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| Mark Read |
WPP reported Q4 revenues inched ahead 0.3 percent to $4.1B as CEO Mark Read wrapped up a year that he said was more challenging than expected due to cutbacks, mainly by technology clients.
The tech and digital services sector, which accounts for 17.5 percent of WPP revenues, tumbled 6.9 percent during 2023.
WPP’s PR group showed 2.4 percent growth in Q4 and a 1.4 percent rise for the full year. FGS Global grew strongly in 2023, while Hill & Knowlton posted “modest growth,” and BCW had a “weaker year.”
Read said WPP is poised to carry through on the “innovating to lead” strategy that it unveiled at its "Capital Markets Day" in January. Completion of the July merger of BCW and H&K to create Burson is part of that plan.
Read is “optimistic about the strategic opportunities ahead of us and confident that we can deliver accelerated and increasingly profit growth over the medium term.”
For 2024, WPP is projecting 0-1 percent growth.
WPP reported a 5.5 percent decline in Q1 PR revenues to $292M as its BCW and Hill & Knowlton units suffered the loss of Pfizer assignments, and cutbacks in client spending due to the economic uncertainty.
Interpublic CEO Philippe Krakowsky said the firm is off to a “solid start to the year” as its flat $2.2B net revenues are in line with 2024 financial targets.
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Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
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