 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.
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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