Scangroup Posts Profits After 7 Years

Marketing and Communications firm, WPP Scangroup, has posted historic profit numbers of 130M post-tax. This is after 7 years of back-to-back declining profit, registering only 1% gross net revenue to 2.2B. They suffered a terrible 145M loss back in 2022.

Source: Company Report

The company is currently undergoing restructuring. They plan to wind up its dormant units. They have already closed their units in Nigeria and plan to sell some South African businesses to optimize operations. They have other entities in Ghana, Rwanda, Zambia, Mozambique, and Uganda among other African countries. 

Patricia Ithau- CEO & Executive Director WPP SCANGROUP

The company has however not posted dividends per share for the financial year ended 31st December 2023.

In 2019, it announced a sale of its 60%  stake in global data research firm Kantar to Boston-based private equity firm Bain Capital. Through its yearly reports, the company said the latest profit was helped by the Kantar deal.