“Our third quarter delivered like-for-like growth in net sales, with a strong performance from GroupM in particular. We saw growth in North America, Western Continental Europe and India, though trading in China remains difficult,” noted Mark Read, Chief Executive Officer of WPP
WPP , the world’s leading creative transformation company, today announced its trading update for the third quarter of 2024. The key highlights of the report include a like-for-like (LFL) revenue growth of 0.5% in Q3, and continued progress against strategic objectives with significant client wins and retentions, and full-year guidance reiterated.
“Our third quarter results demonstrate our continued progress in delivering like-for-like growth, driven by strong performances in GroupM and key geographic regions. We are particularly pleased with our recent success in new business, winning significant accounts from leading global brands. Our focus on innovation, strategic partnerships, and operational efficiency positions us well for long-term growth,” commented Mark Read, Chief Executive Officer of WPP.
The third Quarter performance mentions a reported revenue increased by 1.4%, while LFL revenue grew by 4.1%; LFL revenue less pass-through costs rose by 0.5%, driven by strong performances in North America and Western Continental Europe; the rest of world region experienced a decline of 2.2%, primarily due to ongoing challenges in China; Global Integrated Agencies delivered LFL revenue growth of 0.5%, with GroupM’s growth improving sequentially to 4.8%; top ten clients saw a 7.0% increase in Q3, with strong growth in key sectors such as CPG, automotive, travel & leisure, and financial services, and healthcare and retail sectors continued to be impacted by client losses from the previous year.
“Our third quarter delivered like-for-like growth in net sales, with a strong performance from GroupM in particular. We saw growth in North America, Western Continental Europe and India, though trading in China remains difficult,” he noted.
The period also saw strategic progress and new business. Significant advancements in strategic initiatives, including the launch of new products, capabilities, and solutions within WPP Open, the company’s AI-powered marketing operating system. Burson, GroupM, and VML are on track to deliver targeted savings and build simpler, stronger businesses. Q3 net new billings totaled $1.5 billion, bringing the year-to-date total to $3.2 billion. Recent client wins include Amazon, Unilever, and Henkel.
“Most importantly, we returned to form a new business, winning Amazon’s media account outside the Americas and securing our media relationship with Unilever, including taking back the retail media and activation business in the United States. Our success with two of the world’s top ten advertisers demonstrates the renewed competitiveness of our offer. We are also proud to be supporting the new Starbucks leadership team with our recent creative win in the United States,” Read pointed out.
