WPP (WPP) 6-K 4 Aug 23 Current report (foreign) Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2023
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, 2023
Document Fiscal Year Focus	2023
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, 2023	Jun. 30, 2022
Profit or loss [abstract]
Revenue	£ 7,221.2	£ 6,755.3
Costs of services	(6,157)	(5,708.1)
Gross profit	1,064.2	1,047.2
General and administrative costs	(758.1)	(508.5)
Operating profit	306.1	538.7
Earnings/(loss) from associates - after interest and tax	1	(63.8)
Profit before interest and taxation	307.1	474.9
Finance and investment income	102.4	55.5
Finance costs	(230.7)	(144.9)
Revaluation and retranslation of financial instruments	25.5	33.1
Profit before taxation	204.3	418.6
Taxation	(55)	(117.5)
Profit for the period	149.3	301.1
Attributable to:
Equity holders of the parent, continuing operations	112	257.9
Non-controlling interests, Continuing operations	37.3	43.2
Profit	£ 149.3	£ 301.1
Earnings per share
Basic earnings per ordinary share (pounds per share)	£ 0.105	£ 0.231
Diluted earnings per ordinary share (pounds per share)	£ 0.103	£ 0.227

Unaudited condensed consolida_2

Unaudited condensed consolidated interim statement of comprehensive income - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of comprehensive income [abstract]
Profit for the period	£ 149.3	£ 301.1
Items that may be reclassified subsequently to profit or loss:
Foreign exchange differences on translation of foreign operations	(285)	459.7
Gain/(loss) on net investment hedges	77.8	(129.9)
Cash flow hedges:
Fair value (loss)/gain arising on hedging instruments	(23.8)	18.7
Less: gain/(loss) reclassified to profit or loss	24.4	(18.7)
Share of other comprehensive income of associates undertakings	0	30.7
Items that may be reclassified subsequently to profit or loss	(206.6)	360.5
Items that will not be reclassified subsequently to profit or loss:
Movements on equity investments held at fair value through other comprehensive income	(3.8)	(5.2)
Items that will not be reclassified subsequently to profit or loss	(3.8)	(5.2)
Other comprehensive (loss)/income relating to the period	(210.4)	355.3
Total comprehensive (loss)/income relating to the period	(61.1)	656.4
Attributable to:
Equity holders of the parent	(76)	593.3
Non-controlling interests	14.9	63.1
Total comprehensive (loss)/income relating to the period	£ (61.1)	£ 656.4

Unaudited condensed consolida_3

Unaudited condensed consolidated interim cash flow statement - GBP (£) £ in Millions		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Statement of cash flows [abstract]
Net cash outflow from operating activities	[1]	£ (444.1)	£ (1,132.5)
Investing activities
Acquisitions	[1]	(197.9)	(81)
Disposals of investments and subsidiaries		10.3	29.2
Purchases of property, plant and equipment		(80.7)	(102.4)
Purchases of other intangible assets (including capitalised computer software)		(23.1)	(14.6)
Proceeds on disposal of property, plant and equipment		3.4	4.5
Net cash outflow from investing activities		(288)	(164.3)
Financing activities
Repayment of lease liabilities		(135.1)	(146.3)
Share option proceeds		0.7	1.1
Cash consideration for purchase of non-controlling interests		(16)	(6.2)
Share repurchases and buy-backs		(37)	(680.5)
Proceeds from borrowings and issue of bonds		1,044.5	247.2
Repayment of borrowings		(469.8)	(220.6)
Financing and share issue costs		(5.7)	0
Dividends paid to non-controlling interests in subsidiary undertakings		(61.2)	(37.2)
Net cash inflow/(outflow) from financing activities		320.4	(842.5)
Net decrease in cash and cash equivalents		(411.7)	(2,139.3)
Translation of cash and cash equivalents		(59)	88
Cash and cash equivalents at beginning of period		1,515.1	1,489.3
Cash and cash equivalents at end of period		£ 1,515.1	£ 1,489.3
[1]Earnout payments in excess of the amount determined at acquisition are recorded as operating activities. Prior year excess amounts were recorded as investing activities and have been re-presented as operating activities. See note 11.

Unaudited condensed consolida_4

Unaudited condensed consolidated interim balance sheet - GBP (£) £ in Millions	Jun. 30, 2023	Dec. 31, 2022
Intangible assets:
Goodwill	£ 8,296.8	£ 8,453.4
Other	1,500.9	1,451.9
Property, plant and equipment	942.7	1,000.7
Right-of-use assets	1,454.2	1,528.5
Interests in associates and joint ventures	248.1	305.1
Other investments	332.9	369.8
Deferred tax assets	287.8	322.1
Corporate income tax recoverable	102.4	74.1
Trade and other receivables	156.8	218.6
Non-current assets	13,322.6	13,724.2
Current assets
Corporate income tax recoverable	110.8	107.1
Trade and other receivables	11,058.1	12,499.7
Cash and short-term deposits	1,962.6	2,491.5
Current assets	13,131.5	15,098.3
Current liabilities
Trade and other payables	(13,155.8)	(15,834.9)
Corporate income tax payable	(324.1)	(422)
Short-term lease liabilities	(298.2)	(282.4)
Bank overdrafts, bonds and bank loans	(1,092.9)	(1,169)
Current liabilities	(14,871)	(17,708.3)
Net current liabilities	(1,739.5)	(2,610)
Total assets less current liabilities	11,583.1	11,114.2
Non-current liabilities
Bonds and bank loans	(4,338)	(3,801.8)
Trade and other payables	(517.4)	(490.9)
Deferred tax liabilities	(339.1)	(350.8)
Provisions for post-employment benefits	(133.8)	(137.5)
Provisions for liabilities and charges	(283.8)	(244.6)
Long-term lease liabilities	(1,905.9)	(1,928.2)
Non-current liabilities	(7,518)	(6,953.8)
Net assets	4,065.1	4,160.4
Equity
Called-up share capital	114.1	114.1
Share premium account	576.6	575.9
Other reserves	104.9	285.2
Own shares	(1,012.9)	(1,054.1)
Retained earnings	3,854.5	3,759.7
Equity shareholders’ funds	3,637.2	3,680.8
Non-controlling interests	427.9	479.6
Total equity	£ 4,065.1	£ 4,160.4

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	[1]	Own shares	Retained earnings	Non- controlling interests
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
Foreign exchange differences on translation of foreign operations		459.7	439.8			439.8				19.9
Gain on net investment hedges		(129.9)	(129.9)			(129.9)
Cash flow hedges:
Fair value loss arising on hedging instruments		18.7	18.7			18.7
Less: gain 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 (loss)/income relating to the period		355.3	335.4			333.9			1.5	19.9
Total comprehensive (loss)/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	[2]	211.7	211.7			211.7
Acquisition and disposal of subsidiaries	[3]	(13)	(13)						(13)
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
Beginning balance at Dec. 31, 2022		4,160.4	3,680.8	114.1	575.9	285.2		(1,054.1)	3,759.7	479.6
Ordinary shares issued		0.7	0.7		0.7
Treasury shares used for share option schemes								55.2	(55.2)
Profit for the period		149.3	112						112	37.3
Foreign exchange differences on translation of foreign operations		(285)	(262.6)			(262.6)				(22.4)
Gain on net investment hedges		77.8	77.8			77.8
Cash flow hedges:
Fair value loss arising on hedging instruments		(23.8)	(23.8)			(23.8)
Less: gain reclassified to profit or loss		24.4	24.4			24.4
Share of other comprehensive income of associates undertakings		0
Movements on equity investments held at fair value through other comprehensive income		(3.8)	(3.8)						(3.8)
Other comprehensive (loss)/income relating to the period		(210.4)	(188)			(184.2)			(3.8)	(22.4)
Total comprehensive (loss)/income relating to the period		(61.1)	(76)			(184.2)			108.2	14.9
Dividends paid		(61.2)								(61.2)
Non-cash share-based incentive plans (including share options)		75.5	75.5						75.5
Tax adjustment on share-based payments		2.4	2.4						2.4
Net movement in own shares held by ESOP Trusts		(37)	(37)					(14)	(23)
Recognition/derecognition of liabilities in respect of put options		2.1	2.1			3.9			(1.8)
Acquisition and disposal of subsidiaries	[3]	(16.7)	(11.3)						(11.3)	(5.4)
Ending balance at Jun. 30, 2023		£ 4,065.1	£ 3,637.2	£ 114.1	£ 576.6	£ 104.9		£ (1,012.9)	£ 3,854.5	£ 427.9
[1]Accumulated losses on existing equity investments held at fair value through other comprehensive income are £347.2 million at 30 June 2023 (31 December 2022: £343.4 million).[2]During 2021, the Company entered into an arrangement with a third party to conduct share buybacks 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. After the close period ended on 18 February 2022, the liability was settled and the amount in other reserves was reclassified to retained earnings.[3]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.

