WPP (WPP) 6-K 9 Aug 22 2022 Q2 Operating and Financial Review for the period ended 30 June 2022 Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Entity File Number	001-38303
Entity Registrant Name	WPP plc
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000806968
Current Fiscal Year End Date	--12-31

Unaudited condensed consolidate

Unaudited condensed consolidated interim income statement - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Profit or loss [abstract]
Revenue	£ 6,755.3	£ 6,132.5
Costs of services	(5,708.1)	(5,196.1)
Gross profit	1,047.2	936.4
General and administrative costs	(508.5)	(452.8)
Operating profit	538.7	483.6
Share of results of associates	(63.8)	40
Profit before interest and taxation	474.9	523.6
Finance and investment income	55.5	30.1
Finance costs	(144.9)	(147.2)
Revaluation and retranslation of financial instruments	33.1	(12.1)
Profit before taxation	418.6	394.4
Taxation	(117.5)	(107.1)
Profit for the period	301.1	287.3
Attributable to:
Equity holders of the parent, continuing operations	257.9	252.7
Non-controlling interests, Continuing operations	43.2	34.6
Profit	£ 301.1	£ 287.3	[1]
Earnings per share
Basic earnings per ordinary share (pounds per share)	£ 0.231	£ 0.209
Diluted earnings per ordinary share (pounds per share)	£ 0.227	£ 0.206
[1]Figures have been restated as described in Note 2: Accounting Policies.

Unaudited condensed consolida_2

Unaudited condensed consolidated interim statement of comprehensive income - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of comprehensive income [abstract]
Profit for the period	£ 301.1	£ 287.3	[1]
Items that may be reclassified subsequently to profit or loss:
Exchange adjustments on foreign currency net investments	459.7	(174.9)
(Loss)/gain on net investment hedges	(129.9)	73.4
Cash flow hedges:
Fair value gain/(loss) arising on hedging instruments	18.7	(31.4)
Less: (loss)/gain reclassified to profit or loss	(18.7)	31.4
Share of other comprehensive income of associates undertakings	30.7	0
Items that may be reclassified subsequently to profit or loss	360.5	(101.5)
Items that will not be reclassified subsequently to profit or loss:
Movements on equity investments held at fair value through other comprehensive income	(5.2)	27.2	[1]
Items that will not be reclassified subsequently to profit or loss	(5.2)	27.2
Other comprehensive income/(loss) relating to the period	355.3	(74.3)	[1]
Total comprehensive income relating to the period	656.4	213	[1]
Attributable to:
Equity holders of the parent	593.3	183.9
Non-controlling interests	63.1	29.1
Total comprehensive income relating to the period	£ 656.4	£ 213	[1]
[1]Figures have been restated as described in Note 2: Accounting Policies.

Unaudited condensed consolida_3

Unaudited condensed consolidated interim cash flow statement - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of cash flows [abstract]
Net cash (outflow)/inflow from operating activities	£ (1,110.8)	£ 39.2
Investing activities
Acquisitions	(102.7)	(148.5)
Disposals of investments and subsidiaries	29.2	1.3
Purchase of property, plant and equipment	(102.4)	(111.6)
Purchase of other intangible assets (including capitalised computer software)	(14.6)	(26.7)
Proceeds on disposal of property, plant and equipment	4.5	3.4
Net cash outflow from investing activities	(186)	(282.1)
Financing activities
Repayment of lease liabilities	(146.3)	(157.4)
Share option proceeds	1.1	0
Cash consideration received from non-controlling interests	0	38.7
Cash consideration for purchase of non-controlling interests	(6.2)	(117.7)
Share repurchases and buy-backs	(680.5)	(297.6)
Proceeds from borrowings	247.2	0
Repayment of borrowings	(220.6)	(35.9)
Financing and share issue costs	0	(0.3)
Dividends paid to non-controlling interests in subsidiary undertakings	(37.2)	(74.5)
Net cash outflow from financing activities	(842.5)	(644.7)
Net decrease in cash and cash equivalents	(2,139.3)	(887.6)
Translation of cash and cash equivalents	88	(102.6)
Cash and cash equivalents at beginning of period	1,489.3	3,346.9
Cash and cash equivalents at end of period	£ 1,489.3	£ 3,346.9

Unaudited condensed consolida_4

Unaudited condensed consolidated interim balance sheet - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021
Intangible assets:
Goodwill	£ 8,237.5	£ 7,612.3
Other	1,469.2	1,359.5
Property, plant and equipment	969.1	896.4
Right-of-use assets	1,455.7	1,395.1
Interests in associates and joint ventures	346.6	412.9
Other investments	372.9	318.3
Deferred tax assets	310.4	341.5
Corporate income tax recoverable	55.5	46.6
Trade and other receivables	198.2	152.6
Non-current assets	13,415.1	12,535.2
Current assets
Corporate income tax recoverable	109.5	90.4
Trade and other receivables	11,716.1	11,362.3
Cash and short-term deposits	1,775	3,882.9
Current assets	13,600.6	15,335.6
Current liabilities
Trade and other payables	(13,934.9)	(15,252.3)
Corporate income tax payable	(365.2)	(386.2)
Short-term lease liabilities	(293.6)	(279.7)
Bank overdrafts, bonds and bank loans	(289.1)	(567.2)
Current liabilities	(14,882.8)	(16,485.4)
Net current liabilities	(1,282.2)	(1,149.8)
Total assets less current liabilities	12,132.9	11,385.4
Non-current liabilities
Bonds and bank loans	(4,620.7)	(4,216.8)
Trade and other payables	(640.7)	(619.9)
Deferred tax liabilities	(341.6)	(312.5)
Provisions for post-employment benefits	(177)	(136.6)
Provisions for liabilities and charges	(245.7)	(268.5)
Long-term lease liabilities	(1,836.8)	(1,762.1)
Non-current liabilities	(7,862.5)	(7,316.4)
Net assets	4,270.4	4,069
Equity
Called-up share capital	116.2	122.4
Share premium account	575.8	574.7
Other reserves	274	(335.9)
Own shares	(1,083.3)	(1,112.1)
Retained earnings	3,909.2	4,367.3
Equity shareholders’ funds	3,791.9	3,616.4
Non-controlling interests	478.5	452.6
Total equity	£ 4,270.4	£ 4,069

Unaudited condensed consolida_5

Unaudited condensed consolidated interim statement of changes in equity - GBP (£) £ in Millions		Total		Total equity shareholders’ funds		Called-up share capital	Share premium account	Other reserves		Own shares	Retained earnings		Non- controlling interests
Beginning balance (Previously stated) at Dec. 31, 2020		£ 5,166.4	[1]	£ 4,848.3	[1]	£ 129.6	£ 570.3	£ 196	[1]	£ (1,118.3)	£ 5,070.7	[1]	£ 318.1
Beginning balance (Restatement3) at Dec. 31, 2020	[1]	(116.3)		(116.3)				(4.8)			(111.5)
Beginning balance at Dec. 31, 2020		5,050.1	[1]	4,732	[1]	129.6	570.3	191.2	[1]	(1,118.3)	4,959.2	[1]	318.1
Share cancellations		(248.1)	[1]	(248.1)	[1]	(2.6)		2.6	[1]		(248.1)	[1]
Treasury share allocations										3.7	(3.7)	[1]
Profit for the period		287.3	[1]	252.7	[1]						252.7	[1]	34.6
Exchange adjustments on foreign currency net investments		(174.9)	[1]	(169.4)	[1]			(169.4)	[1]				(5.5)
Loss on net investment hedges	[1]	73.4		73.4				73.4
Cash flow hedges:
Fair value gain (loss) arising on hedging instruments	[1]	(31.4)		(31.4)				(31.4)
Less: gain (loss) reclassified to profit or loss	[1]	31.4		31.4				31.4
Share of other comprehensive income of associates undertakings		0
Movements on equity investments held at fair value through other comprehensive income	[1]	27.2		27.2							27.2
Other comprehensive income/(loss) relating to the period		(74.3)	[1]	(68.8)	[1]			(96)	[1]		27.2	[1]	(5.5)
Total comprehensive income relating to the period		213	[1]	183.9	[1]			(96)	[1]		279.9	[1]	29.1
Dividends paid		(74.5)	[1]										(74.5)
Non-cash share-based incentive plans (including share options)	[1]	43.9		43.9							43.9
Tax adjustment on share-based payments	[1]	(4.6)		(4.6)							(4.6)
Net movement in own shares held by ESOP Trusts		(49.5)	[1]	(49.5)	[1]					(0.2)	(49.3)	[1]
Recognition/derecognition of liabilities in respect of put options	[1]	(146.2)		(146.2)				(146)			(0.2)
Acquisition and disposal of subsidiaries	[2]	(97.8)	[1]	(136.5)	[1]						(136.5)	[1]	38.7
Ending balance at Jun. 30, 2021	[1]	4,686.3		4,374.9		127	570.3	(48.2)		(1,114.8)	4,840.6		311.4
Beginning balance at Dec. 31, 2021		4,069		3,616.4		122.4	574.7	(335.9)		(1,112.1)	4,367.3		452.6
Ordinary shares issued		1.1		1.1			1.1
Share cancellations		(637.3)		(637.3)		(6.2)		6.2			(637.3)
Profit for the period		301.1		257.9							257.9		43.2
Exchange adjustments on foreign currency net investments		459.7		439.8				439.8					19.9
Loss on net investment hedges		(129.9)		(129.9)				(129.9)
Cash flow hedges:
Fair value gain (loss) arising on hedging instruments		18.7		18.7				18.7
Less: gain (loss) reclassified to profit or loss		(18.7)		(18.7)				(18.7)
Share of other comprehensive income of associates undertakings		30.7		30.7				24			6.7
Movements on equity investments held at fair value through other comprehensive income		(5.2)		(5.2)							(5.2)
Other comprehensive income/(loss) relating to the period		355.3		335.4				333.9			1.5		19.9
Total comprehensive income relating to the period		656.4		593.3				333.9			259.4		63.1
Dividends paid		(37.2)											(37.2)
Non-cash share-based incentive plans (including share options)		67.3		67.3							67.3
Tax adjustment on share-based payments		(15.2)		(15.2)							(15.2)
Net movement in own shares held by ESOP Trusts		(43.2)		(43.2)						28.8	(72)
Recognition/derecognition of liabilities in respect of put options		10.8		10.8				58.1			(47.3)
Share purchases – close period commitments	[3]	211.7		211.7				211.7
Acquisition and disposal of subsidiaries	[2]	(13)		(13)							(13)		0
Ending balance at Jun. 30, 2022		£ 4,270.4		£ 3,791.9		£ 116.2	£ 575.8	£ 274		£ (1,083.3)	£ 3,909.2		£ 478.5
[1]Figures have been restated as described in Note 2: Accounting Policies.[2]Acquisition and disposal of subsidiaries represents movements in retained earnings and non-controlling interests arising from changes in ownership of existing subsidiaries and recognition of non-controlling interests on new acquisitions.[3]During 2021, the Company entered into an arrangement with a third party to conduct share buy-backs on its behalf in the close period commencing on 16 December 2021 and ending on 18 February 2022, in accordance with UK listing rules. The commitment resulting from this agreement constituted a liability at 31 December 2021 and was recognised as a movement in other reserves in the year ended 31 December 2021. As the close period ended on 18 February 2022 the movement in other reserves has been reversed in the period ended 30 June 2022.

