WPP on track to return to growth

By AdNews | 25 April 2024
Credit: Eberhard Grossgasteiger via Unsplash.

WPP reported like-for-like revenue less pass-through costs down 1.6% to £ 2.687 billion in the March quarter.

However, the world's biggest advertising group says it's on track to return to growth in the balance of the year.

The company is expecting flat to 1% growth this year.

WPP's peers have so far reported a stronger first quarter. IPG reported 1.3% organic growth. Omnicom reported better than expected organic revenue growth of 4%.  Publicis Groupe posted 5.3% 

WPP CEO Mark Read said first quarter of 2024 was in line with expectations with performance reflecting the toughest comparator of the year.

“Our outlook for the full year is reiterated," he said.

"We remain on track to return to growth in the balance of the year, supported by an encouraging new business pipeline and the strength of our business creatively and in media, both powered by new AI capabilities, while our simpler structure will drive organisational flexibility and stronger cash conversion."

On the restructure of WPP, Read said creative group VML is well established and  on track to deliver savings.

"GroupM is progressing well with its simplification and Burson (PR) will be operational in July," he said.

"I’m very pleased with the progress we are making and we are already seeing the benefits of a simpler and more agile structure for our clients."

wpp march q 2024

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