 |
| Mark Read |
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).
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
Institutional Shareholder Services advises investors to vote "no" on a compensation package for WPP chief Cindy Rose at the May 8 annual meeting.
FTI Consulting chalked up a 9.5 percent rise in Q1 revenues to $983.3M, powered by gains in its PR, corporate finance and technology segments.
Stagwell reports 4 percent growth in Q1 net revenues to $585M and a record $141M in net new business wins.