Analysis of cash flows - Procee

Analysis of cash flows - Proceeds from borrowings (Details) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Analysis of cash flows [Abstract]
Increase in drawings on bank loans	£ 247.2	£ 0

Basis of accounting

Basis of accounting	6 Months Ended
	Jun. 30, 2022
Basis of accounting [Abstract]
Basis of accounting	1. Basis of accounting The unaudited condensed consolidated interim financial statements are prepared under the historical cost convention, except for the revaluation of certain financial instruments as disclosed in our accounting policies.

Accounting policies

Accounting policies	6 Months Ended
	Jun. 30, 2022
Accounting policies [Abstract]
Accounting policies	2. Accounting policies The unaudited condensed consolidated interim financial statements comply with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and with the accounting policies of WPP plc and its subsidiaries (the Group), which were set out on pages F-3 to F-11 of the 2021 Annual Report on 20-F. With the exception of the adoption of hedge accounting requirements under IFRS 9 Financial Instruments, which is discussed below, no changes have been made to the Group’s accounting policies in the period ended 30 June 2022. The Group does not consider that the amendments to standards adopted during the period have a significant impact on the financial statements. Impact of the adoption of hedge accounting under IFRS 9 Financial Instruments The Group has adopted the hedge accounting requirements of IFRS 9 Financial Instruments from 1 January 2022. The IFRS 9 hedge accounting requirements are applied prospectively, and all hedge arrangements in place at the point of transition are regarded as continuing hedging relationships under IFRS 9. Accordingly, prior year financial information has not been restated and will continue to be reported under IAS 39. There has been no significant impact on the financial statements as a result of the adoption of IFRS 9 hedge accounting requirements, both at the point of transition and in the period ended 30 June 2022. Restatement After the unaudited condensed consolidated interim financial statements for the period ended 30 June 2021 were issued, the Group determined that the financial statements for the prior periods contained errors relating to historic tax asset and liability adjustments that had accumulated over a number of years in the Group consolidation. As a result, previously reported corporate income tax recoverable, corporate income tax payable and tax charge were incorrect. The cumulative impact resulted in an overstatement of equity as at 1 January 2021 of £116.3 million, which has been corrected by reducing opening retained earnings by £111.5 million and other reserves by £4.8 million. There was no impact on the tax charge in the period ended 30 June 2021. The unaudited condensed consolidated interim financial statements were approved by the board of directors and authorized for issue on 9 August 2022.

Currency conversion

Currency conversion	6 Months Ended
	Jun. 30, 2022
Currency conversion [Abstract]
Currency conversion	3. Currency conversion The presentation currency of the Group is pounds sterling and the unaudited condensed consolidated interim financial statements have been prepared on this basis. The period ended 30 June 2022 unaudited condensed consolidated interim income statement is prepared using, among other currencies, average exchange rates of US$1.30 to the pound (period ended 30 June 2021: US$1.39) and €1.19 to the pound (period ended 30 June 2021: €1.15). The unaudited condensed consolidated interim balance sheet as at 30 June 2022 has been prepared using the exchange rates on that day of US$1.22 to the pound (31 December 2021: US$1.35) and €1.16 to the pound (31 December 2021: €1.19).

Costs of services and general a

Costs of services and general and administrative costs	6 Months Ended
	Jun. 30, 2022
Costs of service and general and administrative costs [Abstract]
Costs of services and general and administrative costs	4. Costs of services and general and administrative costs Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Costs of services 5,708.1 5,196.1 General and administrative costs 508.5 452.8 6,216.6 5,648.9 4. Costs of services and general and administrative costs (continued) Costs of services and general and administrative costs include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Staff costs 3,930.7 3,473.3 Establishment costs 262.8 264.8 Media pass-through costs 1,016.7 857.0 Other costs of services and general and administrative costs 1 1,006.4 1,053.8 6,216.6 5,648.9 Note 1 Other costs of services and general and administrative costs include £229.1 million (period ended 30 June 2021: £376.3 million) of other pass-through costs. Staff costs include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Wages and salaries 2,718.5 2,329.8 Cash-based incentive plans 93.5 200.2 Share-based incentive plans 67.3 43.9 Severance 17.4 14.5 Other staff costs 1,034.0 884.9 3,930.7 3,473.3 Other costs of services and general and administrative costs include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Amortisation and impairment of acquired intangible assets 31.5 30.1 Losses on disposals of investments and subsidiaries 48.1 1.0 Gains on remeasurement of equity interests arising from a change in scope of ownership (60.4) — Restructuring and transformation costs 75.3 34.3 Restructuring costs in relation to COVID-19 5.9 19.7 Litigation settlement — 21.7 Restructuring and transformation costs of £75.3 million (2021: £34.3 million) include £59.5 million in relation to the Group's IT transformation programme. This programme will allow technology to become a competitive advantage in the market as our clients, and their clients, move to an ever increasing digital world. It includes costs of £46.3 million in relation to the rollout of a new ERP system in order to drive efficiency and collaboration throughout the Group. The remaining £15.8 million relates to restructuring actions to simplify operational structures and co-locate our businesses. Restructuring costs in relation to COVID-19 of £5.9 million (2021: £19.7 million) primarily relate to property costs which the Group undertook in response to the COVID-19 pandemic. As management continues to assess the impact of COVID-19 on long-term working practices and the Group's real estate portfolio, further impairments may occur in the future. Losses on disposal of investments and subsidiaries of £48.1 million in 2022 primarily includes a loss of £65.1 million on the divestment of our Russian interests which completed in May 2022. Gains on remeasurement of equity interests arising from a change in scope of ownership of £60.4 million comprises a gain in relation to the reclassification of the Group’s interest in Imagina in Spain from interests in associates to other investments. In the period ended 30 June 2021, a provision of £21.7 million was made for potential litigation settlements.

Share of results of associates

Share of results of associates	6 Months Ended
	Jun. 30, 2022
Disclosure of associates [abstract]
Share of results of associates	5. Share of results of associates Share of results of associates include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Share of profit before interest and taxation 93.3 85.9 Share of exceptional (losses)/gains (76.1) 11.7 Share of interest and non-controlling interests (58.9) (39.1) Share of taxation (22.1) (18.5) (63.8) 40.0 Share of exceptional losses in the period ended 30 June 2022 of £76.1 million primarily comprise amortisation of acquired intangible assets and restructuring costs. In 2021, share of exceptional gains of £11.7 million primarily comprised the gain on disposal of certain Kantar businesses partially offset by amortisation of acquired intangible assets.

Finance and investment income,

Finance and investment income, finance costs and revaluation and retranslation of financial instruments	6 Months Ended
	Jun. 30, 2022
Finance and investment income, finance costs and revaluation and retranslation of financial instruments [Abstract]
Finance and investment income, finance costs and revaluation and retranslation of financial instruments	6. Finance and investment income, finance costs and revaluation and retranslation of financial instruments Finance and investment income includes: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Income from equity investments 20.1 5.0 Interest income 35.4 25.1 55.5 30.1 Finance costs include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Interest payable and similar charges 98.9 101.5 Interest expense related to lease liabilities 46.0 45.7 144.9 147.2 Revaluation and retranslation of financial instruments include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Movements in fair value of treasury instruments 1.9 4.7 Premium on the early repayment of bonds — (13.1) Revaluation of investments held at fair value through profit or loss 9.0 30.5 Revaluation of put options over non-controlling interests 19.6 (44.4) Revaluation of payments due to vendors (earnout agreements) (1.1) (9.4) Retranslation of financial instruments 3.7 19.6 33.1 (12.1)

