WPP, the world’s biggest advertising company, lifted its full year guidance for the third time as revenue jumped beyond pre pandemic levels.
Like-for-like growth was 6.9% in the September quarter when compared to 2019.
Compared to 2020 -- when ad spend was dragged down by COVID-19 restrictions -- it was up 14.7%. Reported revenue was £3.24 billion, up 9.1% for the three months.
The company now expects full year like-for-like revenue less pass-through costs to be 11.5%-12.%, up from previous guidance of 9% to 10%.
In Australia like-for-like growth was 2.4% compared to the same quarter last year but was still down -11.2% when compared to 2019.
The blue is the one year growth rate, the purple two years:
“Our very strong performance goes well beyond a cyclical recovery,” says CEO Mark Read.
“Clients across all sectors and geographies are making significant investments in marketing, particularly in digital media and ecommerce services.
“We are now above 2019 levels in all of our business lines, and with the actions we have taken over the last three years, we are even better positioned for growth.
"With strong client demand, a clear strategic direction and a strong balance sheet, we are well positioned to continue our momentum into 2022 and beyond.”
GroupM is a star performer with like-for-like revenue up 19% in the quarter compared to 2020 and up 14.6% against 2019.
Double-digit growth at Hogarth, VMLY&R.
AKQA Group, Ogilvy and Wunderman Thompson all showing an improving two-year trend.
Public relations, with high demand for strategic advice, grew by 12.6% in the quarter.
Q3 2021 numbers:
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