WPP’s revenue fell again in the March quarter, “consistent with expectations” and with an "improving trajectory" on track for later in the year.
Revenue fell 6.6% to £3.03 billion on a reported basis and down 4% like-for-like. Revenue less pass-through costs of £2.26 billion, down 6.7%.
The global advertising group said the performance is consistent with expectations and guidance given at the full year 2025 results in February.
Growth in Australia was still negative at -7.9% for the March quarter compared to -8.3% in the three months to December.
The company noted uncertainty in the near-term given events in the Middle East.
WPP forecasts that 2026 like-for-like revenue less pass-through costs to decline in the mid to high-single digits in the first half of 2026 with an improving trajectory in the second half.
Overall the company is suffering from client losses booked last year but the impact is being felt now.
The company expects the March quarter to be the worst for net new business and that the drag from losses will ease as the year progresses.
The company said the March quarter was the second consecutive quarter where WPP was ranked first in new business by JPMorgan.
"We also expect to be ranked #1 by COMvergence, which more narrowly focuses on media," CFO Joanne Wilson
told analysts in a briefing.
Key wins during the quarter include Estee Lauder, SC Johnson, JLR and Norwegian Cruise Lines. And WPP has been appointed Wendy's media buying agency in the US.
“Building a simpler, integrated WPP – powered by WPP Open – is resonating with clients and driving strong new business,” said CEO Cindy Rose.
“While it is only a few months since we unveiled our Elevate28 strategy, I am encouraged by this momentum which validates the ‘Stabilisation’ phase of the plan and our path to growth.
"Consistent organic growth remains our North Star. While it will take time to outpace historical losses, our Q1 results are in line with expectations and ahead of Q4 2025.
"I would like to thank our clients and partners for their trust, our shareholders for their continued support and our people for their unwavering commitment as we execute our plan.”
During the March quarter, WPP’s new business momentum continued to build with a number of new client assignments as well as significant client retentions.
The company reported progress on potential asset sales.
WPP in February announced a multi-year strategic plan including cost cutting and creating four key divisions.
The company aims to “simplify and integrate" client proposition, restore growth and drive long-term value for clients, talent and shareholders.
WPP says it will transition from a holding company structure to a single company with core operating units: WPP Media, WPP Creative, WPP Production and WPP Enterprise Solutions.
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