Unaudited condensed consolida_6

Unaudited condensed consolidated interim statement of changes in equity (Parenthetical) - GBP (£) £ in Millions	Jun. 30, 2023	Jun. 30, 2022
Statement of changes in equity [abstract]
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments	£ 347.2	£ 343.4

Analysis of cash flows - Procee

Analysis of cash flows - Proceeds from borrowings (Details) £ in Millions	6 Months Ended
	Jun. 30, 2023 GBP (£)	Jun. 30, 2022 GBP (£)	Jun. 30, 2023 EUR (€)
Condensed Cash Flow Statements, Captions [Line Items]
Draw down from revolving credit facility	£ 400	£ 0
Increase in drawings on bank loans	0	247.2
Proceeds from borrowings and issue of bonds	1,044.5	247.2
Proceeds from €750 million bonds
Condensed Cash Flow Statements, Captions [Line Items]
Bond amount | €			€ 750,000,000
Proceeds from issues of bonds	£ 644.5	£ 0

Basis of accounting

Basis of accounting	6 Months Ended
	Jun. 30, 2023
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, 2023
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 2022 Annual Report on 20-F. No changes have been made to the Group’s accounting policies in the period ended 30 June 2023. The Group does not consider that the amendments to standards adopted during the period have a significant impact on the financial statements. The unaudited condensed consolidated interim financial statements were approved by the board of directors and authorized for issue on 4 August 2023.

Currency conversion

Currency conversion	6 Months Ended
	Jun. 30, 2023
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 2023 unaudited condensed consolidated interim income statement is prepared using, among other currencies, average exchange rates of US$1.23 to the pound (period ended 30 June 2022: US$1.30) and €1.14 to the pound (period ended 30 June 2022: €1.19). The unaudited condensed consolidated interim balance sheet as at 30 June 2023 has been prepared using the exchange rates on that day of US$1.27 to the pound (31 December 2022: US$1.21) and €1.16 to the pound (31 December 2022: €1.13).

Costs of services and general a

Costs of services and general and administrative costs	6 Months Ended
	Jun. 30, 2023
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 2023 Six Months Ended 30 June 2022 £m £m Costs of services 6,157.0 5,708.1 General and administrative costs 758.1 508.5 6,915.1 6,216.6 Costs of services and general and administrative costs include: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Staff costs 4,141.5 3,930.7 Establishment costs 272.1 262.8 Media pass-through costs 1,022.8 1,016.7 Other costs of services and general and administrative costs 1 1,478.7 1,006.4 6,915.1 6,216.6 Note 1 Other costs of services and general and administrative costs include £387.2 million (period ended 30 June 2022: £229.1 million) of other pass-through costs. 4. Costs of services and general and administrative costs (continued) Staff costs include: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Wages and salaries 2,944.0 2,718.5 Cash-based incentive plans 91.7 93.5 Share-based incentive plans 75.5 67.3 Severance 40.1 17.4 Other staff costs 990.2 1,034.0 4,141.5 3,930.7 Other costs of services and general and administrative costs include: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Amortisation and impairment of acquired intangible assets 36.6 31.5 Goodwill impairment 52.9 — Investment and other impairment charges 11.0 — Losses on disposals of investments and subsidiaries 2.9 48.1 Gains on remeasurement of equity interests arising from a change in scope of ownership — (60.4) Restructuring and transformation costs 86.8 81.2 Property related costs 180.0 — Litigation settlement (10.0) — Amortisation and impairment of acquired intangible assets of £36.6 million (2022: £31.5 million) includes an impairment charge in the year of £1.7 million (2022: £1.3 million) in regard to certain brand names that are no longer in use. The goodwill impairment charge of £52.9 million in the period ended 30 June 2023 (2022: £nil) relates to two businesses in the Group where the current, local economic conditions and trading circumstances are sufficiently severe to indicate impairment to the carrying value. Investment and other impairment charges of £11.0 million (2022: £nil) relate to the same macro-economic factors noted above. Losses on disposal of investments and subsidiaries of £2.9 million in the period ended 30 June 2023 (2022: £48.1 million) mainly relates to a disposal of the Group's investment in Astus Australia, which completed in May 2023. The prior period primarily includes a loss of £65.1 million on the divestment of the Group's Russian interests which completed in May 2022.

Earnings_(loss) from associates

Earnings/(loss) from associates - after interest and tax	6 Months Ended
	Jun. 30, 2023
Disclosure of associates [abstract]
Earnings/(loss) from associates - after interest and tax	5. Earnings/(loss) from associates - after interest and taxEarnings/(loss) from associates - after interest and tax for the period ended 30 June 2023 was £1.0 million (2022: loss of £63.8 million). In 2022 this includes £46.7 million of amortisation and impairment of acquired intangible assets, and £24.8 million of restructuring and one-off transaction costs within Kantar.

Finance and investment income,

Finance and investment income, finance costs and revaluation and retranslation of financial instruments	6 Months Ended
	Jun. 30, 2023
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 2023 Six Months Ended 30 June 2022 £m £m Income from equity investments 3.4 20.1 Interest income 99.0 35.4 102.4 55.5 Finance costs include: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Interest payable and similar charges 1 180.2 98.9 Interest expense related to lease liabilities 50.5 46.0 230.7 144.9 Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost. Revaluation and retranslation of financial instruments include: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Movements in fair value of treasury instruments 4.4 1.9 Revaluation of investments held at fair value through profit or loss (24.2) 9.0 Revaluation of put options over non-controlling interests 7.1 19.6 Revaluation of payments due to vendors (earnout agreements) 25.7 (1.1) Retranslation of financial instruments 12.5 3.7 25.5 33.1

Segmental analysis

Segmental analysis	6 Months Ended
	Jun. 30, 2023
Disclosure of operating segments [abstract]
Segmental analysis	7. Segmental analysis Substantially all of the Group's revenue is from contracts with customers. Reported contributions by reportable segments were as follows: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Revenue 1,2 Global Integrated Agencies 6,107.0 5,698.8 Public Relations 618.0 574.6 Specialist Agencies 496.2 481.9 7,221.2 6,755.3 Revenue less pass-through costs 1,3 Global Integrated Agencies 4,781.6 4,536.0 Public Relations 584.4 547.6 Specialist Agencies 445.2 425.9 Headline operating profit 1,4 Global Integrated Agencies 540.5 507.0 Public Relations 87.5 83.5 Specialist Agencies 38.3 48.6 666.3 639.1 Notes 1 Prior year figures have been re-presented to reflect the reallocation of a number of businesses between Global Integrated Agencies and Public Relations. 2 Intersegment sales have not been separately disclosed as they are not material. 3 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. 4 A reconciliation from reported profit before taxation to headline operating profit is provided in note 20. 7. Segmental analysis (continued) Reported contributions by geographical area were as follows: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Revenue 1 North America 2 2,744.0 2,586.5 United Kingdom 1,064.6 956.1 Western Continental Europe 1,477.1 1,352.0 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 1,935.5 1,860.7 7,221.2 6,755.3 Revenue less pass-through costs 3 North America 2 2,284.6 2,188.9 United Kingdom 796.2 737.0 Western Continental Europe 1,178.7 1,086.1 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 1,551.7 1,497.5 Headline operating profit 4 North America 2 287.1 299.7 United Kingdom 97.8 67.3 Western Continental Europe 111.1 98.7 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 170.3 173.4 666.3 639.1 Notes 1 Intersegment sales have not been separately disclosed as they are not material. 2 North America includes the United States with revenue of £2,578.7 million (2022: £2,440.9 million), revenue less pass-through costs of £2,144.2 million (2022: £2,052.1 million) and headline operating profit of £268.1 million (2022: £280.9 million). 3 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. 4 A reconciliation from reported profit before taxation to headline operating profit is provided in note 20.