Segmental analysis

Segmental analysis	6 Months Ended
	Jun. 30, 2022
Disclosure of operating segments [abstract]
Segmental analysis	7. Segmental analysis Reported contributions by reportable segments were as follows: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Revenue 1 Global Integrated Agencies 5,701.0 5,202.9 Public Relations 572.4 449.9 Specialist Agencies 481.9 479.7 6,755.3 6,132.5 Revenue less pass-through costs 1,2 Global Integrated Agencies 4,538.2 4,097.3 Public Relations 545.4 429.4 Specialist Agencies 425.9 372.5 Headline operating profit 1,3 Global Integrated Agencies 507.5 488.6 Public Relations 83.0 63.5 Specialist Agencies 48.6 38.3 639.1 590.4 Notes 1 Prior year figures have been re-presented to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. 2 Revenue less pass-through costs is revenue less media, and other pass-through costs. Pass-through costs comprise fees paid to external suppliers where they are engaged to perform part or all of a specific project and are charged directly to clients, predominantly media costs. See note 4 for more details of the pass-through costs. 3 A reconciliation from operating profit to headline operating profit is provided in note 20. Reported contributions by geographical area were as follows: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Revenue North America 1 2,586.5 2,183.7 United Kingdom 956.1 927.0 Western Continental Europe 1,352.0 1,340.6 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 1,860.7 1,681.2 6,755.3 6,132.5 Revenue less pass-through costs 2 North America 1 2,188.9 1,817.6 United Kingdom 737.0 679.7 Western Continental Europe 1,086.1 1,050.0 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 1,497.5 1,351.9 Headline operating profit 3 North America 1 299.7 271.4 United Kingdom 67.3 83.5 Western Continental Europe 98.7 103.7 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 173.4 131.8 639.1 590.4 Notes 1 North America includes the US with revenue of £2,440.9 million (2021: £2,046.9 million), revenue less pass-through costs of £2,052.1 million (2021: £1,695.9 million) and headline operating profit of £280.9 million (2021: £254.1 million). 2 Revenue less pass-through costs is revenue less media and other pass-through costs. Pass-through costs comprise fees paid to external suppliers where they are engaged to perform part or all of a specific project and are charged directly to clients, predominantly media costs. See note 4 for more details of the pass-through costs. 3 A reconciliation from operating profit to headline operating profit is provided in note 20.

Taxation

Taxation	6 Months Ended
	Jun. 30, 2022
Taxation [Abstract]
Taxation	8. Taxation The tax charge for the Group is calculated in accordance with IAS 34, by applying management's best estimate of the effective tax rate (excluding discrete items) expected to apply to total annual earnings to the profit for the six month period ended 30 June 2022. This is then adjusted for certain discrete items which occurred in the interim period. The tax rate on profit before tax was 28.1% (2021: 27.2%). The tax charge may be affected by the impact of acquisitions, disposals and other corporate restructurings, the resolution of open tax issues, and the ability to use brought forward tax losses. Changes in local or international tax rules, for example, increasing tax rates as a consequence of the financial support programmes implemented by governments during the COVID-19 pandemic, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, and changes arising from the application of existing rules, or challenges by tax or competition authorities, may expose the Group to additional tax liabilities or impact the carrying value of deferred tax assets, which could affect the future tax charge. Liabilities relating to open and judgemental matters are based upon an assessment of whether the tax authorities will accept the position taken, after taking into account external advice where appropriate. Where the final tax outcome of these matters is different from the amounts which were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. The Group does not currently consider that judgements made in assessing tax liabilities have a significant risk of resulting in any material additional charges or credits in respect of these matters, within the next financial year, beyond the amounts already provided.

Ordinary dividends

Ordinary dividends	6 Months Ended
	Jun. 30, 2022
Ordinary dividends [Abstract]
Ordinary dividends	9. Ordinary dividends The Board has recommended an interim dividend of 15.0p (2021: 12.5p) per ordinary share. This is expected to be paid on 1 November 2022 to shareholders on the register at 14 October 2022. The Board recommended a final dividend of 18.7p per ordinary share in respect of 2021. This was paid on 8 July 2022.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2022
Earnings per share [abstract]
Earnings per share	10. Earnings per share Basic EPS The calculation of basic EPS is as follows: Six months ended 30 June 2022 Six months ended 30 June 2021 Earnings 1 (£ million) 257.9 252.7 Weighted average shares used in basic EPS calculation (million) 1,115.2 1,211.9 EPS 23.1p 20.9p Note 1 Earnings is equivalent to profit for the period attributable to equity holders of the parent. Diluted EPS The calculation of diluted EPS is as follows: Six months ended 30 June 2022 Six months ended 30 June 2021 Diluted earnings (£ million) 257.9 252.7 Weighted average shares used in diluted EPS calculation (million) 1,137.8 1,229.0 Diluted EPS 22.7p 20.6p 10. Earnings per share (continued) A reconciliation between the shares used in calculating basic and diluted EPS is as follows: Six months ended 30 June 2022 Six months ended 30 June 2021 m m Weighted average shares used in basic EPS calculation 1,115.2 1,211.9 Dilutive share options outstanding 1.4 0.8 Other potentially issuable shares 21.2 16.3 Weighted average shares used in diluted EPS calculation 1,137.8 1,229.0 At 30 June 2022 there were 1,162,563,018 (30 June 2021: 1,270,102,274) ordinary shares in issue, including treasury shares of 70,489,953 (30 June 2021: 70,489,953).

Analysis of cash flows

Analysis of cash flows	6 Months Ended
	Jun. 30, 2022
Analysis of cash flows [Abstract]
Analysis of cash flows	11. Analysis of cash flows The following tables analyse the items included within the main cash flow headings on page 3: Net cash (outflow)/inflow from operating activities: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Profit for the period 301.1 287.3 Taxation 117.5 107.1 Revaluation and retranslation of financial instruments (33.1) 12.1 Finance costs 144.9 147.2 Finance and investment income (55.5) (30.1) Share of results of associates 63.8 (40.0) Adjustments for: Non-cash share-based incentive plans (including share options) 67.3 43.9 Depreciation of property, plant and equipment 79.9 71.2 Depreciation of right-of-use assets 129.9 139.3 Impairment charges included within restructuring costs 8.1 7.9 Amortisation and impairment of acquired intangible assets 31.5 30.1 Amortisation of other intangible assets 13.6 9.4 Loss on disposal of investments and subsidiaries 48.1 1.0 Gains on remeasurement of equity interests arising from a change in scope of ownership (60.4) — Gains on sale of property, plant and equipment (1.1) (1.2) Movements in trade working capital 1, 2 (1,015.3) (464.1) Movements in other working capital and provisions (725.9) (41.2) Corporation and overseas tax paid (162.7) (162.7) Interest and similar charges paid (86.8) (90.1) Interest paid on lease liabilities (44.1) (44.7) Interest received 26.9 25.1 Investment income 20.1 5.0 Dividends from associates 21.4 26.7 Net cash (outflow)/inflow from operating activities (1,110.8) 39.2 Notes 1 Trade working capital represents trade receivables, work in progress, accrued income, trade payables, and deferred income. 2 The Group typically experiences an outflow of working capital in the first half of the financial year and an inflow in the second half. This is primarily due to the seasonal nature of working capital flows associated with its media buying activities on behalf of clients. 11. Analysis of cash flows (continued) Acquisitions and disposals: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Initial cash consideration (35.0) (41.2) Cash and cash equivalents acquired 0.7 4.0 Earnout payments (63.3) (14.1) Purchase of other investments (including associates) (5.1) (97.2) Acquisitions (102.7) (148.5) Proceeds on disposal of investments and subsidiaries 1 41.7 3.1 Cash and cash equivalents disposed (12.5) (1.8) Disposals of investments and subsidiaries 29.2 1.3 Cash consideration received from non-controlling interests — 38.7 Cash consideration for purchase of non-controlling interests (6.2) (117.7) Cash consideration for non-controlling interests (6.2) (79.0) Net acquisition payments and disposal proceeds (79.7) (226.2) Note 1 Proceeds on disposal of investments and subsidiaries includes return of capital from investments in associates. Share repurchases and buybacks: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Purchase of own shares by ESOP Trusts (43.2) (49.5) Shares purchased into treasury (637.3) (248.1) (680.5) (297.6) Proceeds from borrowings: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Increase in drawings on bank loans 247.2 — Repayment of borrowings: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Repayment of bank loans (11.3) (35.9) Repayment of €250 million bonds (209.3) — (220.6) (35.9)

Cash and cash equivalents and d

Cash and cash equivalents and debt financing	6 Months Ended
	Jun. 30, 2022
Cash and cash equivalents and debt financing [Abstract]
Cash and cash equivalents and debt financing	12. Cash and cash equivalents and debt financing 30 June 2022 31 December 2021 £m £m Cash at bank and in hand 1,679.6 2,776.6 Short-term bank deposits 95.4 1,106.3 Overdrafts 1 (285.7) (342.3) Cash and cash equivalents 1,489.3 3,540.6 Note 1 Bank overdrafts are included in cash and cash equivalents because they form an integral part of the Group’s cash management. The Group estimates that the fair value of corporate bonds is £4,119.2 million at 30 June 2022 (31 December 2021: £4,790.3 million). The Group considers that the carrying amount of bank loans approximates their fair value. The following table is an analysis of future anticipated cash flows in relation to the Group’s debt, on an undiscounted basis which, therefore, differs from the carrying value: 30 June 2022 31 December 2021 £m £m Within one year (121.6) (326.8) Between one and two years (755.9) (745.4) Between two and three years (1,129.7) (646.5) Between three and four years (73.2) (492.8) Between four and five years (1,352.2) (698.0) Over five years (1,940.0) (2,546.3) Debt financing (including interest) under the Revolving Credit Facility and in relation to unsecured loan notes (5,372.6) (5,455.8) Short-term overdrafts – within one year (285.7) (342.3) Future anticipated cash flows (5,658.3) (5,798.1) Effect of discounting/financing rates 748.5 1,014.1 Debt financing (4,909.8) (4,784.0)

Goodwill and acquisitions

Goodwill and acquisitions	6 Months Ended
	Jun. 30, 2022
Goodwill and acquisitions [Abstract]
Goodwill and acquisitions	13. Goodwill and acquisitions Goodwill in relation to subsidiary undertakings increased by £625.2 million (30 June 2021: decreased by £63.7 million) in the period. This movement is primarily due to the effect of currency translation. The contribution to revenue and operating profit of acquisitions completed in the period was not material. There were no material acquisitions completed during the period ended 30 June 2022 or between 30 June 2022 and the date the interim financial statements were approved. There were no indicators of impairment of goodwill identified in the six months ended 30 June 2022.

