WPP confirms redundancies post ASX-delisting
WPP has confirmed its Australian headquarters has made a number of redundancies, Mumbrella can reveal.
While an exact number has still not been confirmed, Mumbrella understands between 10 to 20 staff have been impacted.
A spokesperson for WPP told Mumbrella: “WPP has made some redundancies in its central functions following the delisting of the business in Australia and the transition to full ownership. Several of these roles have been migrated to WPP’s agencies in Australia.
“We thank those impacted for their contributions to the company,” the spokesperson concluded.
In November last year, Mumbrella reported the group was considering a restructure ahead of Q1 2023, with redundancies expected as a result.
In May 2021, WPP AUNZ was bought out by WPP’s global group, and as a result, was delisted from the Australian Securities Exchange (ASX). It is understood the staff made redundant worked across relevant divisions to this, including investor relations. Where possible, staff have been moved back into agency roles.
In Q1 2023, despite concerns, WPP reported an 11.9% increase in revenue, delivering £3.46 billion (AU$6.52 billion). CEO Mark Read said at the time: “We have seen a positive start to the year, in line with expectations, reflecting continued spending by clients in communications, customer experience, commerce, data and technology to support their businesses and brands.”
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Dear Mumbrella
Now that comments appear to be a thing again – hooray – how about having replies attach to the correct comment?
This seems like fairly basic functionality, but it never appears to work on this site.
Sincerely
A Fan
Nope. Try reading the story again.
– Shannon Molloy, editor
Sad to hear. Best of luck to those affected.
This happened last year… and you already reported it …