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Browsing: WPP Scangroup Plc
WPP ScanGroup, a marketing and communications company, has reported a loss of 47.1 million shillings (US$393,648.14 ) for the half year that ended in June 2022.
- WPP ScanGroup has reported a loss of 47.1 million shillings (US$393,648.14 ) for the half year that ended in June 2022
- This is a significant drop from the 31.4 million shillings (US$262,432.09) profit that the company reported for the same period in 2021
- The poor performance may be attributed to a drop in net revenues of 6.1 per cent year over year
- The company stated that “the bottom-line was pulled by an 11.0 per cent jump in tax charge to Sh56.7million (US$468,045.75),” which contributed to the negative results
This is a significant drop from the 31.4 million shillings (US$262,432.09) profit that the company reported for the same period in 2021.
The poor performance may be attributed to a drop in net revenues of 6.1 …
It is the end of an era for WPP Scangroup Plc founder and Chief Executive Officer Bharat Thakrar, 69, who just tendered his resignation as CEO and board member.
His resignation came just a month after he was suspended by the company together with the Chief financial officer Satyabrata Das over alleged gross misconduct.
Thakrar also resigned as director of the company’s subsidiaries and affiliates.
In a statement on Wednesday, the board said the investigation into the allegations of gross misconduct and possible offenses against the two executives will continue despite the resignation.
The board has delegated the authority to an interim Chief Operating Officer, Alec Graham.
“This is to ensure the continued management of the company, with the support of the Board and the senior executives of the subsidiaries,” it said.
WPP-Scangroup is a subsidiary of WPP and is listed on the Nairobi Securities Exchange.
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