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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.
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.
WPP reported a 6.7 percent drop to $3.1B in Q1 like-like revenues less pass-through costs. CEO Cindy Rose says 'it will take time to outpace historical losses."
