In a positive start to the year, WPP Q1 2023 revenue up 2.9% at £2,829 million

In a positive start to the year, WPP has reported Q1 2023 revenue of £3,460 million, a growth of 4.9%. In terms of organic growth, WPP’s Q1 revenue stood at £2,829 million, recording a rise of 2.9% like-for-like.

WPP has reported $1.5 billion in net new business won, including from Adobe, Ford, Maruti Suzuki, Mondelēz and Swissport.

WPP topped all three WARC rankings: Creative 100, Effective 100 and Media 100, for 2023.

However, WPP in India declined 1.4%, reflecting the impact of macroeconomic uncertainty at the beginning of the quarter and phasing against the comparative quarter (Q1 2022) which saw strong growth of 25.1%.

Global Integrated Agencies like-for-like revenue less pass-through costs was up 3.0%, with GroupM (approximately 36% of WPP revenue less pass-through costs in Q1) up 6.1%. Excluding GroupM, Global Integrated Agencies was up 0.7%, with very good growth at Ogilvy driven by strength in consumer packaged goods clients and recent new business wins. This was partially offset by a slower start to the year at Wunderman Thompson, primarily due to lower spend from some technology clients, and AKQA Group, reflecting a softer start to the year at Grey.

Commenting on the Q1 2023 results, Mark Read, Chief Executive Officer of WPP, said, “We have seen a positive start to the year, in line with expectations, reflecting continued spending by clients in communications, customer experience, commerce, data and technology to support their businesses and brands.”

He further said, “We are continuing to strengthen the company – winning new clients, hiring new creative leadership, investing in our technology platforms and data, making three acquisitions in the growth areas of healthcare and influencer marketing and bringing in a minority partner to FGS Global. Our focus on AI over the last five years is paying off, with many examples of our work with clients, using the main AI platforms, in-market today.”

“We remain on track to deliver our full year guidance, thanks to the competitiveness of our offer and our role as a modern, trusted partner to clients in a world further disrupted by technology,” Read added.