Trade and other receivables

Trade and other receivables	6 Months Ended
	Jun. 30, 2022
Trade and receivables [Abstract]
Trade and other receivables	14. Trade and other receivables Amounts falling due within one year: 30 June 2022 31 December 2021 £m £m Trade receivables (net of loss allowance) 6,491.7 6,600.5 Work in progress 343.8 254.0 VAT and sales taxes recoverable 398.8 350.3 Prepayments 295.0 215.3 Accrued income 3,516.4 3,435.7 Fair value of derivatives 2.2 2.5 Other debtors 668.2 504.0 11,716.1 11,362.3 Amounts falling due after more than one year: 30 June 2022 31 December 2021 £m £m Fair value of derivatives — 0.5 Prepayments and other debtors 198.2 152.1 198.2 152.6 The Group considers that the carrying amount of trade and other receivables approximates their fair value. A bad debt expense of £11.5 million (period ended 30 June 2021: credit of £10.6 million) on the Group’s trade receivables in the period is a result of the increase in expected credit losses since 31 December 2021. The loss allowance is equivalent to 1.1% (31 December 2021: 1.1%) of gross trade receivables. Prepayments and other debtors falling due after more than one year for 30 June 2022 includes £33.0 million in relation to pension plans in surplus. The corresponding figure for 31 December 2021 is included in provision for post-employment benefits.

Trade and other payables_ amoun

Trade and other payables: amounts falling due within one year	6 Months Ended
	Jun. 30, 2022
Trade and other current payables [abstract]
Trade and other payables: amounts falling due within one year	30 June 2022 31 December 2021 £m £m Trade payables 9,674.4 10,596.9 Deferred income 1,457.2 1,334.0 Payments due to vendors (earnout agreements) 40.0 85.6 Liabilities in respect of put option agreements with vendors 68.3 58.4 Fair value of derivatives 3.9 6.4 Share repurchases - close period commitments 1 — 211.7 Other creditors and accruals 2,691.1 2,959.3 13,934.9 15,252.3 Note 1 During 2021, the Company entered into an arrangement with a third party to conduct share buy-backs on its behalf in the close period commencing on 16 December 2021 and ending on 18 February 2022, in accordance with UK listing rules. The commitment resulting from this agreement constituted a liability at 31 December 2021 and was recognised as a movement in other reserves in the year ended 31 December 2021. As the close period ended on 18 February 2022 the movement in other reserves has been reversed in the period ended 30 June 2022. The Group considers that the carrying amount of trade and other payables approximates their fair value.

Trade and other payables_ amo_2

Trade and other payables: amounts falling due after more than one year	6 Months Ended
	Jun. 30, 2022
Trade and other non-current payables [abstract]
Trade and other payables: amounts falling due after more than one year	16. Trade and other payables: amounts falling due after more than one year 30 June 2022 31 December 2021 £m £m Payments due to vendors (earnout agreements) 133.1 111.1 Liabilities in respect of put option agreements with vendors 329.5 333.1 Fair value of derivatives 64.2 47.2 Other creditors and accruals 113.9 128.5 640.7 619.9 The Group considers that the carrying amount of trade and other payables approximates their fair value. The following table sets out payments due to vendors, comprising contingent consideration and the Directors’ best estimates of future earnout-related obligations: 30 June 2022 31 December 2021 £m £m Within one year 40.0 85.6 Between 1 and 2 years 46.2 24.0 Between 2 and 3 years 48.2 35.7 Between 3 and 4 years 17.5 51.4 Between 4 and 5 years 10.8 — Over 5 years 10.4 — 173.1 196.7 The Group’s approach to payments due to vendors is outlined in note 19. The Group does not consider there to be any material contingent liabilities as at 30 June 2022.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2022
Disclosure of transactions between related parties [abstract]
Related party transactions	17. Related party transactions The Group enters into transactions with its associate undertakings. The Group has continuing transactions with Kantar, including sales, purchases, the provision of IT services, subleases and property related items. In the period ended 30 June 2022, revenue of £39.9 million (period ended 30 June 2021: £93.5 million) was reported in relation to Compas, an associate in the USA. All other transactions in the periods presented were immaterial. The following amounts were outstanding at 30 June 2022: 30 June 2022 31 December 2021 £m £m Amounts owed by related parties Kantar 27.9 30.3 Other 42.8 45.7 70.7 76.0 Amounts owed to related parties Kantar (6.3) (6.2) Other (66.5) (51.4) (72.8) (57.6)

Going concern and liquidity ris

Going concern and liquidity risk	6 Months Ended
	Jun. 30, 2022
Going concern and liquidity risk [Abstract]
Going concern and liquidity risk	In considering going concern and liquidity risk, the Directors have reviewed the Group’s future cash requirements and earnings projections. The Directors believe these forecasts have been prepared on a prudent basis and have also considered the impact of a range of potential changes to trading performance. The Company modelled a range of revenue less pass-through costs compared with the year ended 31 December 2021 and a number of mitigating cost actions that are available to the Company. Considering the Group’s bank covenant and liquidity headroom and cost mitigation actions which could be implemented, the Company and the Group would be able to operate with appropriate liquidity and within its banking covenants and be able to meet its liabilities as they fall due with a decline in revenue less pass-through costs up to 12% in 2022 and up to 11% in 2023 compared to the corresponding prior periods. The likelihood of such a decline is considered remote. The Directors have concluded that the Group will be able to operate within its current facilities and comply with its banking covenants for the foreseeable future and therefore believe it is appropriate to prepare the financial statements of the Group on a going concern basis and that there are no material uncertainties which gives rise to a significant going concern risk. Given its debt maturity profile and available facilities, the Directors believe the Group has sufficient liquidity to match its requirements for the foreseeable future.

Financial instruments

Financial instruments	6 Months Ended
	Jun. 30, 2022
Disclosure of detailed information about financial instruments [abstract]
Financial instruments	19. Financial instruments The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable, or based on observable inputs: Level 1 Level 2 Level 3 £m £m £m 30 June 2022 Derivatives in designated hedge relationships Derivative liabilities — (64.2) — Held at fair value through profit or loss Other investments 0.4 — 241.1 Derivative assets — 2.2 — Derivative liabilities — (3.9) — Payments due to vendors (earnout agreements) — — (173.1) Liabilities in respect of put options — — (397.8) Held at fair value through other comprehensive income Other investments 19.2 — 112.2 Reconciliation of level 3 fair value measurements: Payments Liabilities Other £m £m £m 1 January 2022 (196.7) (391.5) 290.0 (Losses)/gains recognised in the income statement (1.1) 19.6 9.0 Gains recognised in other comprehensive income — — 3.6 Additions (22.6) — 66.7 Disposals — — (16.0) Cancellations — 5.0 — Settlements 63.3 5.8 — Exchange adjustments (16.0) (36.7) — 30 June 2022 (173.1) (397.8) 353.3 19. Financial instruments (continued) Payments due to vendors and liabilities in respect of put options Future anticipated payments due to vendors in respect of contingent consideration (earnout agreements) are recorded at fair value, which is the present value of the expected cash outflows of the obligations. Liabilities in respect of put option agreements are initially recorded at the present value of the redemption amount in accordance with IAS 32 and subsequently measured at fair value in accordance with IFRS 9. Both types of obligations are dependent on the future financial performance of the entity and it is assumed that future profits are in line with Directors’ estimates. The Directors derive their estimates from internal business plans together with financial due diligence performed in connection with the acquisition. At 30 June 2022, the weighted average growth rate in estimating future financial performance was 14.7%, which reflects the prevalence of recent acquisitions in the faster growing markets and new media sectors. The weighted average risk adjusted discount rate applied to these obligations at 30 June 2022 was approximately 7.7%. A one percentage point increase or decrease in the growth rate in estimated future financial performance would increase or decrease the combined liabilities due to earnout agreements and put options by approximately £8.7 million and £9.0 million, respectively. A 0.5 percentage point increase or decrease in the risk adjusted discount rate would decrease or increase the combined liabilities by approximately £8.2 million and £8.4 million, respectively. An increase in the liability would result in a loss in the revaluation and retranslation of financial instruments (note 6), while a decrease would result in a gain. Other investments

Reconciliation of operating pro

Reconciliation of operating profit to headline operating profit	6 Months Ended
	Jun. 30, 2022
Reconciliation of operating profit to headline operating profit [Abstract]
Reconciliation of operating profit to headline operating profit	20. Reconciliation of operating profit to headline operating profit Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Operating profit 538.7 483.6 Amortisation and impairment of acquired intangible assets 31.5 30.1 Losses on disposal of investments and subsidiaries 48.1 1.0 Gains on remeasurement of equity interests arising from a change in scope of ownership (60.4) — Litigation settlement — 21.7 Restructuring and transformation costs 75.3 34.3 Restructuring costs in relation to COVID-19 5.9 19.7 Headline operating profit 639.1 590.4 Headline operating profit is one of the metrics that management uses to assess the performance of the business. Reconciling items in the above table are components of operating profit, which are included in note 4.

