WPP chief Mark Read reports a 5.5 percent decline in Q3 like-for-like revenues to $3.9B as the firm battles the impact of the pandemic.
The PR group, which is led by BCW, Finsbury, Ogilvy and Hill+Knowlton Strategies, took a 4.8 percent hit in LFL revenues to $285M. Reported revenues dropped 9.8 percent.
The PR unit remained “the best-performing segment in WPP,” according to Read, with client demand for strategic communications advice especially robust in light of the COVID-19 outbreak.
While Read praised WPP’s resilience in a challenging market, he is cautious about the pace of the firm’s recovery given the tightening of COVID restrictions around the world and uncertainty in the global economic outlook.
WPP’s five top markets posted LFL revenue declines during the quarter. The US market saw a 5.5 percent dip, as did the UK (6.5 percent), Germany (1.8 percent), China (16.7 percent) and India (16.3 percent).