Taxation

Taxation	6 Months Ended
	Jun. 30, 2023
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 2023. This is then adjusted for certain discrete items which occurred in the interim period. The tax rate on profit before tax was 26.9% (2022: 28.1%). The tax charge may be affected by the impact of acquisitions, disposals and other corporate restructuring, the resolution of open tax issues, and the ability to use brought forward tax losses. Changes in local or international tax rules, 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, 2023
Ordinary dividends [Abstract]
Ordinary dividends	9. Ordinary dividends The Board has recommended an interim dividend of 15.0p (2022: 15.0p) per ordinary share. This is expected to be paid on 3 November 2023 to shareholders on the register at 13 October 2023. The Board recommended a final dividend of 24.4p per ordinary share in respect of 2022. This was paid on 7 July 2023.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2023
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 2023 Six Months Ended 30 June 2022 Earnings 1 (£ million) 112.0 257.9 Weighted average shares used in basic EPS calculation (million) 1,071.2 1,115.2 EPS 10.5p 23.1p 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 2023 Six Months Ended 30 June 2022 Diluted earnings 1 (£ million) 112.0 257.9 Weighted average shares used in diluted EPS calculation (million) 1,090.8 1,137.8 Diluted EPS 10.3p 22.7p Note 1 Diluted earnings is equivalent to profit for the period attributable to equity holders of the parent. A reconciliation between the shares used in calculating basic and diluted EPS is as follows: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 m m Weighted average shares used in basic EPS calculation 1,071.2 1,115.2 Dilutive share options outstanding 0.8 1.4 Other potentially issuable shares 18.8 21.2 Weighted average shares used in diluted EPS calculation 1,090.8 1,137.8 At 30 June 2023 there were 1,141,513,196 (30 June 2022: 1,162,563,018) ordinary shares in issue, including treasury shares of 66,675,497 (30 June 2022: 70,489,953).

Analysis of cash flows

Analysis of cash flows	6 Months Ended
	Jun. 30, 2023
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 from operating activities : Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Profit for the period 149.3 301.1 Taxation 55.0 117.5 Revaluation and retranslation of financial instruments (25.5) (33.1) Finance costs 230.7 144.9 Finance and investment income (102.4) (55.5) (Earnings)/loss from associates - after interest and tax (1.0) 63.8 Adjustments for: Non-cash share-based incentive plans (including share options) 75.5 67.3 Depreciation of property, plant and equipment 83.7 79.9 Depreciation of right-of-use assets 129.3 129.9 Impairment charges included within adjusting items 1 140.4 8.1 Goodwill impairment 52.9 — Amortisation and impairment of acquired intangible assets 36.6 31.5 Amortisation of other intangible assets 9.0 13.6 Investment and other impairment charges 11.0 — Losses on disposal of investments and subsidiaries 2.9 48.1 Gains on remeasurement of equity interests arising from a change in scope of ownership — (60.4) Gains on sale of property, plant and equipment (0.5) (1.1) Movements in trade working capital 2,3 (521.9) (1,015.3) Movements in other working capital and provisions 4 (522.7) (725.9) Corporation and overseas tax paid (171.3) (162.7) Interest and similar charges paid (155.9) (86.8) Interest paid on lease liabilities (48.8) (44.1) Interest received 108.5 26.9 Investment income 3.4 20.1 Dividends from associates 18.9 21.4 Earnout payments recognised in operating activities 5 (1.2) (21.7) Net cash outflow from operating activities (444.1) (1,132.5) Notes 1 Impairment charges included within restructuring costs includes impairments for right-of-use assets and property, plant and equipment. 2 Trade working capital represents trade receivables, work in progress, accrued income, trade payables, and deferred income. 3 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. 4 Other working capital represents other receivables and other payables. 5 Earnout payments in excess of the amount determined at acquisition are recorded as operating activities. Prior year excess amounts were recorded as investing activities and have been re-presented as operating activities. 11. Analysis of cash flows (continued) Acquisitions and disposals: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Initial cash consideration (202.0) (35.0) Cash and cash equivalents acquired 23.0 0.7 Earnout payments 1 (11.2) (41.6) Purchase of other investments (including associates) (7.7) (5.1) Acquisitions (197.9) (81.0) Proceeds on disposal of investments and subsidiaries 2 10.5 41.7 Cash and cash equivalents disposed (0.2) (12.5) Disposals of investments and subsidiaries 10.3 29.2 Cash consideration for purchase of non-controlling interests (16.0) (6.2) Cash consideration for non-controlling interests (16.0) (6.2) Net acquisition payments and disposal proceeds (203.6) (58.0) Notes 1 Earnout payments in excess of the amount determined at acquisition are recorded as operating activities. Prior period excess amounts were recorded as investing activities and have been re-presented as operating activities. 2 Proceeds on disposal of investments and subsidiaries includes return of capital from investments in associates. Share repurchases and buybacks: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Purchase of own shares by ESOP Trusts (37.0) (43.2) Shares purchased into treasury — (637.3) (37.0) (680.5) Proceeds from borrowings: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Proceeds from €750 million bonds 644.5 — Draw down from revolving credit facility 400.0 — Increase in drawings on bank loans — 247.2 1,044.5 247.2 Repayments of borrowings: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Repayment of bank loans — (11.3) Repayment of revolving credit facility (400.0) — Repayment of debt assumed on acquisition (69.8) — Repayment of €250 million bonds — (209.3) (469.8) (220.6)

Cash and cash equivalents and d

Cash and cash equivalents and debt financing	6 Months Ended
	Jun. 30, 2023
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 2023 31 December 2022 £m £m Cash at bank and in hand 1,682.8 2,271.6 Short-term bank deposits 279.8 219.9 Overdrafts 1 (447.5) (505.7) Cash and cash equivalents 1,515.1 1,985.8 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 £4,565.0 million at 30 June 2023 (31 December 2022: £4,049.1 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 2023 31 December 2022 £m £m Within one year (779.7) (791.6) Between one and two years (1,129.2) (724.3) Between two and three years (99.1) (524.2) Between three and four years (1,376.0) (740.3) Between four and five years (711.6) (719.9) Over five years (1,904.9) (1,963.7) Debt financing (including interest) under the Revolving Credit Facility and in relation to unsecured loan notes (6,000.5) (5,464.0) Short-term overdrafts – within one year (447.5) (505.7) Future anticipated cash flows (6,448.0) (5,969.7) Effect of discounting/financing rates 1,017.1 998.9 Debt financing (5,430.9) (4,970.8)

Goodwill and acquisitions

Goodwill and acquisitions	6 Months Ended
	Jun. 30, 2023
Goodwill and acquisitions [Abstract]
Goodwill and acquisitions	13. Goodwill and acquisitions Goodwill in relation to subsidiary undertakings decreased by £156.6 million in the period. This movement primarily relates to the impact of currency translation of £320.8 million and impairment charges of £52.9 million. This is offset by the recognition of goodwill and fair value adjustments arising from M&A activity in the current and prior year of £217.1 million.

Trade and other receivables

Trade and other receivables	6 Months Ended
	Jun. 30, 2023
Trade and receivables [Abstract]
Trade and other receivables	14. Trade and other receivables Amounts falling due within one year: 30 June 2023 31 December 2022 £m £m Trade receivables (net of loss allowance) 6,167.8 7,403.9 Work in progress 292.7 352.4 VAT and sales taxes recoverable 425.5 448.1 Prepayments 305.7 236.6 Accrued income 3,193.4 3,468.3 Fair value of derivatives 2.4 5.1 Other debtors 670.6 585.3 11,058.1 12,499.7 Amounts falling due after more than one year: 30 June 2023 31 December 2022 £m £m Prepayments 2.2 3.9 Fair value of derivatives 15.3 0.6 Other debtors 139.3 214.1 156.8 218.6 The Group has applied the practical expedient permitted by IFRS 15 to not disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less. Other debtors falling due after more than one year for 30 June 2023 includes £16.0 million (31 December 2022: £15.4 million) in relation to pension plans in surplus. Impairment losses on work in progress, accrued income and other debtors were immaterial for the periods presented. The Group considers that the carrying amount of trade and other receivables approximates their fair value. A bad debt credit of £5.4 million (period ended 30 June 2022: expense of £11.5 million) on the Group’s trade receivables in the period is a result of the decrease in expected credit losses since 31 December 2022. The loss allowance is equivalent to 0.8% (31 December 2022: 1.0%) of gross trade receivables.

