 Mark Read |
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.
S&P Global has reaffirmed its negative “BBB” rating on WPP due to ongoing challenges that it will face during the next 12 months.
Stagwell’s Q4 revenues grew two percent to $807M while adjusted EBITDA rose three percent to $129M.
WPP CEO Cindy Rose unveiled “Elevate 28,” a strategic plan to simplify the troubled company, which reported a 5.4 percent drop in 2025 revenues to $13.6B.
Omnicom CEO John Wren reported a Q4 $977.2M operating loss, largely due to the $1.1B in severance and repositioning expenses connected to the $13B Interpublic takeover that closed on Nov. 26.
Publicis Groupe reports an 8.8 percent rise in 2025 net revenues to $16.4B with
