WPP AUNZ's revenue fell 16.5% to $342.27 million in the first half of the year but reports a pickup in business during June and July.
The local arm of WPP, the world's largest advertising group, posted a statutory loss for the six months to June of $174.28 million.
However, headline earnings before interest and tax (EBIT) at $13.3 million, down 61.5%, was better than originally anticipated at the May AGM.
Net sales were down 14.3% to $296 million.
Dividends are still on hold.
However, June and July trading was profitable and ahead of last year.
CEO Jens Monsees says he's encouraged to report a financial result that is in line with recent guidance and better than original projections.
“As a business and as individuals, WPP AUNZ has stepped up to the challenge," he says.
"I am proud of how our employees have responded, with agility and flexibility to the changing environment.
“Through this crisis, our priority has been and will continue to be the health and wellbeing of our employees. The response of our people has been spectacular, with over 96% of our people transitioning to working from home while continuing to do what we do best: provide excellent service to our clients.
“We are spot on with our strategy to transform and grow our business by capturing new, digital areas of the marketing and communications landscape. This is more relevant today than ever before as our clients start to transition to a much more digital future.”
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