WPP expects 2026 LFL revenue less pass-through costs to fall low-to-mid single digits in H2
WPP•WPP reiterated its forecast for like-for-like revenue less pass-through costs to fall by low-to-mid single digits in the second half of 2026. It still expects a 12% to 13% headline operating margin and adjusted operating cash flow before working capital of £800 million to £900 million.
1. 2026 outlook reiterated
WPP reiterated its guidance ahead of its third-quarter trading update on October 29, 2026, forecasting a low-to-mid single-digit fall in like-for-like revenue less pass-through costs in the second half. It expects the headline operating margin to be 12% to 13%, with the second-half margin down by as much as 200 basis points, and adjusted operating cash flow before working capital of £800 million to £900 million.
