 |
| Mark Read |
WPP reported a 0.5 percent uptick in Q3 like-for-like revenues to $3.6B as gains in North America and Western Europe more than offset a 21.3 percent collapse in the Chinese market.
The British firm suffered a 0.6 percent decline in revenues during the 2023 period.
CEO Mark Read is “encouraged by the progress made in the quarter,” but he reaffirmed his forecast of a one percent drop or flat full-year revenues.
He said WPP faces continuing macroeconomic pressures, and that recent new business wins will primarily impact 2025’s results.
On the PR front, WPP said FGS Global delivered strong growth, while Burson is still struggling to compensate for the 2023 loss of the Pfizer business.
WPP expects to close the deal to divest its remaining 50 percent stake in FGS Global to KKR during Q4. That transaction will result in a $782M after-tax gain, which will be earmarked to reduce debt.
Burson recorded new assignments from Google, GSK and Honor during the period. It also picked up PR duties for ViiV Health, developer of medicines for HIV.
WPP claims Burson—following the takeover of Hill & Knowlton—is now a Top Two global PR firm. It has 6,500 employees, and 95 offices in 43 markets.
Public Policy Holding Company registered 23.8 percent Q3 growth to $48.8M, with organic growth contributing 4.5 percent and the balance driven by merger & acquisition activity.
Publicis Groupe reported 3.1 percent in Q3 growth to $4B, sparked by a 3.6 percent jump North America, its biggest market.
WPP suffered a 10.2 percent drop in 1H revenues to $6.7B and a 47.8 percent plunge in operating profit to $297M.
Interpublic reported Q2 net revenues dropped 6.6 percent to $2.2B and operating income tumbled 23.4 percent to $243.7M. 
WPP has adopted a gloomier profit and sales forecast due to a deteriorating Q2 financial performance triggered by weak client spending as companies cope with the challenging economic backdrop.