Trade and other payables_ amoun

Trade and other payables: amounts falling due within one year	6 Months Ended
	Jun. 30, 2023
Trade and other current payables [abstract]
Trade and other payables: amounts falling due within one year	30 June 2023 31 December 2022 £m £m Trade payables 9,351.1 11,182.3 Deferred income 1,310.5 1,599.0 Payments due to vendors (earnout agreements) 73.3 62.0 Liabilities in respect of put option agreements with vendors 14.9 18.8 Fair value of derivatives 40.2 58.0 Other creditors and accruals 2,365.8 2,914.8 13,155.8 15,834.9 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, 2023
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 2023 31 December 2022 £m £m Payments due to vendors (earnout agreements) 114.6 98.1 Liabilities in respect of put option agreements with vendors 305.9 323.3 Fair value of derivatives 12.6 — Other creditors and accruals 84.3 69.5 517.4 490.9 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 2023 31 December 2022 £m £m Within one year 73.3 62.0 Between 1 and 2 years 37.8 19.5 Between 2 and 3 years 34.8 27.6 Between 3 and 4 years 28.8 28.6 Between 4 and 5 years 13.2 22.4 187.9 160.1 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 2023.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2023
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 2023, revenue of £111.8 million (period ended 30 June 2022: £82.7 million) was reported in relation to Compas, an associate in the USA, and revenue of £6.6 million (period ended 30 June 2022: £7.4 million) was reported in relation to Kantar. All other transactions in the periods presented were immaterial. The following amounts were outstanding at 30 June 2023: 30 June 2023 31 December 2022 £m £m Amounts owed by related parties Kantar 24.7 26.1 Other 50.5 62.4 75.2 88.5 Amounts owed to related parties Kantar (7.4) (10.5) Other (55.2) (65.2) (62.6) (75.7)

Going concern and liquidity ris

Going concern and liquidity risk	6 Months Ended
	Jun. 30, 2023
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 Group modelled a range of revenue less pass-through costs compared with the year ended 31 December 2022 and a number of mitigating cost actions that are available to the Group. Considering the Group’s bank covenant and liquidity headroom and cost mitigation actions which could be implemented, 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 18% in 2023 and up to 12% in 2024 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, 2023
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 2023 Derivatives in designated hedge relationships Derivative assets — 14.8 — Derivative liabilities — (51.0) — Held at fair value through profit or loss Other investments 0.4 — 257.5 Derivative assets — 2.9 — Derivative liabilities — (1.8) — Payments due to vendors (earnout agreements) — — (187.9) Liabilities in respect of put options — — (320.8) Held at fair value through other comprehensive income Other investments 7.2 — 67.8 Reconciliation of level 3 fair value measurements: Payments Liabilities Other £m £m £m 1 January 2023 (160.1) (342.1) 358.5 Gains/(losses) recognised in the income statement 25.7 7.1 (24.7) Gains recognised in other comprehensive income — — 0.1 Additions (66.7) (2.4) 1.8 Disposals — — (10.4) Cancellations — 2.8 — Settlements 12.4 1.8 — Exchange adjustments 0.8 12.0 — 30 June 2023 (187.9) (320.8) 325.3 19. Financial instruments (continued) The fair values of financial assets and liabilities are based on quoted market prices where available. Where the market value is not available, the Group has estimated relevant fair values on the basis of available information from outside sources. There have been no movements between level 3 and other levels. 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 2023, the weighted average growth rate in estimating future financial performance was 11.6%, 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 2023 was approximately 7.4%. 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 £8.6 million and £8.3 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 £6.3 million and £6.5 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 The fair value of other investments included in level 1 are based on quoted market prices. Other investments included in level 3 are unlisted securities, where market value is not readily available. The Group has estimated relevant fair values on the basis of information from outside sources using the most appropriate valuation technique, including all external funding rounds, revenue and EBITDA multiples, the share of fund net asset value and discounted cash flows. The sensitivity to changes in unobservable inputs is specific to each individual investment. A change to one or more of these unobservable inputs to reflect a reasonably possible alternative assumption would not result in a significant change to the fair value.

Reconciliation of profit before

Reconciliation of profit before taxation to headline operating profit	6 Months Ended
	Jun. 30, 2023
Reconciliation of operating profit to headline operating profit [Abstract]
Reconciliation of profit before taxation to headline operating profit	20. Reconciliation of profit before taxation to headline operating profit Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Profit before taxation 204.3 418.6 Finance and investment income 102.4 55.5 Finance costs (230.7) (144.9) Revaluation and retranslation of financial instruments 25.5 33.1 Profit before interest and taxation 307.1 474.9 (Earnings)/loss from associates - after interest and tax (1.0) 63.8 Operating profit 306.1 538.7 Goodwill impairment 52.9 — Amortisation and impairment of acquired intangible assets 36.6 31.5 Investment and other impairment charges 11.0 — Restructuring and transformation costs 86.8 81.2 Property related costs 180.0 — Losses on disposal of investments and subsidiaries 2.9 48.1 Gains on remeasurement of equity interests arising from a change in scope of ownership — (60.4) Litigation settlement (10.0) — Headline operating profit 666.3 639.1 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, 2023
Costs of service and general and administrative costs [Abstract]
Costs of service and general and administrative costs	Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Costs of services 6,157.0 5,708.1 General and administrative costs 758.1 508.5 6,915.1 6,216.6 Costs of services and general and administrative costs include: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Staff costs 4,141.5 3,930.7 Establishment costs 272.1 262.8 Media pass-through costs 1,022.8 1,016.7 Other costs of services and general and administrative costs 1 1,478.7 1,006.4 6,915.1 6,216.6 Note 1 Other costs of services and general and administrative costs include £387.2 million (period ended 30 June 2022: £229.1 million) of other pass-through costs. 4. Costs of services and general and administrative costs (continued) Staff costs include: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Wages and salaries 2,944.0 2,718.5 Cash-based incentive plans 91.7 93.5 Share-based incentive plans 75.5 67.3 Severance 40.1 17.4 Other staff costs 990.2 1,034.0 4,141.5 3,930.7 Other costs of services and general and administrative costs include: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Amortisation and impairment of acquired intangible assets 36.6 31.5 Goodwill impairment 52.9 — Investment and other impairment charges 11.0 — Losses on disposals of investments and subsidiaries 2.9 48.1 Gains on remeasurement of equity interests arising from a change in scope of ownership — (60.4) Restructuring and transformation costs 86.8 81.2 Property related costs 180.0 — Litigation settlement (10.0) —

Finance and investment income_2

Finance and investment income, finance costs and revaluation and retranslation of financial instruments (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 Six Months Ended 30 June 2022 £m £m Income from equity investments 3.4 20.1 Interest income 99.0 35.4 102.4 55.5 Finance costs include: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Interest payable and similar charges 1 180.2 98.9 Interest expense related to lease liabilities 50.5 46.0 230.7 144.9 Note 1 Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost. Revaluation and retranslation of financial instruments include: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Movements in fair value of treasury instruments 4.4 1.9 Revaluation of investments held at fair value through profit or loss (24.2) 9.0 Revaluation of put options over non-controlling interests 7.1 19.6 Revaluation of payments due to vendors (earnout agreements) 25.7 (1.1) Retranslation of financial instruments 12.5 3.7 25.5 33.1

Segmental analysis (Tables)

