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| Mark Read |
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.
The tech and digital services sector, which accounts for 17.5 percent of WPP revenues, tumbled 6.9 percent during 2023.
WPP’s PR group showed 2.4 percent growth in Q4 and a 1.4 percent rise for the full year. FGS Global grew strongly in 2023, while Hill & Knowlton posted “modest growth,” and BCW had a “weaker year.”
Read said WPP is poised to carry through on the “innovating to lead” strategy that it unveiled at its "Capital Markets Day" in January. Completion of the July merger of BCW and H&K to create Burson is part of that plan.
Read is “optimistic about the strategic opportunities ahead of us and confident that we can deliver accelerated and increasingly profit growth over the medium term.”
For 2024, WPP is projecting 0-1 percent growth.
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."
