StockMarketWire.com - Marketing agency WPP is to pay an interim dividend of 10p after scrapping its final dividend for 2019, despite a £2.7bn pre-tax loss in the first half of the year.

Reported revenue for the first half was down 12.3%, while like-for-like revenue declined by 11.5% - with the second quarter proving particularly challenging.

It has achieved £296m in cost savings from a target of £700-800m, and has reduced its debt level by £1.5bn.

The company won $4bn in new business in the first half, according to CEO Mark Read.

The company described its performance as 'resilient' in a 'challenging environment'.

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