Costs of services and general_2

Costs of services and general and administrative costs (Tables)	6 Months Ended
	Jun. 30, 2022
Costs of service and general and administrative costs [Abstract]
Costs of service and general and administrative costs	Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Costs of services 5,708.1 5,196.1 General and administrative costs 508.5 452.8 6,216.6 5,648.9 4. Costs of services and general and administrative costs (continued) Costs of services and general and administrative costs include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Staff costs 3,930.7 3,473.3 Establishment costs 262.8 264.8 Media pass-through costs 1,016.7 857.0 Other costs of services and general and administrative costs 1 1,006.4 1,053.8 6,216.6 5,648.9 Note 1 Other costs of services and general and administrative costs include £229.1 million (period ended 30 June 2021: £376.3 million) of other pass-through costs. Staff costs include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Wages and salaries 2,718.5 2,329.8 Cash-based incentive plans 93.5 200.2 Share-based incentive plans 67.3 43.9 Severance 17.4 14.5 Other staff costs 1,034.0 884.9 3,930.7 3,473.3 Other costs of services and general and administrative costs include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Amortisation and impairment of acquired intangible assets 31.5 30.1 Losses on disposals of investments and subsidiaries 48.1 1.0 Gains on remeasurement of equity interests arising from a change in scope of ownership (60.4) — Restructuring and transformation costs 75.3 34.3 Restructuring costs in relation to COVID-19 5.9 19.7 Litigation settlement — 21.7

Share of results of associates

Share of results of associates (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of associates [abstract]
Summary of Share of Results of Associates	Share of results of associates include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Share of profit before interest and taxation 93.3 85.9 Share of exceptional (losses)/gains (76.1) 11.7 Share of interest and non-controlling interests (58.9) (39.1) Share of taxation (22.1) (18.5) (63.8) 40.0

Finance and investment income_2

Finance and investment income, finance costs and revaluation and retranslation of financial instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Finance and investment income, finance costs and revaluation and retranslation of financial instruments [Abstract]
Summary of Finance and investment income, finance costs and revaluation and retranslation of financial instruments	Finance and investment income includes: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Income from equity investments 20.1 5.0 Interest income 35.4 25.1 55.5 30.1 Finance costs include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Interest payable and similar charges 98.9 101.5 Interest expense related to lease liabilities 46.0 45.7 144.9 147.2 Revaluation and retranslation of financial instruments include: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Movements in fair value of treasury instruments 1.9 4.7 Premium on the early repayment of bonds — (13.1) Revaluation of investments held at fair value through profit or loss 9.0 30.5 Revaluation of put options over non-controlling interests 19.6 (44.4) Revaluation of payments due to vendors (earnout agreements) (1.1) (9.4) Retranslation of financial instruments 3.7 19.6 33.1 (12.1)

Segmental analysis (Tables)

Segmental analysis (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of operating segments [abstract]
Contributions by Reportable Segments	Reported contributions by reportable segments were as follows: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Revenue 1 Global Integrated Agencies 5,701.0 5,202.9 Public Relations 572.4 449.9 Specialist Agencies 481.9 479.7 6,755.3 6,132.5 Revenue less pass-through costs 1,2 Global Integrated Agencies 4,538.2 4,097.3 Public Relations 545.4 429.4 Specialist Agencies 425.9 372.5 Headline operating profit 1,3 Global Integrated Agencies 507.5 488.6 Public Relations 83.0 63.5 Specialist Agencies 48.6 38.3 639.1 590.4 Notes 1 Prior year figures have been re-presented to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. 2 Revenue less pass-through costs is revenue less media, and other pass-through costs. Pass-through costs comprise fees paid to external suppliers where they are engaged to perform part or all of a specific project and are charged directly to clients, predominantly media costs. See note 4 for more details of the pass-through costs. 3 A reconciliation from operating profit to headline operating profit is provided in note 20.
Contributions by Geographical Area	Reported contributions by geographical area were as follows: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Revenue North America 1 2,586.5 2,183.7 United Kingdom 956.1 927.0 Western Continental Europe 1,352.0 1,340.6 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 1,860.7 1,681.2 6,755.3 6,132.5 Revenue less pass-through costs 2 North America 1 2,188.9 1,817.6 United Kingdom 737.0 679.7 Western Continental Europe 1,086.1 1,050.0 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 1,497.5 1,351.9 Headline operating profit 3 North America 1 299.7 271.4 United Kingdom 67.3 83.5 Western Continental Europe 98.7 103.7 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 173.4 131.8 639.1 590.4 Notes 1 North America includes the US with revenue of £2,440.9 million (2021: £2,046.9 million), revenue less pass-through costs of £2,052.1 million (2021: £1,695.9 million) and headline operating profit of £280.9 million (2021: £254.1 million). 2 Revenue less pass-through costs is revenue less media and other pass-through costs. Pass-through costs comprise fees paid to external suppliers where they are engaged to perform part or all of a specific project and are charged directly to clients, predominantly media costs. See note 4 for more details of the pass-through costs. 3 A reconciliation from operating profit to headline operating profit is provided in note 20.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings per share [abstract]
Calculation of Basic and Diluted EPS	Basic EPS The calculation of basic EPS is as follows: Six months ended 30 June 2022 Six months ended 30 June 2021 Earnings 1 (£ million) 257.9 252.7 Weighted average shares used in basic EPS calculation (million) 1,115.2 1,211.9 EPS 23.1p 20.9p Note 1 Earnings is equivalent to profit for the period attributable to equity holders of the parent. Diluted EPS The calculation of diluted EPS is as follows: Six months ended 30 June 2022 Six months ended 30 June 2021 Diluted earnings (£ million) 257.9 252.7 Weighted average shares used in diluted EPS calculation (million) 1,137.8 1,229.0 Diluted EPS 22.7p 20.6p
Reconciliation Between Shares Used in Calculating Basic and Diluted EPS	A reconciliation between the shares used in calculating basic and diluted EPS is as follows: Six months ended 30 June 2022 Six months ended 30 June 2021 m m Weighted average shares used in basic EPS calculation 1,115.2 1,211.9 Dilutive share options outstanding 1.4 0.8 Other potentially issuable shares 21.2 16.3 Weighted average shares used in diluted EPS calculation 1,137.8 1,229.0

Analysis of cash flows (Tables)

Analysis of cash flows (Tables)	6 Months Ended
	Jun. 30, 2022
Analysis of cash flows [Abstract]
Summary of Analysis of Cash Flows	The following tables analyse the items included within the main cash flow headings on page 3: Net cash (outflow)/inflow from operating activities: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Profit for the period 301.1 287.3 Taxation 117.5 107.1 Revaluation and retranslation of financial instruments (33.1) 12.1 Finance costs 144.9 147.2 Finance and investment income (55.5) (30.1) Share of results of associates 63.8 (40.0) Adjustments for: Non-cash share-based incentive plans (including share options) 67.3 43.9 Depreciation of property, plant and equipment 79.9 71.2 Depreciation of right-of-use assets 129.9 139.3 Impairment charges included within restructuring costs 8.1 7.9 Amortisation and impairment of acquired intangible assets 31.5 30.1 Amortisation of other intangible assets 13.6 9.4 Loss on disposal of investments and subsidiaries 48.1 1.0 Gains on remeasurement of equity interests arising from a change in scope of ownership (60.4) — Gains on sale of property, plant and equipment (1.1) (1.2) Movements in trade working capital 1, 2 (1,015.3) (464.1) Movements in other working capital and provisions (725.9) (41.2) Corporation and overseas tax paid (162.7) (162.7) Interest and similar charges paid (86.8) (90.1) Interest paid on lease liabilities (44.1) (44.7) Interest received 26.9 25.1 Investment income 20.1 5.0 Dividends from associates 21.4 26.7 Net cash (outflow)/inflow from operating activities (1,110.8) 39.2 Notes 1 Trade working capital represents trade receivables, work in progress, accrued income, trade payables, and deferred income. 2 The Group typically experiences an outflow of working capital in the first half of the financial year and an inflow in the second half. This is primarily due to the seasonal nature of working capital flows associated with its media buying activities on behalf of clients. 11. Analysis of cash flows (continued) Acquisitions and disposals: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Initial cash consideration (35.0) (41.2) Cash and cash equivalents acquired 0.7 4.0 Earnout payments (63.3) (14.1) Purchase of other investments (including associates) (5.1) (97.2) Acquisitions (102.7) (148.5) Proceeds on disposal of investments and subsidiaries 1 41.7 3.1 Cash and cash equivalents disposed (12.5) (1.8) Disposals of investments and subsidiaries 29.2 1.3 Cash consideration received from non-controlling interests — 38.7 Cash consideration for purchase of non-controlling interests (6.2) (117.7) Cash consideration for non-controlling interests (6.2) (79.0) Net acquisition payments and disposal proceeds (79.7) (226.2) Note 1 Proceeds on disposal of investments and subsidiaries includes return of capital from investments in associates. Share repurchases and buybacks: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Purchase of own shares by ESOP Trusts (43.2) (49.5) Shares purchased into treasury (637.3) (248.1) (680.5) (297.6) Proceeds from borrowings: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Increase in drawings on bank loans 247.2 — Repayment of borrowings: Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Repayment of bank loans (11.3) (35.9) Repayment of €250 million bonds (209.3) — (220.6) (35.9)

Cash and cash equivalents and_2

Cash and cash equivalents and debt financing (Tables)	6 Months Ended
	Jun. 30, 2022
Cash and cash equivalents and debt financing [Abstract]
Cash Reconciliation	30 June 2022 31 December 2021 £m £m Cash at bank and in hand 1,679.6 2,776.6 Short-term bank deposits 95.4 1,106.3 Overdrafts 1 (285.7) (342.3) Cash and cash equivalents 1,489.3 3,540.6 Note 1 Bank overdrafts are included in cash and cash equivalents because they form an integral part of the Group’s cash management.
Analysis of Future Anticipated Cash Flows in Relation to Group's Financial Derivatives and Debt	The following table is an analysis of future anticipated cash flows in relation to the Group’s debt, on an undiscounted basis which, therefore, differs from the carrying value: 30 June 2022 31 December 2021 £m £m Within one year (121.6) (326.8) Between one and two years (755.9) (745.4) Between two and three years (1,129.7) (646.5) Between three and four years (73.2) (492.8) Between four and five years (1,352.2) (698.0) Over five years (1,940.0) (2,546.3) Debt financing (including interest) under the Revolving Credit Facility and in relation to unsecured loan notes (5,372.6) (5,455.8) Short-term overdrafts – within one year (285.7) (342.3) Future anticipated cash flows (5,658.3) (5,798.1) Effect of discounting/financing rates 748.5 1,014.1 Debt financing (4,909.8) (4,784.0)

