WPP revenues jump as firms splash on advertising
Media group WPP said it had seen “strong momentum” in the third quarter of the year as revenues jumped 10.3 per cent on the back of growth across markets.
In a trading update, the firm founded by Sir Martin Sorrell said it had seen growth above four per cent in the the US and UK, its biggest markets, as well as growth of 10.7 per cent growth in its India business.
China revenues tumbled nine per cent however while in Germany it was hit by an 8.7 per cent contraction due to the lingering impact of Covid.
Mark Read, Chief Executive Officer of WPP, said its performance on a three-year basis has “continued to improve each quarter during 2022”.
“Our new business success reflects the quality of our creative work, our strength in media and our ability to deliver integrated solutions to clients,” he said.
“During the quarter we achieved $1.7bn of net new business, including assignments with Nestlé, Samsung and SC Johnson.”