Segmental analysis (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of operating segments [abstract]
Contributions by reportable segments	Reported contributions by reportable segments were as follows: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Revenue 1,2 Global Integrated Agencies 6,107.0 5,698.8 Public Relations 618.0 574.6 Specialist Agencies 496.2 481.9 7,221.2 6,755.3 Revenue less pass-through costs 1,3 Global Integrated Agencies 4,781.6 4,536.0 Public Relations 584.4 547.6 Specialist Agencies 445.2 425.9 Headline operating profit 1,4 Global Integrated Agencies 540.5 507.0 Public Relations 87.5 83.5 Specialist Agencies 38.3 48.6 666.3 639.1 Notes 1 Prior year figures have been re-presented to reflect the reallocation of a number of businesses between Global Integrated Agencies and Public Relations. 2 Intersegment sales have not been separately disclosed as they are not material. 3 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. 4 A reconciliation from reported profit before taxation 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 2023 Six Months Ended 30 June 2022 £m £m Revenue 1 North America 2 2,744.0 2,586.5 United Kingdom 1,064.6 956.1 Western Continental Europe 1,477.1 1,352.0 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 1,935.5 1,860.7 7,221.2 6,755.3 Revenue less pass-through costs 3 North America 2 2,284.6 2,188.9 United Kingdom 796.2 737.0 Western Continental Europe 1,178.7 1,086.1 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 1,551.7 1,497.5 Headline operating profit 4 North America 2 287.1 299.7 United Kingdom 97.8 67.3 Western Continental Europe 111.1 98.7 Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe 170.3 173.4 666.3 639.1 Notes 1 Intersegment sales have not been separately disclosed as they are not material. 2 North America includes the United States with revenue of £2,578.7 million (2022: £2,440.9 million), revenue less pass-through costs of £2,144.2 million (2022: £2,052.1 million) and headline operating profit of £268.1 million (2022: £280.9 million). 3 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. 4 A reconciliation from reported profit before taxation to headline operating profit is provided in note 20.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 Six Months Ended 30 June 2022 Earnings 1 (£ million) 112.0 257.9 Weighted average shares used in basic EPS calculation (million) 1,071.2 1,115.2 EPS 10.5p 23.1p 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 2023 Six Months Ended 30 June 2022 Diluted earnings 1 (£ million) 112.0 257.9 Weighted average shares used in diluted EPS calculation (million) 1,090.8 1,137.8 Diluted EPS 10.3p 22.7p Note 1 Diluted earnings is equivalent to profit for the period attributable to equity holders of the parent.
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 2023 Six Months Ended 30 June 2022 m m Weighted average shares used in basic EPS calculation 1,071.2 1,115.2 Dilutive share options outstanding 0.8 1.4 Other potentially issuable shares 18.8 21.2 Weighted average shares used in diluted EPS calculation 1,090.8 1,137.8

Analysis of cash flows (Tables)

Analysis of cash flows (Tables)	6 Months Ended
	Jun. 30, 2023
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 from operating activities : Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Profit for the period 149.3 301.1 Taxation 55.0 117.5 Revaluation and retranslation of financial instruments (25.5) (33.1) Finance costs 230.7 144.9 Finance and investment income (102.4) (55.5) (Earnings)/loss from associates - after interest and tax (1.0) 63.8 Adjustments for: Non-cash share-based incentive plans (including share options) 75.5 67.3 Depreciation of property, plant and equipment 83.7 79.9 Depreciation of right-of-use assets 129.3 129.9 Impairment charges included within adjusting items 1 140.4 8.1 Goodwill impairment 52.9 — Amortisation and impairment of acquired intangible assets 36.6 31.5 Amortisation of other intangible assets 9.0 13.6 Investment and other impairment charges 11.0 — Losses on disposal of investments and subsidiaries 2.9 48.1 Gains on remeasurement of equity interests arising from a change in scope of ownership — (60.4) Gains on sale of property, plant and equipment (0.5) (1.1) Movements in trade working capital 2,3 (521.9) (1,015.3) Movements in other working capital and provisions 4 (522.7) (725.9) Corporation and overseas tax paid (171.3) (162.7) Interest and similar charges paid (155.9) (86.8) Interest paid on lease liabilities (48.8) (44.1) Interest received 108.5 26.9 Investment income 3.4 20.1 Dividends from associates 18.9 21.4 Earnout payments recognised in operating activities 5 (1.2) (21.7) Net cash outflow from operating activities (444.1) (1,132.5) Notes 1 Impairment charges included within restructuring costs includes impairments for right-of-use assets and property, plant and equipment. 2 Trade working capital represents trade receivables, work in progress, accrued income, trade payables, and deferred income. 3 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. 4 Other working capital represents other receivables and other payables. 5 Earnout payments in excess of the amount determined at acquisition are recorded as operating activities. Prior year excess amounts were recorded as investing activities and have been re-presented as operating activities. 11. Analysis of cash flows (continued) Acquisitions and disposals: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Initial cash consideration (202.0) (35.0) Cash and cash equivalents acquired 23.0 0.7 Earnout payments 1 (11.2) (41.6) Purchase of other investments (including associates) (7.7) (5.1) Acquisitions (197.9) (81.0) Proceeds on disposal of investments and subsidiaries 2 10.5 41.7 Cash and cash equivalents disposed (0.2) (12.5) Disposals of investments and subsidiaries 10.3 29.2 Cash consideration for purchase of non-controlling interests (16.0) (6.2) Cash consideration for non-controlling interests (16.0) (6.2) Net acquisition payments and disposal proceeds (203.6) (58.0) Notes 1 Earnout payments in excess of the amount determined at acquisition are recorded as operating activities. Prior period excess amounts were recorded as investing activities and have been re-presented as operating activities. 2 Proceeds on disposal of investments and subsidiaries includes return of capital from investments in associates. Share repurchases and buybacks: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Purchase of own shares by ESOP Trusts (37.0) (43.2) Shares purchased into treasury — (637.3) (37.0) (680.5) Proceeds from borrowings: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Proceeds from €750 million bonds 644.5 — Draw down from revolving credit facility 400.0 — Increase in drawings on bank loans — 247.2 1,044.5 247.2 Repayments of borrowings: Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Repayment of bank loans — (11.3) Repayment of revolving credit facility (400.0) — Repayment of debt assumed on acquisition (69.8) — Repayment of €250 million bonds — (209.3) (469.8) (220.6)

Cash and cash equivalents and_2

Cash and cash equivalents and debt financing (Tables)	6 Months Ended
	Jun. 30, 2023
Cash and cash equivalents and debt financing [Abstract]
Cash reconciliation	30 June 2023 31 December 2022 £m £m Cash at bank and in hand 1,682.8 2,271.6 Short-term bank deposits 279.8 219.9 Overdrafts 1 (447.5) (505.7) Cash and cash equivalents 1,515.1 1,985.8 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 2023 31 December 2022 £m £m Within one year (779.7) (791.6) Between one and two years (1,129.2) (724.3) Between two and three years (99.1) (524.2) Between three and four years (1,376.0) (740.3) Between four and five years (711.6) (719.9) Over five years (1,904.9) (1,963.7) Debt financing (including interest) under the Revolving Credit Facility and in relation to unsecured loan notes (6,000.5) (5,464.0) Short-term overdrafts – within one year (447.5) (505.7) Future anticipated cash flows (6,448.0) (5,969.7) Effect of discounting/financing rates 1,017.1 998.9 Debt financing (5,430.9) (4,970.8)

Trade and other receivables (Ta

Trade and other receivables (Tables)	6 Months Ended
	Jun. 30, 2023
Trade and receivables [Abstract]
Summary of trade and other receivables	Amounts falling due within one year: 30 June 2023 31 December 2022 £m £m Trade receivables (net of loss allowance) 6,167.8 7,403.9 Work in progress 292.7 352.4 VAT and sales taxes recoverable 425.5 448.1 Prepayments 305.7 236.6 Accrued income 3,193.4 3,468.3 Fair value of derivatives 2.4 5.1 Other debtors 670.6 585.3 11,058.1 12,499.7 Amounts falling due after more than one year: 30 June 2023 31 December 2022 £m £m Prepayments 2.2 3.9 Fair value of derivatives 15.3 0.6 Other debtors 139.3 214.1 156.8 218.6

Trade and other payables_ amo_3

Trade and other payables: amounts falling due within one year (Tables)	6 Months Ended
	Jun. 30, 2023
Trade and other current payables [abstract]
Summary of trade and other payables, current	30 June 2023 31 December 2022 £m £m Trade payables 9,351.1 11,182.3 Deferred income 1,310.5 1,599.0 Payments due to vendors (earnout agreements) 73.3 62.0 Liabilities in respect of put option agreements with vendors 14.9 18.8 Fair value of derivatives 40.2 58.0 Other creditors and accruals 2,365.8 2,914.8 13,155.8 15,834.9

