Ad giant WPP pulls dividend, buyback and outlook

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The group, which has sold multiple assets as part of a program to simplify the business, said it had cash of 3 billion pounds ($3.7 billion) and total liquidity, including undrawn credit facilities, of 4.8 billion pounds.

It has also launched a review of its costs to protect profitability from a fall in revenue.

“The actions we have taken in the last 18 months to streamline and simplify WPP, together with raising 3.2 billion pounds in asset disposals, have put WPP in a strong financial position,” Chief Executive Mark Read said in a statement on Tuesday.