WPP plc (NYSE:WPP) Q4 2022 Earnings Call Transcript

John Rogers: Yes. Look, I think it’s across the board. I mean, it’s set out — we said that in the presentation in terms of the different buckets of spend across what we describe as efficiencies and the operating model. I think it’s in — would be getting better. I think there’s a stronger savings on the real estate side, good savings coming through on procurement. Obviously, we’re making the organization a lot simpler. You’ve seen in the presentation, bring together a number of different parts of our overall business, cutting the number of legal entities. And so I think it comes from a number of different areas. I’d say the one area that we’re just starting to tap into, and it’s probably the smallest of the 3 buckets, is the rollout of the enterprise ERP, new ERP systems and economy principally in Asia and in South America 2023, and Workday in one of the in North America.

I think those tend to be a little bit slower given the complexity of the organization and the challenges associated with that. But probably in the longer term, over time, have high potential to unlock more value. I wouldn’t want to call out higher savings than what we’re describing at the moment, the GBP 600 million. I think there’s good visibility to get to the GBP 600 million. I think let’s get to GBP 600 million first and then see where we can get to thereafter.

Operator: . There are no further questions at this time. So I will now hand the call over to Mr. Mark Read for further closing remarks.

Mark Read: All right. Well, thank you, everyone, for your questions, and thank you for listening, and we’ll be in touch and speak to you soon. Thanks very much.

Operator: That will conclude today’s conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.