WPP today reported a 2.8 percent drop in like-for-like revenues due to an 8.5 percent crash in its North America region, its biggest market, due to client losses in the automotive, pharmaceutical and fast-moving consumer goods sectors.
CEO Mark Read called the NA results "disappointing" but in line with WPP's budget.
'It will take time to address the company’s legacy issues, but we are committed to taking all the actions necessary to position WPP for future success," said Read, who took over for WPP founder Martin Sorrell last summer.
The PR/PA group posted a 0.3 percent dip in like-for-like growth to $348M. Read singled out BCW, which picked up $70M in new business since its year-ago revamp, as a solid performer.
He reiterated that 2019 will be a challenging year, especially during the first half. “We continue to make good progress in implementing our three-year strategy to return WPP to sustainable growth," said Read.