Trade and other receivables (Ta

Trade and other receivables (Tables)	6 Months Ended
	Jun. 30, 2022
Trade and receivables [Abstract]
Summary of trade and other receivables	Amounts falling due within one year: 30 June 2022 31 December 2021 £m £m Trade receivables (net of loss allowance) 6,491.7 6,600.5 Work in progress 343.8 254.0 VAT and sales taxes recoverable 398.8 350.3 Prepayments 295.0 215.3 Accrued income 3,516.4 3,435.7 Fair value of derivatives 2.2 2.5 Other debtors 668.2 504.0 11,716.1 11,362.3 Amounts falling due after more than one year: 30 June 2022 31 December 2021 £m £m Fair value of derivatives — 0.5 Prepayments and other debtors 198.2 152.1 198.2 152.6

Trade and other payables_ amo_3

Trade and other payables: amounts falling due within one year (Tables)	6 Months Ended
	Jun. 30, 2022
Trade and other current payables [abstract]
Summary of Trade and Other Payables, Current	30 June 2022 31 December 2021 £m £m Trade payables 9,674.4 10,596.9 Deferred income 1,457.2 1,334.0 Payments due to vendors (earnout agreements) 40.0 85.6 Liabilities in respect of put option agreements with vendors 68.3 58.4 Fair value of derivatives 3.9 6.4 Share repurchases - close period commitments 1 — 211.7 Other creditors and accruals 2,691.1 2,959.3 13,934.9 15,252.3 Note 1 During 2021, the Company entered into an arrangement with a third party to conduct share buy-backs on its behalf in the close period commencing on 16 December 2021 and ending on 18 February 2022, in accordance with UK listing rules. The commitment resulting from this agreement constituted a liability at 31 December 2021 and was recognised as a movement in other reserves in the year ended 31 December 2021. As the close period ended on 18 February 2022 the movement in other reserves has been reversed in the period ended 30 June 2022.

Trade and other payables_ amo_4

Trade and other payables: amounts falling due after more than one year (Tables)	6 Months Ended
	Jun. 30, 2022
Trade and other non-current payables [abstract]
Summary of Trade and Other Payables, Non-current	30 June 2022 31 December 2021 £m £m Payments due to vendors (earnout agreements) 133.1 111.1 Liabilities in respect of put option agreements with vendors 329.5 333.1 Fair value of derivatives 64.2 47.2 Other creditors and accruals 113.9 128.5 640.7 619.9
Maturity Analysis for Contingent Consideration and Future Earn-out Obligations	The following table sets out payments due to vendors, comprising contingent consideration and the Directors’ best estimates of future earnout-related obligations: 30 June 2022 31 December 2021 £m £m Within one year 40.0 85.6 Between 1 and 2 years 46.2 24.0 Between 2 and 3 years 48.2 35.7 Between 3 and 4 years 17.5 51.4 Between 4 and 5 years 10.8 — Over 5 years 10.4 — 173.1 196.7

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of transactions between related parties [abstract]
Summary of related party transactions outstanding	The following amounts were outstanding at 30 June 2022: 30 June 2022 31 December 2021 £m £m Amounts owed by related parties Kantar 27.9 30.3 Other 42.8 45.7 70.7 76.0 Amounts owed to related parties Kantar (6.3) (6.2) Other (66.5) (51.4) (72.8) (57.6)

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of detailed information about financial instruments [abstract]
Disclosure of Fair Value Measurement of Assets	The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable, or based on observable inputs: Level 1 Level 2 Level 3 £m £m £m 30 June 2022 Derivatives in designated hedge relationships Derivative liabilities — (64.2) — Held at fair value through profit or loss Other investments 0.4 — 241.1 Derivative assets — 2.2 — Derivative liabilities — (3.9) — Payments due to vendors (earnout agreements) — — (173.1) Liabilities in respect of put options — — (397.8) Held at fair value through other comprehensive income Other investments 19.2 — 112.2
Disclosure of Fair Value Measurement of Liabilities	The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable, or based on observable inputs: Level 1 Level 2 Level 3 £m £m £m 30 June 2022 Derivatives in designated hedge relationships Derivative liabilities — (64.2) — Held at fair value through profit or loss Other investments 0.4 — 241.1 Derivative assets — 2.2 — Derivative liabilities — (3.9) — Payments due to vendors (earnout agreements) — — (173.1) Liabilities in respect of put options — — (397.8) Held at fair value through other comprehensive income Other investments 19.2 — 112.2 Reconciliation of level 3 fair value measurements: Payments Liabilities Other £m £m £m 1 January 2022 (196.7) (391.5) 290.0 (Losses)/gains recognised in the income statement (1.1) 19.6 9.0 Gains recognised in other comprehensive income — — 3.6 Additions (22.6) — 66.7 Disposals — — (16.0) Cancellations — 5.0 — Settlements 63.3 5.8 — Exchange adjustments (16.0) (36.7) — 30 June 2022 (173.1) (397.8) 353.3

Reconciliation of operating p_2

Reconciliation of operating profit to headline operating profit (Tables)	6 Months Ended
	Jun. 30, 2022
Reconciliation of operating profit to headline operating profit [Abstract]
Reconciliation of Operating (loss)/profit to Headline Operating Profit	Six months ended 30 June 2022 Six months ended 30 June 2021 £m £m Operating profit 538.7 483.6 Amortisation and impairment of acquired intangible assets 31.5 30.1 Losses on disposal of investments and subsidiaries 48.1 1.0 Gains on remeasurement of equity interests arising from a change in scope of ownership (60.4) — Litigation settlement — 21.7 Restructuring and transformation costs 75.3 34.3 Restructuring costs in relation to COVID-19 5.9 19.7 Headline operating profit 639.1 590.4

Accounting Policies (Detail)

Accounting Policies (Detail) - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	[1]	Dec. 31, 2020
Disclosure of changes in accounting estimates [line items]
Equity	£ 4,270.4	£ 4,069	£ 4,686.3		£ 5,050.1	[1]
Retained earnings
Disclosure of changes in accounting estimates [line items]
Equity	3,909.2	4,367.3	4,840.6		4,959.2	[1]
Other reserves
Disclosure of changes in accounting estimates [line items]
Equity	274	£ (335.9)	£ (48.2)		191.2	[1]
Increase (decrease) due to corrections of prior period errors [member]
Disclosure of changes in accounting estimates [line items]
Equity					£ 116.3
Increase (decrease) due to corrections of prior period errors [member] | Retained earnings
Disclosure of changes in accounting estimates [line items]
Equity	(111.5)
Increase (decrease) due to corrections of prior period errors [member] | Other reserves
Disclosure of changes in accounting estimates [line items]
Equity	£ (4.8)
[1]Figures have been restated as described in Note 2: Accounting Policies.

Currency conversion (Detail)

Currency conversion (Detail)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
US dollar to Pound sterling
Disclosure Of Foreign Currency Translation [line items]
Average exchange rate	1.30	1.39
Closing exchange rate	1.22		1.35
Euro to Pound sterling
Disclosure Of Foreign Currency Translation [line items]
Average exchange rate	1.19	1.15
Closing exchange rate	1.16		1.19

Costs of services and general_3

Costs of services and general and administrative costs - Summary of Operating Costs (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Costs of service and general and administrative costs [Abstract]
Costs of services	£ 5,708.1	£ 5,196.1
General and administrative costs	508.5	452.8
Costs of services and general and administrative costs	6,216.6	5,648.9
Costs of services and general and administrative costs include:
Staff costs	3,930.7	3,473.3
Establishment costs	262.8	264.8
Media pass-through costs	1,016.7	857
Other costs of services and general and administrative costs	1,006.4	1,053.8
Costs of services and general and administrative costs	6,216.6	5,648.9
Other pass-through costs	229.1	376.3
Staff costs include:
Wages and salaries	2,718.5	2,329.8
Cash-based incentive plans	93.5	200.2
Share-based incentive plans	67.3	43.9
Severance	17.4	14.5
Other staff costs	1,034	884.9
Staff costs	3,930.7	3,473.3
Other costs of services and general and administrative costs include:
Amortisation and impairment of acquired intangible assets	31.5	30.1
Losses on disposal of investments and subsidiaries	48.1	1
Gains (losses) on remeasurement of equity interests arising from change in scope of ownership	(60.4)	0
Restructuring and transformation costs	75.3	34.3
Restructuring costs in relation to COVID-19	5.9	19.7
Litigation settlement	£ 0	£ 21.7

Costs of services and general_4

Costs of services and general and administrative costs - Additional Information (Detail) - GBP (£) £ in Millions	1 Months Ended	6 Months Ended
	May 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Disclosure Of Information About Operating Cost [line items]
Restructuring and transformation costs in relation to the continuing restructuring plan		£ 75.3	£ 34.3
Capitalised costs			46.3
Transformation costs		15.8
Restructuring costs in relation to COVID-19		5.9	19.7
Net losses on disposals of investments		48.1
Losses on disposals of investments	£ 65.1
Gain in relation to the reclassification to other investments		60.4
Litigation settlement provision			£ 21.7
Investor Day
Disclosure Of Information About Operating Cost [line items]
Restructuring and transformation costs in relation to the continuing restructuring plan		£ 59.5

Share of results of associate_2

Share of results of associates - Summary of share of results of associates (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of associates [line items]
Profit before taxation	£ 418.6	£ 394.4
Share of results of associates	(63.8)	40
Associates
Disclosure of associates [line items]
Profit before taxation	93.3	85.9
Share of exceptional (losses)/gains	(76.1)	11.7
Share of interest and non-controlling interests	(58.9)	(39.1)
Share of taxation	(22.1)	(18.5)
Share of results of associates	£ (63.8)	£ 40

