<SEC-DOCUMENT>0001193125-17-342271.txt : 20180327
<SEC-HEADER>0001193125-17-342271.hdr.sgml : 20180327
<ACCEPTANCE-DATETIME>20171114130102
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-342271
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20171114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WPP plc
		CENTRAL INDEX KEY:			0000806968
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		27 FARM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1J5RJ
		BUSINESS PHONE:		011442074082204

	MAIL ADDRESS:	
		STREET 1:		27 FARM STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1J5RJ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WPP GROUP PLC
		DATE OF NAME CHANGE:	19960514
</SEC-HEADER>
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<SEQUENCE>1
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<TITLE>CORRESP</TITLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">1740&nbsp;Broadway</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">New&nbsp;York,&nbsp;NY&nbsp;1001</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">T:&nbsp;212.468.4800</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">F:&nbsp;212.468.4888</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">www.dglaw.com</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Direct Dial:&nbsp;&nbsp;&nbsp;&nbsp;212.468.4944 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Personal Fax:&nbsp;&nbsp;&nbsp;&nbsp;212.974.6969 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Email:&nbsp;&nbsp;&nbsp;&nbsp;rnorton@dglaw.com </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;14, 2017 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carlos Pacho </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Assistant Chief Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AD Office 11 &#150;
Telecommunications </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">WPP plc </TD></TR></TABLE>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the Fiscal Year Ended December&nbsp;31, 2016 </TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Filed April&nbsp;28, 2017 </TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">File <FONT STYLE="white-space:nowrap">No.&nbsp;000-16350</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Pacho: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of WPP plc (the &#147;<B>Company</B>&#148;), this letter responds to the comment received from the Division of Corporation Finance
of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) in a letter dated October&nbsp;31, 2017 (the &#147;<B>Comment Letter</B>&#148;) pertaining to the captioned report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> and
the Company&#146;s response letter dated October&nbsp;11, 2017. For ease of reference in this letter, the Commission&#146;s comment contained in the Comment Letter is reproduced in <B>bold</B>, and the response of the Company is shown below such
comment. We note that the below question makes reference to the Company&#146;s Consolidated Income Statement, Page <FONT STYLE="white-space:nowrap">F-8.</FONT> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your responses to comments one through three. It appears that you have elected to present an analysis of expenses using a classification based on their function. We note that the amount reported as
&#145;Operating Expenses&#146; includes costs incurred that are required to generate revenue. For example, based upon your response to prior comment two, &#145;Direct Costs&#146; only includes fees paid to external suppliers and excludes internal
staff and related establishment costs. Therefore, it appears that your &#145;Net Sales&#146; subtotal presents a measure of gross profit that is incomplete because it excludes costs that you are required to incur to be able to generate revenue,
irrespective of whether or not you consider those costs direct costs or indirect costs of revenue. </B></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>As a result, it appears that your current presentation does not provide your financial statement users any insight into the total cost you incurred to generate your revenue or the amount incurred for other functional
activities, such as marketing and administrative. Accordingly, it appears that you need to revise your financial statement presentation to report line items comprised of functional expenses of a similar nature and subtotals of gross profit that are
complete using captions that make the components of the subtotal clear and understandable. Please refer to paragraphs 15, 29, 85, 85A, 99 and 103 of IAS 1. </B></TD></TR></TABLE>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Carlos Pacho </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">November 14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In future filings, the Group will report line items comprised of functional expenses of
a similar nature in accordance with IAS 1.99, with a subtotal of gross profit that is complete. The Group will present &#145;Gross profit&#146; separately and will retain the subtotal that was previously named &#145;Net sales&#146;, but will revise
its caption to &#145;Revenue less direct costs of services&#146; to ensure clarity with respect to its composition. Therefore, the following line items will be presented on the face of the income statement, consistent with the example presented in
IAS 1.103: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Revenue </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Direct costs of services </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Revenue less direct costs of services </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other costs of
services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Gross profit </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">General and administrative
costs </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operating profit </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The sum of &#145;Direct
costs of services&#146; and &#145;Other costs of services&#146; will include all costs incurred to be able to generate revenue, and the gross profit measure presented will be complete. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The costs included within &#145;Direct costs&#146; are <FONT STYLE="white-space:nowrap">set-out</FONT> in our letter dated 11&nbsp;October 2017. The caption
of the line item has been renamed as &#145;Direct costs of services&#146; to clarify that it forms part of the total costs of services of the Group. Other costs of services represent all other costs incurred in order to generate revenue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As noted above, the Group plans to continue to show the <FONT STYLE="white-space:nowrap">sub-total</FONT> of &#145;Revenue less direct costs of
services&#146;, under the revised title, as permitted by IAS 1.85, for the reasons described in our letter dated 11&nbsp;October 2017. This subtotal comprises line items made up of amounts recognized and measured in accordance with IFRS, is
presented and labelled in a manner that makes the line items that constitute the subtotal clear and understandable, is consistent <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-on-year</FONT></FONT> and will not be displayed
with more prominence than the subtotals and totals required in IFRS, in accordance with IAS 1.85A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">General and administrative costs will include third
party administrative and marketing costs, as well as the costs of our parent company and associated staff, which provide support <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">across-the-Group</FONT></FONT> in the areas of
financial matters (such as planning, budgeting, reporting, control, treasury, tax, mergers, acquisitions, investor relations, legal affairs and internal audit), talent, property, procurement, IT, knowledge-sharing, practice development and
sustainability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that the revised presentation presents fairly the financial performance of the Group in accordance with IAS 1.15, and that all
material classes of similar items are appropriately presented either on the face of the income statement or in the notes in accordance with IAS 1.29. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* &nbsp;&nbsp;*&nbsp;&nbsp;*&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact the undersigned at (212) <FONT STYLE="white-space:nowrap">468-4944</FONT> if you have any further comments
or questions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ralph W. Norton </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cc:&nbsp;&nbsp;&nbsp;&nbsp;Andrea Harris, Esq. </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
