The corporate logo of WPP is seen in this picture from 2018, obtained July 12, 2019. WPP/Handout via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY.
LONDON, April 28 (Reuters) – Ad group WPP said events in the Middle East had hit its business in the region in the first quarter and were causing near-term uncertainty for its clients, but it retained its guidance for the full year.
The British company reported revenue less pass-through costs of 2.26 billion pounds ($3.05 billion) for the first quarter, down 6.7% on a like-for-like basis, but slightly ahead of analysts’ expectations.
The Middle East was down 12.6% in the quarter, it said, while China was 12.2% lower and North America fell 7.8%.
Chief Executive Cindy Rose in February set out her plan to return to growth in 2027 by simplifying WPP and bringing its creative agencies Ogilvy, VML and AKQA under a new “WPP Creative” umbrella to harness the power of AI.
She said on Tuesday she was encouraged by momentum towards stabilising the business.
“Consistent organic growth remains our North Star,” she said. “While it will take time to outpace historical losses, our Q1 results are in line with expectations and ahead of Q4 2025.”
Reporting by Paul Sandle; editing by Sarah Young and Kate Holton
