WPP plc provided earnings guidance for the 2022 and 2023. Like-for-like revenue less pass-through costs growth of around 5%. Headline operating margin improvement of around 50 bps, excluding the impacts of M&A and foreign exchange. Effective tax rate (measured as headline tax as a % of headline profit before tax) of around 25.5%. Capex £350 million - £400 million, with around £100 million relating to ERP system deployment previously included in capex guidance now included in restructuring costs. Trade working capital expected to be flat year-on-year.

The company expects 3%-4% annual growth in revenue less pass-through costs from 2023, including M&A benefit of 0.5%-1.0% annually. 15.5% - 16.0% headline operating margin in 2023.