Mark Read
Mark Read

WPP recorded a 2.6 percent dip to $273M in like-for-like revenues for its Hill+Knowlton, BCW and Finsbury-led PR unit during the second quarter.

CEO Mark Read blamed the lackluster results in the financial PR sector in Germany and UK for the slippage.

The PR business was down 1.5 percent to $530M during the first-half.

Reed said WPP’s overall 1.4 percent drop in life-for-like revenues was “slightly ahead of our internal expectations.”

He continued to “simplify” WPP by unloading 44 associate companies during the past 18 months and letting go of 3,100 people.

Reed noted “there will be a lot of twists and turns along the way” of his three-year turnaround plan, which is still in the early stages.

Investing in new leadership and creative firepower, especially in the US, is a top priority for Read, who took over for Martin Sorrell last September.