Trade and other payables_ amo_4

Trade and other payables: amounts falling due after more than one year (Tables)	6 Months Ended
	Jun. 30, 2023
Trade and other non-current payables [abstract]
Summary of Trade and Other Payables, Non-current	30 June 2023 31 December 2022 £m £m Payments due to vendors (earnout agreements) 114.6 98.1 Liabilities in respect of put option agreements with vendors 305.9 323.3 Fair value of derivatives 12.6 — Other creditors and accruals 84.3 69.5 517.4 490.9
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 2023 31 December 2022 £m £m Within one year 73.3 62.0 Between 1 and 2 years 37.8 19.5 Between 2 and 3 years 34.8 27.6 Between 3 and 4 years 28.8 28.6 Between 4 and 5 years 13.2 22.4 187.9 160.1

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure of transactions between related parties [abstract]
Summary of related party transactions outstanding	The following amounts were outstanding at 30 June 2023: 30 June 2023 31 December 2022 £m £m Amounts owed by related parties Kantar 24.7 26.1 Other 50.5 62.4 75.2 88.5 Amounts owed to related parties Kantar (7.4) (10.5) Other (55.2) (65.2) (62.6) (75.7)

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 Derivatives in designated hedge relationships Derivative assets — 14.8 — Derivative liabilities — (51.0) — Held at fair value through profit or loss Other investments 0.4 — 257.5 Derivative assets — 2.9 — Derivative liabilities — (1.8) — Payments due to vendors (earnout agreements) — — (187.9) Liabilities in respect of put options — — (320.8) Held at fair value through other comprehensive income Other investments 7.2 — 67.8
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 2023 Derivatives in designated hedge relationships Derivative assets — 14.8 — Derivative liabilities — (51.0) — Held at fair value through profit or loss Other investments 0.4 — 257.5 Derivative assets — 2.9 — Derivative liabilities — (1.8) — Payments due to vendors (earnout agreements) — — (187.9) Liabilities in respect of put options — — (320.8) Held at fair value through other comprehensive income Other investments 7.2 — 67.8 Reconciliation of level 3 fair value measurements: Payments Liabilities Other £m £m £m 1 January 2023 (160.1) (342.1) 358.5 Gains/(losses) recognised in the income statement 25.7 7.1 (24.7) Gains recognised in other comprehensive income — — 0.1 Additions (66.7) (2.4) 1.8 Disposals — — (10.4) Cancellations — 2.8 — Settlements 12.4 1.8 — Exchange adjustments 0.8 12.0 — 30 June 2023 (187.9) (320.8) 325.3

Reconciliation of profit befo_2

Reconciliation of profit before taxation to headline operating profit (Tables)	6 Months Ended
	Jun. 30, 2023
Reconciliation of operating profit to headline operating profit [Abstract]
Reconciliation of operating (loss)/profit to headline operating profit	Six Months Ended 30 June 2023 Six Months Ended 30 June 2022 £m £m Profit before taxation 204.3 418.6 Finance and investment income 102.4 55.5 Finance costs (230.7) (144.9) Revaluation and retranslation of financial instruments 25.5 33.1 Profit before interest and taxation 307.1 474.9 (Earnings)/loss from associates - after interest and tax (1.0) 63.8 Operating profit 306.1 538.7 Goodwill impairment 52.9 — Amortisation and impairment of acquired intangible assets 36.6 31.5 Investment and other impairment charges 11.0 — Restructuring and transformation costs 86.8 81.2 Property related costs 180.0 — Losses on disposal of investments and subsidiaries 2.9 48.1 Gains on remeasurement of equity interests arising from a change in scope of ownership — (60.4) Litigation settlement (10.0) — Headline operating profit 666.3 639.1

Accounting Policies (Detail)

Accounting Policies (Detail) - GBP (£) £ in Millions		Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Disclosure of changes in accounting estimates [line items]
Equity		£ 4,065.1	£ 4,160.4	£ 4,270.4	£ 4,069
Retained earnings
Disclosure of changes in accounting estimates [line items]
Equity		3,854.5	3,759.7	3,909.2	4,367.3
Other reserves
Disclosure of changes in accounting estimates [line items]
Equity	[1]	£ 104.9	£ 285.2	£ 274	£ (335.9)
[1]Accumulated losses on existing equity investments held at fair value through other comprehensive income are £347.2 million at 30 June 2023 (31 December 2022: £343.4 million).

Currency conversion (Detail)

Currency conversion (Detail)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
US dollar to Pound sterling
Disclosure Of Foreign Currency Translation [line items]
Average exchange rate	1.23	1.30
Closing exchange rate	1.27		1.21
Euro to Pound sterling
Disclosure Of Foreign Currency Translation [line items]
Average exchange rate	1.14	1.19
Closing exchange rate	1.16		1.13

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, 2023	Jun. 30, 2022
Costs of service and general and administrative costs [Abstract]
Costs of services	£ 6,157	£ 5,708.1
General and administrative costs	758.1	508.5
Costs of services and general and administrative costs	6,915.1	6,216.6
Costs of services and general and administrative costs include:
Staff costs	4,141.5	3,930.7
Establishment costs	272.1	262.8
Media pass-through costs	1,022.8	1,016.7
Other costs of services and general and administrative costs	1,478.7	1,006.4
Costs of services and general and administrative costs	6,915.1	6,216.6
Other pass-through costs	387.2	229.1
Staff costs include:
Wages and salaries	2,944	2,718.5
Cash-based incentive plans	91.7	93.5
Share-based incentive plans	75.5	67.3
Severance	40.1	17.4
Other staff costs	990.2	1,034
Staff costs	4,141.5	3,930.7
Other costs of services and general and administrative costs include:
Amortisation and impairment of acquired intangible assets	36.6	31.5
Goodwill impairment	52.9	0
Investment and other impairment charges	11	0
Losses on disposal of investments and subsidiaries	2.9	48.1
Gains on remeasurement of equity interests arising from a change in scope of ownership	0	(60.4)
Restructuring and transformation costs	86.8	81.2
Property related costs	180	0
Litigation settlement	£ (10)	£ 0

Costs of services and general_4

Costs of services and general and administrative costs - Additional Information (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Information About Operating Cost [line items]
Amortisation and impairment of acquired intangible assets	£ 36.6	£ 31.5
Goodwill impairment	52.9	0
Investment and other impairment charges	11	0
Losses on disposal of investments and subsidiaries	2.9	48.1
Gains on remeasurement of equity interests arising from a change in scope of ownership	0	60.4
Restructuring and transformation costs in relation to the continuing restructuring plan	86.8	81.2
Capitalised costs	23.8	46.3
Restructuring and transformation costs	86.8	81.2
Restructuring costs in relation to COVID-19	180	0
Transformation costs	25.9	15.8
ERP System
Disclosure Of Information About Operating Cost [line items]
Restructuring and transformation costs	15.2	0
Covid19 Pandemic
Disclosure Of Information About Operating Cost [line items]
Restructuring costs in relation to COVID-19	7	5.9
Russian Interest
Disclosure Of Information About Operating Cost [line items]
Losses on disposals of investments		65.1
Brand Names No Longer In Use
Disclosure Of Information About Operating Cost [line items]
Impairment loss recognised in profit or loss, intangible assets other than goodwill	1.7	1.3
Investor Day
Disclosure Of Information About Operating Cost [line items]
Restructuring and transformation costs in relation to the continuing restructuring plan	£ 53.9	£ 59.5

Earnings_(loss) from associat_2

Earnings/(loss) from associates - after interest and tax (Details) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of associates [line items]
(Earnings)/loss from associates - after interest and tax	£ 1	£ (63.8)
Restructuring and transformation costs	£ 86.8	81.2
Kantar
Disclosure of associates [line items]
Amortisation and impairment of acquired intangible assets other than goodwill		46.7
Restructuring and transformation costs		£ 24.8

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, 2023	Jun. 30, 2022
Finance and investment income, finance costs and revaluation and retranslation of financial instruments [Abstract]
Income from equity investments	£ 3.4	£ 20.1
Interest income	99	35.4
Finance income	102.4	55.5
Interest payable and similar charges1	180.2	98.9
Interest expense related to lease liabilities	50.5	46
Finance costs	230.7	144.9
Movements in fair value of treasury instruments	4.4	1.9
Revaluation of investments held at fair value through profit or loss	(24.2)	9
Revaluation of put options over non-controlling interests	7.1	19.6
Revaluation of payments due to vendors (earnout agreements)	25.7	(1.1)
Retranslation of financial instruments	12.5	3.7
Revaluation and retranslation of financial instruments	£ 25.5	£ 33.1

