 |
| 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).
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.
Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”
Why M&A activity in the PR and marketing sector could pick up in 2024.
WPP reported Q4 revenues inched ahead 0.3 percent to $4.1B as CEO Mark Read wrapped up a year that he said was more challenging than expected due to cutbacks, mainly by technology clients.
Have a comment? Send it to 
No comments have been submitted for this story yet.