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WPP targets return to 2019-type growth by 2022

LONDON, Dec 17 (Reuters) - WPP, the world’s biggest advertising company, expects to return to 2019 levels of underlying growth by 2022 by cutting costs, investing in technology and making targeted acquisitions.

The British group set out its medium-term targets in a trading update that revealed its key measurement of underlying net sales had fallen by 6.7% in the two months to November, an improvement on the 7.6% drop in the quarter to end September.

For the year, it sees a drop of 8.4%. It will also resume its share buyback in 2021 and intends to grow its dividend with a pay-out ratio around 40% of headline earnings per share.

Reporting by Kate Holton; Editing by Guy Faulconbridge

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