Segmental analysis - Contributi

Segmental analysis - Contributions by reportable segments (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of operating segments [line items]
Revenue	£ 7,221.2	£ 6,755.3
Headline operating profit	666.3	639.1
Reportable segments | Operating segments | Global Integrated Agencies
Disclosure of operating segments [line items]
Revenue	6,107	5,698.8
Revenue less pass-through costs	4,781.6	4,536
Headline operating profit	540.5	507
Reportable segments | Operating segments | Public Relations
Disclosure of operating segments [line items]
Revenue	618	574.6
Revenue less pass-through costs	584.4	547.6
Headline operating profit	87.5	83.5
Reportable segments | Operating segments | Specialist Agencies
Disclosure of operating segments [line items]
Revenue	496.2	481.9
Revenue less pass-through costs	445.2	425.9
Headline operating profit	£ 38.3	£ 48.6

Segmental analysis - Contribu_2

Segmental analysis - Contributions by geographical area (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure of geographical areas [line items]
Revenue	£ 7,221.2	£ 6,755.3
Headline operating profit	666.3	639.1
North America
Disclosure of geographical areas [line items]
Revenue	2,744	2,586.5
Revenue less pass- through costs	2,284.6	2,188.9
Headline operating profit	287.1	299.7
United Kingdom
Disclosure of geographical areas [line items]
Revenue	1,064.6	956.1
Revenue less pass- through costs	796.2	737
Headline operating profit	97.8	67.3
Western Continental Europe
Disclosure of geographical areas [line items]
Revenue	1,477.1	1,352
Revenue less pass- through costs	1,178.7	1,086.1
Headline operating profit	111.1	98.7
Asia Pacific, Latin America, Africa & Middle East and Central & Eastern Europe
Disclosure of geographical areas [line items]
Revenue	1,935.5	1,860.7
Revenue less pass- through costs	1,551.7	1,497.5
Headline operating profit	170.3	173.4
United States
Disclosure of geographical areas [line items]
Revenue	2,578.7	2,440.9
Revenue less pass- through costs	2,144.2	2,052.1
Headline operating profit	£ 268.1	£ 280.9

Taxation (Detail)

Taxation (Detail)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Taxation [Abstract]
Average effective tax rate	26.90%	28.10%

Ordinary dividends (Detail)

Ordinary dividends (Detail) - £ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Interim period amount [member]
Disclosure of Dividends [line items]
Dividends declared (pound per share)	£ 15	£ 15
Previous period final amount [member]
Disclosure of Dividends [line items]
Dividends declared (pound per share)	£ 24.4

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, 2023 GBP (£) £ / shares shares	Jun. 30, 2022 GBP (£) £ / shares shares	Jun. 30, 2022 USD ($) shares
Earnings per share [abstract]
Earnings	£ 112		$ 257.9
Weighted average shares used in basic EPS calculation | shares	1,071.2	1,115.2	1,115.2
EPS (pounds per share) | £ / shares	£ 0.105	£ 0.231
Diluted earnings | £	£ 112	£ 257.9
Weighted average shares used in diluted EPS calculation | shares	1,090.8	1,137.8	1,137.8
Diluted EPS (pounds per share) | £ / shares	£ 0.103	£ 0.227

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, 2023	Jun. 30, 2022
Earnings per share [abstract]
Weighted average shares used in basic EPS calculation	1,071.2	1,115.2
Dilutive share options outstanding	0.8	1.4
Other potentially issuable shares	18.8	21.2
Weighted average shares used in diluted EPS calculation	1,090.8	1,137.8

Earnings per share - Additional

Earnings per share - Additional information (Detail) - shares	Jun. 30, 2023	Jun. 30, 2022
Treasury shares
Earnings per share [line items]
Ordinary shares in issue	66,675,497	70,489,953
Ordinary shares
Earnings per share [line items]
Ordinary shares in issue	1,141,513,196	1,162,563,018

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, 2023	Jun. 30, 2022
Analysis of cash flows [Abstract]
Profit for the period		£ 149.3	£ 301.1
Taxation		55	117.5
Revaluation and retranslation of financial instruments		(25.5)	(33.1)
Finance costs		230.7	144.9
Finance and investment income		(102.4)	(55.5)
(Earnings)/loss from associates - after interest and tax		(1)	63.8
Adjustments for:
Non-cash share-based incentive plans (including share options)		75.5	67.3
Depreciation of property, plant and equipment		83.7	79.9
Depreciation of right-of-use assets		129.3	129.9
Impairment charges included within restructuring costs		140.4	8.1
Goodwill impairment		52.9	0
Amortisation and impairment of acquired intangible assets		36.6	31.5
Amortisation of other intangible assets		9	13.6
Investment and other write-downs		11	0
Losses on disposal of investments and subsidiaries		2.9	48.1
Gains on remeasurement of equity interests arising from a change in scope of ownership		0	(60.4)
Gains on sale of property, plant and equipment		(0.5)	(1.1)
Movements in trade working capital		(521.9)	(1,015.3)
Movements in other working capital and provisions		(522.7)	(725.9)
Corporation and overseas tax paid		(171.3)	(162.7)
Interest and similar charges paid		(155.9)	(86.8)
Interest expense related to lease liabilities		(48.8)	(44.1)
Interest received		108.5	26.9
Income from equity investments		3.4	20.1
Dividends from associates		18.9	21.4
Earnout payments recognised in operating activities		(1.2)	(21.7)
Net cash (outflow)/inflow from operating activities	[1]	£ (444.1)	£ (1,132.5)
[1]Earnout payments in excess of the amount determined at acquisition are recorded as operating activities. Prior year excess amounts were recorded as investing activities and have been re-presented as operating activities. See note 11.

Analysis of cash flows - Acquis

Analysis of cash flows - Acquisitions and disposals (Detail) - GBP (£) £ in Millions		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Acquisitions and disposals:
Initial cash consideration		£ (202)	£ (35)
Cash and cash equivalents acquired		23	0.7
Earnout payments		(11.2)	(41.6)
Purchase of other investments (including associates)		(7.7)	(5.1)
Acquisitions	[1]	(197.9)	(81)
Proceeds on disposal of investments and subsidiaries		10.5	41.7
Cash and cash equivalents disposed		(0.2)	(12.5)
Disposals of investments and subsidiaries		10.3	29.2
Cash consideration for purchase of non-controlling interests		(16)	(6.2)
Cash consideration for non-controlling interests		(16)	(6.2)
Net acquisition payments and disposal proceeds		£ (203.6)	£ (58)
[1]Earnout payments in excess of the amount determined at acquisition are recorded as operating activities. Prior year excess amounts were recorded as investing activities and have been re-presented as operating activities. See note 11.

Analysis of cash flows - Share

Analysis of cash flows - Share repurchases and buybacks (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Analysis of cash flows [Abstract]
Purchase of shares by employee benefit trust	£ (37)	£ (43.2)
Purchase of treasury shares	0	(637.3)
Share repurchases and buy-backs	£ (37)	£ (680.5)

Analysis of cash flows - Repaym

Analysis of cash flows - Repayment of borrowings (Detail) £ in Millions	6 Months Ended
	Jun. 30, 2023 GBP (£)	Jun. 30, 2022 GBP (£)	Jun. 30, 2023 EUR (€)
Analysis of cash flows [Abstract]
Repayment of bank loans	£ 0	£ (11.3)
Repayment of revolving credit facility	(400)	0
Repayment of debt assumed on acquisition	(69.8)	0
Repayment of €250 million bonds	0	(209.3)
Repayment of borrowings	£ (469.8)	£ (220.6)
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, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents and debt financing [Abstract]
Cash at bank and in hand	£ 1,682.8	£ 2,271.6
Short-term bank deposits	279.8	219.9
Overdrafts	(447.5)	(505.7)
Cash and cash equivalents	£ 1,515.1	£ 1,985.8	£ 1,489.3	£ 3,540.6

Cash and cash equivalents and_4

Cash and cash equivalents and debt financing - Additional information (Detail) - GBP (£) £ in Millions	Jun. 30, 2023	Dec. 31, 2022
Corporate bond [member]
Cash Reconciliation [Line Items]
Fair value of corporate bonds	£ 4,565	£ 4,049.1

