WPP says turnaround on track as third-quarter revenue decline narrows
WPP•WPP’s third-quarter revenue less pass-through costs fell 2.1% on a like-for-like basis to £2.411 billion, compared with a 2.8% decline in the second quarter. The company reiterated its full-year guidance, including a 12% to 13% headline operating margin.
1. Revenue decline narrows
WPP said its turnaround plan was on track as third-quarter revenue less pass-through costs fell 2.1% on a like-for-like basis to £2.411 billion, an improvement on the 2.8% decline in the second quarter.
2. Guidance reiterated
WPP expects like-for-like revenue less pass-through costs to decline by low to mid-single digits in the second half and reiterated its full-year headline operating margin guidance of 12% to 13%. CEO Cindy Rose said the company was stabilising its business performance and laying the foundations for a simpler, more unified company. She cited renewed partnerships with The Coca-Cola Company and DoorDash after competitive pitches as evidence of commercial momentum.
