Advertising behemoth WPP reported a 4.1 per cent increase in like-for-like revenue for the quarter ending 30 September, despite witnessing a slump in business outside of the US and Europe.
However, there was a year-to-date decline in net new billings, with the figure standing at $3.2bn (£2.5bn), down from $3.4bn (£2.6bn) in 2023, as reported by .
The company faced challenges in other regions, with º£½ÇÊÓƵ revenue remaining stagnant, Chinese revenue falling by 21.3 per cent, and a 2.2 per cent drop in the rest of the world.
WPP's subsidiary Groupm emerged as a silver lining, with its revenue surging by 4.8 per cent over the quarter.
The quarter saw a modest rise of just 0.5 per cent in like-for-like revenue less pass-through costs. Revenue from North America and Western Europe increased by 1.7 per cent and 2.2 per cent respectively.
New contracts with Amazon and Unilever contributed to the revenue boost. A forthcoming contract with Starbucks is anticipated to further enhance revenue in the next quarter.
Consequently, the group maintained its guidance, projecting the 2024 revenue less pass-through costs to range between a one-per cent decrease and flat.
WPP also raised its operating profit margin target by 20 to 40 basis points.
As of 30 September, it reported an adjusted net debt of £3.6bn, marking a reduction of £0.3bn from the previous year.
Excluding the impact of foreign exchange, the 2024 operating profit margin improved by 20 to 40 basis points.
Following the announcement of these results, WPP's shares experienced an approximately five per cent uptick in early trading.
WPP chief executive Mark Read stated: "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."
"Most importantly, we returned to form in 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."