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, 2023	Dec. 31, 2022
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Future anticipated cash flows	£ (6,448)	£ (5,969.7)
Effect of discounting/financing rates	1,017.1	998.9
Debt financing	(5,430.9)	(4,970.8)
Borrowings
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Future anticipated cash flows	(6,000.5)	(5,464)
Borrowings | Within one year
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(779.7)	(791.6)
Borrowings | Between 1 and 2 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(1,129.2)	(724.3)
Borrowings | Between 2 and 3 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(99.1)	(524.2)
Borrowings | Between 3 and 4 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(1,376)	(740.3)
Borrowings | Between 4 and 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(711.6)	(719.9)
Borrowings | Over five years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Corporate bonds, bank loans and overdrafts	(1,904.9)	(1,963.7)
Bank overdrafts | Within one year
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Future anticipated cash flows	£ (447.5)	£ (505.7)

Goodwill and acquisitions (Deta

Goodwill and acquisitions (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Goodwill and acquisitions [Abstract]
(Decrease) increase in goodwill	£ (156.6)
Goodwill foreign currency translation difference	320.8
Goodwill impairment	52.9	£ 0
Additional recognition, goodwill	£ 217.1

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, 2023	Dec. 31, 2022
Trade and receivables [Abstract]
Trade receivables (net of loss allowance)	£ 6,167.8	£ 7,403.9
Work in progress	292.7	352.4
VAT and sales taxes recoverable	425.5	448.1
Prepayments	305.7	236.6
Accrued income	3,193.4	3,468.3
Fair value of derivatives	2.4	5.1
Other debtors	670.6	585.3
Trade and other receivables	£ 11,058.1	£ 12,499.7

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, 2023	Dec. 31, 2022
Trade and receivables [Abstract]
Prepayments	£ 2.2	£ 3.9
Fair value of derivatives	15.3	0.6
Other debtors	139.3	214.1
Trade and other receivables	£ 156.8	£ 218.6

Trade and other receivables - A

Trade and other receivables - Additional information (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Surplus in pension plan	£ 16		£ 15.4
Allowance for bad and doubtful debts as a percentage of gross trade accounts receivables	0.80%		1%
Trade receivables
Disclosure of detailed information about financial instruments [line items]
Bad debt expenses	£ 5.4	£ 11.5

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, 2023	Dec. 31, 2022
Trade and other current payables [abstract]
Trade payables	£ 9,351.1	£ 11,182.3
Deferred income	1,310.5	1,599
Payments due to vendors (earnout agreements)	73.3	62
Liabilities in respect of put option agreements with vendors	14.9	18.8
Fair value of derivatives	40.2	58
Other creditors and accruals	2,365.8	2,914.8
Total	£ 13,155.8	£ 15,834.9

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, 2023	Dec. 31, 2022
Trade and other non-current payables [abstract]
Payments due to vendors (earnout agreements)	£ 114.6	£ 98.1
Liabilities in respect of put option agreements with vendors	305.9	323.3
Fair value of derivatives	12.6	0
Other creditors and accruals	84.3	69.5
Trade and other payables	£ 517.4	£ 490.9

Trade and other payables - Paym

Trade and other payables - Payments due to vendors (Detail) - GBP (£) £ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Within one year	£ 73.3	£ 62
Payments due to vendors, Non-current	114.6	98.1
Payments due to vendors	187.9	160.1
Within one year
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Within one year	73.3	62
Between 1 and 2 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Payments due to vendors, Non-current	37.8	19.5
Between 2 and 3 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Payments due to vendors, Non-current	34.8	27.6
Between 3 and 4 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Payments due to vendors, Non-current	28.8	28.6
Between 4 and 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [Line items]
Payments due to vendors, Non-current	£ 13.2	£ 22.4

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, 2023 GBP (£)
Trade and other non-current payables [abstract]
At the beginning of the period	£ 160.1
At the end of the period	£ 187.9

Related party transactions - Ad

Related party transactions - Additional information (Detail) - Associates - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Kantar
Disclosure of transactions between related parties [line items]
Revenue from sale of goods, related party transactions	£ 6.6	£ 7.4
USA | Compas
Disclosure of transactions between related parties [line items]
Revenue from sale of goods, related party transactions	£ 111.8	£ 82.7

Related party transactions - Su

Related party transactions - Summary of related party transaction outstanding (Detail) - Associates - GBP (£) £ in Millions	Jun. 30, 2023	Dec. 31, 2022
Amounts owed by related parties
Amounts owed by related parties	£ 75.2	£ 88.5
Amounts owed to related parties
Amounts owed to related parties	(62.6)	(75.7)
Kantar
Amounts owed by related parties
Amounts owed by related parties	24.7	26.1
Amounts owed to related parties
Amounts owed to related parties	(7.4)	(10.5)
Other
Amounts owed by related parties
Amounts owed by related parties	50.5	62.4
Amounts owed to related parties
Amounts owed to related parties	£ (55.2)	£ (65.2)

Going concern and liquidity r_2

Going concern and liquidity risk (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Forecast
Liquidity [Line Items]
Percentage weakening of revenue less pass-through costs	0.12	0.18

Financial instruments - Fair Va

Financial instruments - Fair Value of assets and liabilities (Detail) - GBP (£) £ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [line items]
Other investments	£ 332.9	£ 369.8
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	7.2
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
Disclosure of detailed information about financial instruments [line items]
Assets	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	(51)
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	(1.8)
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
Disclosure of detailed information about financial instruments [line items]
Assets	14.8
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	2.9
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	257.5
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	67.8
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	(187.9)
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	(320.8)
Recurring fair value measurement | Level 3 | Derivatives
Disclosure of detailed information about financial instruments [line items]
Assets	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]
Assets	£ 0

Financial instruments - Level 3

Financial instruments - Level 3 (Detail) - Level 3 £ in Millions	6 Months Ended
	Jun. 30, 2023 GBP (£)
Changes in fair value measurement, assets [abstract]
Beginning balance	£ 358.5
Gains/(losses) recognised in the income statement	(24.7)
Gains recognised in other comprehensive income	0.1
Additions	1.8
Disposals	(10.4)
Cancellations	0
Settlements	0
Exchange adjustments	0
Ending balance	325.3
Payments due to vendors (earnout agreements)
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	(160.1)
Gains/(losses) recognised in the income statement	25.7
Gains recognised in other comprehensive income	0
Additions	(66.7)
Disposals	0
Cancellations	0
Settlements	12.4
Exchange adjustments	0.8
Ending balance	(187.9)
Liabilities in respect of put options
Reconciliation of changes in fair value measurement, liabilities [abstract]
Beginning balance	(342.1)
Gains/(losses) recognised in the income statement	7.1
Gains recognised in other comprehensive income	0
Additions	(2.4)
Disposals	0
Cancellations	2.8
Settlements	1.8
Exchange adjustments	12
Ending balance	£ (320.8)

Financial instruments - Additio

Financial instruments - Additional information (Detail) £ in Millions	Jun. 30, 2023 GBP (£)
Disclosure of detailed information about financial instruments [line items]
Weighted average growth rate	11.60%
Risk adjusted discount rate	7.40%
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	£ 6.3
Increase in combined liabilities due to earn out and put option arrangement	6.5
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	8.6
Decrease in combined liabilities due to earn out and put option arrangement	£ 8.3

Reconciliation of profit befo_3

Reconciliation of profit before taxation to headline operating profit - Summary of reconciliation of operating profit to headline operating profit (Detail) - GBP (£) £ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of operating profit to headline operating profit [Abstract]
Profit before taxation	£ 204.3	£ 418.6
Finance and investment income	102.4	55.5
Finance costs	(230.7)	(144.9)
Revaluation and retranslation of financial instruments	25.5	33.1
Profit before interest and taxation	307.1	474.9
(Earnings)/loss from associates - after interest and tax	(1)	63.8
Operating profit	306.1	538.7
Goodwill impairment	52.9	0
Amortisation and impairment of acquired intangible assets	36.6	31.5
Investment and other impairment charges	11	0
Restructuring and transformation costs	86.8	81.2
Restructuring costs in relation to COVID-19	180	0
Property related costs	180	0
Losses on disposal of investments and subsidiaries	2.9	48.1
Gains on remeasurement of equity interests arising from a change in scope of ownership	0	60.4
Litigation settlement	(10)	0
Headline operating profit	£ 666.3	£ 639.1