WPP reported 8.1 percent growth to $3.2B in like-for-like revenues due to strong demand for its digital media, e-commerce, data and marketing technology offerings.
CEO Mark Read boosted overall 2022 guidance from five percent to 5.5 percent to the 6.5 percent level due to the strong start of the year and continued momentum.
The PR group posted a 14.1 percent gain in revenues to $275.1M as BCW, Hill+Knowlton Strategies and Finsbury Glover Hering, which has completed the Sard Verbinnen & Co. acquisition, posted double-digit gains.
“Our public relations and public affairs businesses have been the stand-out performers in the first quarter of 2022," Read told O'Dwyer's. "This performance, growth of 14% compared to 9.5% [revenue less pass-through costs] for WPP overall, shows just how much the discipline has evolved in the past few years and how public relations firms have become critical partners to our clients."
WPP announced on March 4 its plan to exit the Russian market, which accounted for about 0.6 percent of overall revenues.
An agreement to sell the 1,400-member Russia operation is “substantially complete,”
The firm continues to provide financial and other assistance to its 200 staffers in Ukraine, many of whom are now displaced.
WPP’s partnership with the United Nations Refugee Agency has raised $150M to support Ukraine.
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