Share of results of associate_3

Share of results of associates (Detail) - Associates - GBP (£) £ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of associates [line items]
Share of exceptional (losses)/gains	£ 76.1	£ (11.7)
Acquired intangibles [member]
Disclosure of associates [line items]
Share of exceptional (losses)/gains	£ (76.1)		£ (11.7)

Finance and investment income_3

Finance and investment income, finance costs and revaluation and retranslation of financial instruments (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Finance and investment income, finance costs and revaluation and retranslation of financial instruments [Abstract]
Income from equity investments	£ 20.1	£ 5
Interest income	35.4	25.1
Finance income	55.5	30.1
Interest payable and similar charges	98.9	101.5
Interest expense related to lease liabilities	46	45.7
Finance costs	144.9	147.2
Movements in fair value of treasury instruments	1.9	4.7
Premium on the early repayment of bonds	0	(13.1)
Revaluation of investments held at fair value through profit or loss	9	30.5
Revaluation of put options over non-controlling interests	19.6	(44.4)
Revaluation of payments due to vendors (earnout agreements)	(1.1)	(9.4)
Retranslation of financial instruments	3.7	19.6
Revaluation and retranslation of financial instruments	£ 33.1	£ (12.1)

Segmental analysis - Contributi

Segmental analysis - Contributions by reportable segments (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of operating segments [line items]
Revenue	£ 6,755.3	£ 6,132.5
Revenue less pass-through costs
Headline operating profit	639.1	590.4
Reportable segments | Operating segments | Global Integrated Agencies
Disclosure of operating segments [line items]
Revenue	5,701	5,202.9
Revenue less pass-through costs	4,538.2	4,097.3
Headline operating profit	507.5	488.6
Reportable segments | Operating segments | Public Relations
Disclosure of operating segments [line items]
Revenue	572.4	449.9
Revenue less pass-through costs	545.4	429.4
Headline operating profit	83	63.5
Reportable segments | Operating segments | Specialist Agencies
Disclosure of operating segments [line items]
Revenue	481.9	479.7
Revenue less pass-through costs	425.9	372.5
Headline operating profit	£ 48.6	£ 38.3

Segmental analysis - Contribu_2

Segmental analysis - Contributions by geographical area (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of geographical areas [line items]
Revenue	£ 6,755.3	£ 6,132.5
Revenue less pass- through costs
Headline operating profit	639.1	590.4
North America
Disclosure of geographical areas [line items]
Revenue	2,586.5	2,183.7
Revenue less pass- through costs	2,188.9	1,817.6
Headline operating profit	299.7	271.4
United Kingdom
Disclosure of geographical areas [line items]
Revenue	956.1	927
Revenue less pass- through costs	737	679.7
Headline operating profit	67.3	83.5
Western Continental Europe
Disclosure of geographical areas [line items]
Revenue	1,352	1,340.6
Revenue less pass- through costs	1,086.1	1,050
Headline operating profit	98.7	103.7
Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe
Disclosure of geographical areas [line items]
Revenue	1,860.7	1,681.2
Revenue less pass- through costs	1,497.5	1,351.9
Headline operating profit	173.4	131.8
United States
Disclosure of geographical areas [line items]
Revenue	2,440.9	2,046.9
Revenue less pass- through costs	2,052.1	1,695.9
Headline operating profit	£ 280.9	£ 254.1

Taxation (Detail)

Taxation (Detail)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Taxation [Abstract]
Average effective tax rate	28.10%	27.20%

Ordinary dividends (Detail)

Ordinary dividends (Detail) - £ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Interim period amount [member]
Disclosure of Dividends [line items]
Dividends declared (pound per share)	£ 15	£ 12.5
Previous period final amount [member]
Disclosure of Dividends [line items]
Dividends declared (pound per share)	£ 18.7

Earnings per share - Calculatio

Earnings per share - Calculation of basic and diluted EPS (Detail) £ / shares in Units, £ in Millions, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2022 GBP (£) £ / shares shares	Jun. 30, 2021 GBP (£) £ / shares shares	Jun. 30, 2021 USD ($) shares
Earnings per share [abstract]
Earnings	£ 257.9		$ 252.7
Weighted average shares used in basic EPS calculation | shares	1,115.2	1,211.9	1,211.9
EPS (pounds per share) | £ / shares	£ 0.231	£ 0.209
Diluted earnings | £	£ 257.9	£ 252.7
Weighted average shares used in diluted EPS calculation | shares	1,137.8	1,229	1,229
Diluted EPS (pounds per share) | £ / shares	£ 0.227	£ 0.206

Earnings per share - Reconcilia

Earnings per share - Reconciliation between shares used in calculating basic and diluted EPS (Detail) - shares shares in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Earnings per share [abstract]
Weighted average shares used in basic EPS calculation	1,115.2	1,211.9
Dilutive share options outstanding	1.4	0.8
Other potentially issuable shares	21.2	16.3
Weighted average shares used in diluted EPS calculation	1,137.8	1,229

Earnings per share - Additional

Earnings per share - Additional information (Detail) - shares	Jun. 30, 2022	Jun. 30, 2021
Treasury shares
Earnings per share [line items]
Ordinary shares in issue	70,489,953	70,489,953
Ordinary shares
Earnings per share [line items]
Ordinary shares in issue	1,162,563,018	1,270,102,274

Analysis of cash flows - Net ca

Analysis of cash flows - Net cash flow from operating activities (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Analysis of cash flows [Abstract]
Profit for the period	£ 301.1	£ 287.3	[1]
Taxation	117.5	107.1
Revaluation and retranslation of financial instruments	(33.1)	12.1
Finance costs	144.9	147.2
Finance and investment income	(55.5)	(30.1)
Share of results of associates	63.8	(40)
Adjustments for:
Non-cash share-based incentive plans (including share options)	67.3	43.9
Depreciation of property, plant and equipment	79.9	71.2
Depreciation of right-of-use assets	129.9	139.3
Impairment charges included within restructuring costs	8.1	7.9
Amortisation and impairment of acquired intangible assets	31.5	30.1
Amortisation of other intangible assets	13.6	9.4
Loss on disposal of investments and subsidiaries	48.1	1
Gains on remeasurement of equity interests arising from a change in scope of ownership	(60.4)	0
Gains on sale of property, plant and equipment	(1.1)	(1.2)
Movements in trade working capital	(1,015.3)	(464.1)
Movements in other working capital and provisions	(725.9)	(41.2)
Corporation and overseas tax paid	(162.7)	(162.7)
Interest and similar charges paid	(86.8)	(90.1)
Interest expense related to lease liabilities	(44.1)	(44.7)
Interest received	26.9	25.1
Income from equity investments	20.1	5
Dividends from associates	21.4	26.7
Net cash (outflow)/inflow from operating activities	£ (1,110.8)	£ 39.2
[1]Figures have been restated as described in Note 2: Accounting Policies.

Analysis of cash flows - Acquis

Analysis of cash flows - Acquisitions and disposals (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Acquisitions and disposals:
Initial cash consideration	£ (35)	£ (41.2)
Cash and cash equivalents acquired	0.7	4
Earnout payments	(63.3)	(14.1)
Purchase of other investments (including associates)	(5.1)	(97.2)
Acquisitions	(102.7)	(148.5)
Proceeds on disposal of investments and subsidiaries1	41.7	3.1
Cash and cash equivalents disposed	(12.5)	(1.8)
Disposals of investments and subsidiaries	29.2	1.3
Cash consideration received from non-controlling interests	0	38.7
Cash consideration for purchase of non-controlling interests	(6.2)	(117.7)
Cash consideration for non-controlling interests	(6.2)	(79)
Net acquisition payments and disposal proceeds	£ (79.7)	£ (226.2)

Analysis of cash flows - Share

Analysis of cash flows - Share repurchases and buybacks (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Analysis of cash flows [Abstract]
Purchase of shares by employee benefit trust	£ (43.2)	£ (49.5)
Purchase of treasury shares	(637.3)	(248.1)
Share repurchases and buy-backs	£ (680.5)	£ (297.6)

Analysis of cash flows - Repaym

Analysis of cash flows - Repayment of borrowings (Detail) £ in Millions	6 Months Ended
	Jun. 30, 2022 GBP (£)	Jun. 30, 2021 GBP (£)	Jun. 30, 2022 EUR (€)
Analysis of cash flows [Abstract]
Repayment of bank loans	£ (11.3)	£ (35.9)
Repayment of €250 million bonds	(209.3)	0
Repayment of borrowings	£ (220.6)	£ (35.9)
Repayment of €250 million bonds
Disclosure of detailed information about borrowings [line items]
Bond amount | €			€ 250,000,000

Cash and cash equivalents and_3

Cash and cash equivalents and debt financing - Cash reconciliation (Detail) - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and cash equivalents and debt financing [Abstract]
Cash at bank and in hand	£ 1,679.6	£ 2,776.6
Short-term bank deposits	95.4	1,106.3
Overdrafts	(285.7)	(342.3)
Cash and cash equivalents	£ 1,489.3	£ 3,540.6	£ 3,346.9	£ 4,337.1

Cash and cash equivalents and_4

Cash and cash equivalents and debt financing - Additional information (Detail) - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021
Corporate bond [member]
Cash Reconciliation [Line Items]
Fair value of corporate bonds	£ 4,119.2	£ 4,790.3

