WPP reports revenue increase in Q3; 15% growth in India

The holding company posted a 0.5% increase in organic revenue

e4m by exchange4media Staff
Updated: Oct 26, 2019 9:42 AM

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WPP

World’s biggest advertising group WPP bounced back to quarterly growth for the first time in more than a year. The holding company posted a 0.5% increase in organic revenue in the third quarter. The organic revenue growth rose to 0.7% when 100% of Kantar is included.

The revenue growth in India, the group’s second largest market in the Asia Pacific region, was 15%.

Commenting on the results, CEO Mark Read said, “WPP’s performance in the third quarter is another important step in the strategy we outlined in December 2018 to return the company to sustainable growth in line with our peers in 2021. Our growth in Q3 is encouraging but we are focused on delivering these longer-term goals and know there will be twists and turns along the way. Our guidance for 2019 remains unchanged.”

“In the last 12 months, WPP has taken decisive action and made substantial progress on many fronts: we have fewer, stronger agency brands; new leadership in many of our companies; enhanced central teams supporting our companies; and a renewed commitment to creativity, powered by technology. We have cemented our position as the largest partner to the world’s leading technology firms and, most importantly, the work we do continues to be highly valued by our clients as we adapt to their changing needs in a dynamic marketplace,” Read said further.

On the region-wise performance WPP said, “Asia Pacific, Latin America, Africa & the Middle East and Central & Eastern Europe was the strongest performing region, with like-for-like revenue less pass-through costs from continuing operations, up 4.0% in the third quarter, compared with 0.7% growth in the second quarter and 1.1% for the first half.”

“Latin America, the Middle East and Central & Eastern Europe performed particularly well, with Asia Pacific and Africa more difficult. In Asia Pacific, all of the group’s major markets, except China and Thailand, grew, with India, the group’s second largest market in the region, up over 15%. Australia & New Zealand performed below the Group average in the third quarter, with some of the Group’s creative and specialist businesses under pressure.”

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