WPP posts revenue of £3 billion for Q3, down 9.8%
India features among WPP’s top five markets in terms of Q3 LFL revenue less pass-through costs
WPP has posted a revenue of £2,969 million for Q3.
WPP’s top five markets for Q3 LFL revenue less pass-through costs are US -5.5%; UK -6.5%; Germany -1.8%; Greater China -16.7% and India -16.3%.
Mark Read, Chief Executive Officer of WPP, said: “WPP continues to demonstrate its resilience in a challenging market. We have maintained our new business momentum as clients seek out our creativity and our skills in media, technology, data and ecommerce. This month, Uber joined a growing list of major assignment wins that includes Alibaba, Dell, HSBC, Intel, Unilever and Whirlpool, and we continue to lead the new business rankings. We have also renewed and expanded our relationship with Walgreens Boots Alliance to encompass its data- and technology-driven marketing strategy.
“Given the tightening of COVID restrictions around the world and uncertainty in the global economic outlook, we remain cautious about the pace of recovery. It is important that we maintain our strong financial position and we are on track to achieve cost savings towards the upper end of our £700- 800 million target. “Our people have done a superb job in serving our clients, largely working from home, but the events of 2020 have of course created new pressures for everyone. We have increased our investment in employee support services, with a particular focus on mental health and wellbeing, and this will be an ongoing priority for our leadership.”
Third Quarter Review
As part of Q3 financial report, WPP has said: “During the third quarter, our markets around the world saw an increase in economic activity from the second quarter, and this in turn led to an improving sequential trend in our business performance. The vast majority of our people are still working remotely, although many offices are now open, operating at reduced capacity and observing strict hygiene and social distancing protocols. Thanks to the continued efforts of our people, we have continued to serve clients effectively, and our new business win rate has maintained its momentum from the first half.”
Revenue in the third quarter was down 9.8% at £3.0 billion. On a constant currency basis, revenue was down 5.9% year-on-year. Net changes from acquisitions and disposals had a negative impact of 0.4% on growth, leading to a like-for-like performance, excluding the impact of currency and acquisitions, of -5.5%. Revenue less pass-through costs in the third quarter was down 11.9% year-on-year to £2.4 billion, and down 8.0% on a constant currency basis. Excluding the impact of acquisitions and disposals, like-for-like growth was -7.6%. All regions and business segments witnessed an improving trend over the second quarter.
“We have continued to exercise tight cost control, despite the recovery in activity compared to the second quarter, with all of the decline in revenue less pass-through costs mitigated through cost savings during the third quarter.”
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