WPP experienced a 1.4% decrease in Q1 revenue, while its like-for-like (LFL) revenue saw a 2.1% increase. The growth in India at 6.6% was particularly notable, driven by the strong new business momentum from the previous year (2023).
However, the Q1 LFL revenue, excluding pass-through costs, declined by 1.6%, contrasting with the 2.9% increase seen in 2023. While the UK and Western Continental Europe regions saw increased sales, North America and Asia Pacific witnessed decreases. Notably, India performed well in the Asia Pacific region, although China did not.
Despite these fluctuations, the company secured a net new business worth USD 0.8 billion, down from USD 1.5 billion in Q1 2023. Significant wins included contracts with AstraZeneca, Canon, Molson Coors, Daiichi Sankyo, Nestlé, Perfetti, Perrigo, Rightmove, and Telefónica.
Mark Read, CEO, WPP, commented, “The first quarter of 2024 was very much in line with our expectations with performance reflecting the toughest comparator of the year. Strategically, we have progressed well on the priorities set out at our Capital Markets Day at the end of January.”
“Our outlook for the full year is reiterated. 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,” he added.
Source: Social Samosa
