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| Mark Read |
WPP CEO Mark Read slashed the firm's 2023 growth forecast from the 3 percent to 5 percent range down to 1.5 percent to 3 percent as the US technology slump took its toll on 1H revenues.
Technology revenues, which account for 18 percent of WPP’s sales, slipped 4.9 percent during the 1H. WPP counts Google, Meta and Microsoft as clients.
That lackluster tech performance held WPP’s overall revenue growth to 3.5 percent, hitting $9.6B.
Read said the financial results were “resilient with Q2 growth accelerating in all regions except the USA, which was impacted in the second quarter by lower spending from technology clients and some delays in technology-related projects.”
The US, which generates 37 percent of WPP's business, posted a 4.5 fall in 2Q fall in revenues after a 2.3 percent 1Q gain.
WPP’S PR group recorded 2.1 percent growth in 1H revenues to $748M.
Hill+Knowlton Strategies and FGS Global posted strong results, while BCW recorded a slight dip in revenues.
WPP chief Cindy Rose is cutting up to 1,000 jobs by the end of the year, adding to the 11K jobs lost since the start of 2025, according to a report in the Financial Times.
WPP CEO Cindy Rose declares her stabilization plan is "firmly on track" as the company reports a 4.7 percent dip in 1H revenues.
FTI Consulting reported a 2.6 percent drop in Q2 strategic communications revenues to $100M, a shortfall largely due to a $7.4M decline in pass-through revenues.
Omnicom CEO John Wren reported a 7.2 percent rise in Q2 “core operations” to $6B and a 6.1 percent spurt on an organic basis.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
