WPP has revealed a 1.4 per cent increase in reported revenue for Q3 2024, with Like-For-Like (LFL) revenue rising 4.1 per cent. The LFL revenue, excluding pass-through costs, saw modest growth of 0.5 per cent, with strong performances in North America (+1.7 per cent) and Western Continental Europe (+2.2 per cent), while the UK remained flat. However, this was partially offset by a 2.2 per cent decline in the Rest of the World, driven largely by a 21.3 per cent drop in China.
WPP’s Global Integrated Agencies saw a 0.5 per cent LFL revenue increase, up from 0.1 per cent in Q3 2023, supported by GroupM’s 4.8 per cent growth, an improvement from last year’s 1.6 per cent. This was tempered by a 3.1 per cent decline in integrated creative agencies. The company’s top 10 clients performed well, growing by seven per cent, particularly in sectors like Consumer Packaged Goods (CPG), automotive, travel and leisure, and financial services. Technology clients also showed signs of stabilisation, with 1.3 per cent growth compared to a -5.1 per cent decline in the first half of 2024.
The company continues to make strong progress on its strategic initiatives, launching new products and solutions within WPP Open, the company’s Artificial Intelligence (AI)-powered marketing platform. The ongoing efforts at Burson, GroupM and VML are delivering targetted savings and helping to simplify operations.
The company reported net new billings of $1.5 billion in Q3, bringing the year-to-date total to $3.2 billion. Notable client wins included Amazon (media outside the Americas), Unilever (media, retail media, activation and creative) and Henkel (media). WPP has also made a strong start to Q4, securing new business from Starbucks (US creative) and Honor (global media including China).