People
• Key global leadership appointments - In early September (see link
(https://www.wpp.com/en/news/2025/09/wpp-announces-key-global-leadership-appointments)
) WPP announced a series of strategic global leadership appointments. Devika
Bulchandani was appointed Chief Operating Officer of WPP while Laurent Ezekiel
was appointed Global CEO of Ogilvy Group and Executive Sponsor for WPP Open X.
Additionally, Floriane Tripolino was named CEO of WPP Open X, WPP's bespoke
agency team dedicated to The Coca-Cola Company, and Michael Frohlich rejoined
the Group as Global Chief Marketing & Corporate Affairs Officer.
• VML recognised as Top 3 Workplace for Innovators by Fast Company - In
September (see link
(https://www.vml.com/news/fast-company-names-vml-no-3-on-its-100-best-workplaces-for-innovators-list)
) Fast Company recognised VML as number 3 on its list of the 100 Best
Workplaces for Innovators. VML earned its ranking by demonstrating a culture
that empowers employees to develop solutions addressing real-world challenges
and the citation noted specific projects for key VML client including
SupportBelt (https://www.vml.com/work/the-support-belt) for Ford, Copper Skin
(https://www.vml.com/work/copper-skin) for Telefonica Movistar Colombia and
The Outside Book
(https://www.vml.com/work/fruittella-creates-childrens-book-that-reveals-its-pages-only-in-sunlight)
for Fruitella.
Business segment and regional analysis
Business segments - revenue analysis
Q3 2025 YTD 2025
£ million +/(-) % reported +/(-) % LFL £ million +/(-) % reported +/(-) % LFL
Global Integrated Agencies 2,868 (4.7) (3.7) 8,738 (4.3) (2.7)
Public Relations 174 (40.4) (6.3) 525 (41.2) (7.3)
Specialist Agencies 217 (14.9) 0.9 659 (13.7) 0.0
Total Group 3,259 (8.4) (3.5) 9,922 (8.0) (2.8)
Business segments - revenue less pass-through costs analysis
Q3 2025 YTD 2025
£ million +/(-) % reported +/(-) % LFL £ million +/(-) % reported +/(-) % LFL
Global Integrated Agencies 2,110 (7.0) (6.2) 6,412 (6.6) (5.0)
Public Relations 164 (40.1) (5.9) 499 (40.7) (6.8)
Specialist Agencies 185 (17.0) (2.2) 574 (12.9) (0.9)
Total Group 2,459 (11.1) (5.9) 7,485 (10.5) (4.8)
Regional - revenue analysis
Q3 2025 YTD 2025
£ million +/(-) % reported +/(-) % LFL £ million +/(-) % reported +/(-) % LFL
N. America 1,179 (14.3) (6.0) 3,716 (10.6) (2.8)
United Kingdom 514 (6.5) (8.4) 1,525 (5.2) (7.0)
W Cont. Europe 692 (0.1) 4.0 2,043 (5.0) 0.6
AP, LA, AME, CEE(1) 874 (6.9) (2.2) 2,638 (8.0) (2.8)
Total Group 3,259 (8.4) (3.5) 9,922 (8.0) (2.8)
Regional - revenue less pass-through costs analysis
Q3 2025 YTD 2025
£ million +/(-) % reported +/(-) % LFL £ million +/(-) % reported +/(-) % LFL
N. America 930 (14.8) (6.0) 2,897 (12.2) (3.6)
United Kingdom 365 (6.4) (8.9) 1,114 (4.7) (7.0)
W Cont. Europe 503 (9.2) (4.4) 1,524 (11.3) (5.1)
AP, LA, AME, CEE 661 (9.3) (5.0) 1,950 (10.5) (5.2)
Total Group 2,459 (11.1) (5.9) 7,485 (10.5) (4.8)
(1.) Asia Pacific, Latin America, Africa & Middle East and Central &
Eastern Europe.
Cautionary statement regarding forward-looking statements
This document contains statements that are, or may be deemed to be,
"forward-looking statements". Forward-looking statements give the Company's
current expectations or forecasts of future events.
These forward-looking statements may include, among other things, plans,
objectives, beliefs, intentions, strategies, projections and anticipated
future economic performance based on assumptions and the like that are subject
to risks and uncertainties. These statements can be identified by the fact
that they do not relate strictly to historical or current facts. They use
words such as 'aim', 'anticipate', 'believe', 'estimate', 'expect',
'forecast', 'guidance', 'intend', 'may', 'will', 'should', 'potential',
'possible', 'predict', 'project', 'plan', 'target', and other words and
similar references to future periods but are not the exclusive means of
identifying such statements. As such, all forward-looking statements involve
risk and uncertainty because they relate to future events and circumstances
that are beyond the control of the Company. Actual results or outcomes may
differ materially from those discussed or implied in the forward-looking
statements. Therefore, you should not rely on such forward-looking statements,
which speak only as of the date they are made, as a prediction of actual
results or otherwise. Important factors which may cause actual results to
differ include but are not limited to: the unanticipated loss of a material
client or key personnel; delays, suspensions or reductions in client
advertising budgets; shifts in industry rates of compensation; regulatory
compliance costs or litigation; changes in competitive factors in the
industries in which we operate and demand for our products and services;
changes in client advertising, marketing and corporate communications
requirements; our inability to realise the future anticipated benefits of
acquisitions; failure to realise our assumptions regarding goodwill and
indefinite lived intangible assets; natural disasters or acts of terrorism;
the Company's ability to attract new clients; the economic and geopolitical
impact of the conflicts in Ukraine and the Middle East; the risk of global
economic downturn; slower growth, increasing interest rates and high and
sustained inflation; tariffs and other trade barriers; supply chain issues
affecting the distribution of our clients' products; technological changes and
risks to the security of IT and operational infrastructure, systems, data and
information resulting from the increased threat of cyber and other attacks;
effectively managing the risks, challenges and efficiencies presented by using
Artificial Intelligence (AI) and Generative AI technologies and partnerships
in our business; risks related to our environmental, social and governance
goals and initiatives, including impacts from regulators and other
stakeholders, and the impact of factors outside of our control on such goals
and initiatives; the Company's exposure to changes in the values of other
major currencies (because a substantial portion of its revenues are derived
and costs incurred outside of the UK); and the overall level of economic
activity in the Company's major markets (which varies depending on, among
other things, regional, national and international political and economic
conditions and government regulations in the world's advertising markets). In
addition, you should consider the risks described in Item 3D, captioned 'Risk
Factors' in the Company's most recent Annual Report on Form 20-F, which could
also cause actual results to differ from forward-looking information. Neither
the Company, nor any of its directors, officers or employees, provides any
representation, assurance or guarantee that the occurrence of any events
anticipated, expressed or implied in any forward-looking statements will
actually occur. Accordingly, no assurance can be given that any particular
expectation will be met and investors are cautioned not to place undue
reliance on the forward-looking statements.
Other than in accordance with its legal or regulatory obligations (including
under the Market Abuse Regulation, the UK Listing Rules and the Disclosure and
Transparency Rules of the Financial Conduct Authority), the Company undertakes
no obligation to update or revise any such forward-looking statements, whether
as a result of new information, future events or otherwise.
Any forward-looking statements made by or on behalf of the Group speak only as
of the date they are made and are based upon the knowledge and information
available to the Directors at the time.
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