Cash and cash equivalents and_5

Cash and cash equivalents and debt financing - Analysis of future anticipated cash flows related to debt (Detail) - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Future anticipated cash flows	£ (5,658.3)	£ (5,798.1)
Effect of discounting/financing rates	748.5	1,014.1
Debt financing	(4,909.8)	(4,784)
Borrowings
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Future anticipated cash flows	(5,372.6)	(5,455.8)
Borrowings | Within one year
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(121.6)	(326.8)
Borrowings | Between 1 and 2 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(755.9)	(745.4)
Borrowings | Between 2 and 3 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(1,129.7)	(646.5)
Borrowings | Between 3 and 4 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(73.2)	(492.8)
Borrowings | Between 4 and 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(1,352.2)	(698)
Borrowings | Over 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(1,940)	(2,546.3)
Bank overdrafts | Within one year
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Future anticipated cash flows	£ (285.7)	£ (342.3)

Goodwill and acquisitions (Deta

Goodwill and acquisitions (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Goodwill and acquisitions [Abstract]
(Decrease) increase in Goodwill by subsidiary undertaking	£ 625.2	£ (63.7)

Trade and other receivables - S

Trade and other receivables - Summary of trade and other receivables, amounts falling due within one year (Detail) - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021
Trade and receivables [Abstract]
Trade receivables (net of loss allowance)	£ 6,491.7	£ 6,600.5
Work in progress	343.8	254
VAT and sales taxes recoverable	398.8	350.3
Prepayments	295	215.3
Accrued income	3,516.4	3,435.7
Fair value of derivatives	2.2	2.5
Other debtors	668.2	504
Trade and other receivables	£ 11,716.1	£ 11,362.3

Trade and other receivables -_2

Trade and other receivables - Summary of trade and other receivables, amounts falling due after more than one year (Detail) - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021
Trade and receivables [Abstract]
Fair value of derivatives	£ 0	£ 0.5
Prepayments and other debtors	198.2	152.1
Trade and other receivables	£ 198.2	£ 152.6

Trade and other receivables - A

Trade and other receivables - Additional information (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Allowance for bad and doubtful debts as a percentage of gross trade accounts receivables	1.10%		1.10%
Surplus in pension plan	£ 33
Trade receivables
Disclosure of detailed information about financial instruments [line items]
Bad debt expenses	£ 11.5	£ 10.6

Trade and other payables - Summ

Trade and other payables - Summary of trade and other payables, amounts falling due within one year (Detail) - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021
Trade and other current payables [abstract]
Trade payables	£ 9,674.4	£ 10,596.9
Deferred income	1,457.2	1,334
Payments due to vendors (earnout agreements)	40	85.6
Liabilities in respect of put option agreements with vendors	68.3	58.4
Fair value of derivatives	3.9	6.4
Share repurchases - close period commitments	0	211.7
Other creditors and accruals	2,691.1	2,959.3
Total	£ 13,934.9	£ 15,252.3

Trade and other payables - Su_2

Trade and other payables - Summary of trade and other payables, amounts falling due after more than one year (Detail) - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021
Trade and other non-current payables [abstract]
Payments due to vendors (earnout agreements)	£ 133.1	£ 111.1
Liabilities in respect of put option agreements with vendors	329.5	333.1
Fair value of derivatives	64.2	47.2
Other creditors and accruals	113.9	128.5
Trade and other payables	£ 640.7	£ 619.9

Trade and other payables - Paym

Trade and other payables - Payments due to vendors (Detail) - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Within one year	£ 40	£ 85.6
Payments due to vendors, Non-current	133.1	111.1
Payments due to vendors	173.1	196.7
Within one year
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Within one year	40	85.6
Between 1 and 2 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Payments due to vendors, Non-current	46.2	24
Between 2 and 3 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Payments due to vendors, Non-current	48.2	35.7
Between 3 and 4 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Payments due to vendors, Non-current	17.5	51.4
Between 4 and 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Payments due to vendors, Non-current	10.8	0
Over 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Payments due to vendors, Non-current	£ 10.4	£ 0

Trade and other payables - Amou

Trade and other payables - Amounts falling due after more than one year - Summary of deferred and Earnout related obligations (Detail) £ in Millions	Jun. 30, 2022 GBP (£)
Trade and other non-current payables [abstract]
At the beginning of the period	£ 196.7
At the end of the period	£ 173.1

Related party transactions - Ad

Related party transactions - Additional information (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
USA | Associates | Compas
Disclosure of transactions between related parties [line items]
Revenue from sale of goods, related party transactions	£ 39.9	£ 93.5

Related party transactions - Su

Related party transactions - Summary of related party transaction outstanding (Detail) - Associates - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021
Amounts owed by related parties
Amounts owed by related parties	£ 70.7	£ 76
Amounts owed to related parties
Amounts owed to related parties	(72.8)	(57.6)
Kantar
Amounts owed by related parties
Amounts owed by related parties	27.9	30.3
Amounts owed to related parties
Amounts owed to related parties	(6.3)	(6.2)
Other
Amounts owed by related parties
Amounts owed by related parties	42.8	45.7
Amounts owed to related parties
Amounts owed to related parties	£ (66.5)	£ (51.4)

Going concern and liquidity r_2

Going concern and liquidity risk (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2023
Forecast
Liquidity [Line Items]
Percentage weakening of revenue less pass-through costs	0.12	0.11

Financial instruments - Fair Va

Financial instruments - Fair Value of assets and liabilities (Detail) - GBP (£) £ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Other investments	£ 372.9	£ 318.3
Recurring fair value measurement | Level 1 | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Other investments	0.4
Recurring fair value measurement | Level 1 | Held at fair value through other comprehensive income
Disclosure of detailed information about financial instruments [line items]
Other investments	19.2
Recurring fair value measurement | Level 1 | Derivatives
Disclosure of detailed information about financial instruments [line items]
Liabilities	0
Recurring fair value measurement | Level 1 | Derivatives | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Liabilities	0
Recurring fair value measurement | Level 1 | Payments due to vendors (earnout agreements) | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Liabilities	0
Recurring fair value measurement | Level 1 | Liabilities in respect of put options | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Liabilities	0
Recurring fair value measurement | Level 1 | Derivatives | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Assets	0
Recurring fair value measurement | Level 2 | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Other investments	0
Recurring fair value measurement | Level 2 | Held at fair value through other comprehensive income
Disclosure of detailed information about financial instruments [line items]
Other investments	0
Recurring fair value measurement | Level 2 | Derivatives
Disclosure of detailed information about financial instruments [line items]
Liabilities	(64.2)
Recurring fair value measurement | Level 2 | Derivatives | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Liabilities	(3.9)
Recurring fair value measurement | Level 2 | Payments due to vendors (earnout agreements) | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Liabilities	0
Recurring fair value measurement | Level 2 | Liabilities in respect of put options | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Liabilities	0
Recurring fair value measurement | Level 2 | Derivatives | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Assets	2.2
Recurring fair value measurement | Level 3 | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Other investments	241.1
Recurring fair value measurement | Level 3 | Held at fair value through other comprehensive income
Disclosure of detailed information about financial instruments [line items]
Other investments	112.2
Recurring fair value measurement | Level 3 | Derivatives
Disclosure of detailed information about financial instruments [line items]
Liabilities	0
Recurring fair value measurement | Level 3 | Derivatives | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Liabilities	0
Recurring fair value measurement | Level 3 | Payments due to vendors (earnout agreements) | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Liabilities	(173.1)
Recurring fair value measurement | Level 3 | Liabilities in respect of put options | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Liabilities	(397.8)
Recurring fair value measurement | Level 3 | Derivatives | Held at fair value through profit or loss
Disclosure of detailed information about financial instruments [line items]
Assets	£ 0

Financial instruments - Level 3

Financial instruments - Level 3 (Detail) - Level 3 £ in Millions	6 Months Ended
	Jun. 30, 2022 GBP (£)
Changes in fair value measurement, assets [abstract]
Beginning balance	£ 290
(Losses)/gains recognised in the income statement	9
Gains recognised in other comprehensive income	3.6
Additions	66.7
Disposals	(16)
Cancellations	0
Settlements	0
Exchange adjustments	0
Ending balance	353.3
Payments due to vendors (earnout agreements)
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	(196.7)
(Losses)/gains recognised in the income statement	(1.1)
Gains recognised in other comprehensive income	0
Additions	(22.6)
Disposals	0
Cancellations	0
Settlements	63.3
Exchange adjustments	(16)
Ending balance	(173.1)
Liabilities in respect of put options
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	(391.5)
(Losses)/gains recognised in the income statement	19.6
Gains recognised in other comprehensive income	0
Additions	0
Disposals	0
Cancellations	5
Settlements	5.8
Exchange adjustments	(36.7)
Ending balance	£ (397.8)

Financial instruments - Additio

Financial instruments - Additional information (Detail) £ in Millions	Jun. 30, 2022 GBP (£)
Disclosure of detailed information about financial instruments [line items]
Weighted average growth rate	14.70%
Risk adjusted discount rate	7.70%
0.5 percentage point increase or decrease
Disclosure of detailed information about financial instruments [line items]
Decrease in combined liabilities due to earn out and put option arrangement	£ 8.2
Increase in combined liabilities due to earn out and put option arrangement	8.4
One percentage point increase or decrease
Disclosure of detailed information about financial instruments [line items]
Increase in combined liabilities due to earn out and put option arrangement	8.7
Decrease in combined liabilities due to earn out and put option arrangement	£ 9

Reconciliation of operating (lo

Reconciliation of operating (loss)/profit to headline operating profit - Summary of reconciliation of operating profit to headline operating profit (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of operating profit to headline operating profit [Abstract]
Operating profit	£ 538.7	£ 483.6
Amortisation and impairment of acquired intangible assets	31.5	30.1
Losses on disposal of investments and subsidiaries	48.1	1
Gains (losses) on remeasurement of equity interests arising from change in scope of ownership	60.4	0
Litigation settlement	0	21.7
Restructuring and transformation costs	75.3	34.3
Restructuring costs in relation to COVID-19	5.9	19.7
Headline operating profit	£ 639.1	£ 590.4