WPP Third Quarter Trading Update
WPP reported Q3 2024 results with like-for-like growth of 0.5% in revenue less pass-through costs. Key highlights include Q3 revenue of £3.558bn (+1.4% reported, +4.1% LFL) and significant client wins including Amazon media (ex Americas), Unilever (media and creative), and Starbucks (US creative). GroupM showed improved performance with 4.8% growth, while integrated creative agencies declined 3.1%. Regional performance varied with North America +1.7%, Western Continental Europe +2.2%, UK flat, and Rest of World -2.2%, notably impacted by China's -21.3% decline. The company maintained its 2024 guidance of -1% to 0% LFL revenue growth and 20-40bps headline operating profit margin improvement.
WPP ha riportato i risultati del terzo trimestre 2024 con una crescita organica dello 0,5% nei ricavi al netto dei costi passanti. I punti salienti includono ricavi del terzo trimestre di £3,558 miliardi (+1,4% riportato, +4,1% LFL) e importanti vittorie di clienti come Amazon media (escluse le Americhe), Unilever (media e creatività) e Starbucks (creatività USA). GroupM ha mostrato un miglioramento delle performance con una crescita del 4,8%, mentre le agenzie creative integrate hanno registrato un calo del 3,1%. Le performance regionali sono variate: Nord America +1,7%, Europa Continentale Occidentale +2,2%, Regno Unito stabile e Resto del Mondo -2,2%, significativamente influenzato dal calo del -21,3% in Cina. L'azienda ha mantenuto le previsioni per il 2024, con una crescita organica dei ricavi tra -1% e 0% e un miglioramento del margine operativo headline di 20-40 punti base.
WPP informó los resultados del tercer trimestre de 2024 con un crecimiento comparable del 0,5% en ingresos menos costos de paso. Los aspectos destacados incluyen ingresos del tercer trimestre de £3.558 mil millones (+1,4% reportado, +4,1% LFL) y victorias significativas de clientes como Amazon media (excluso Américas), Unilever (media y creativa) y Starbucks (creativa en EE. UU.). GroupM mostró un rendimiento mejorado con un crecimiento del 4,8%, mientras que las agencias creativas integradas cayeron un 3,1%. El rendimiento regional varió con América del Norte +1,7%, Europa Continental Occidental +2,2%, el Reino Unido estable y el Resto del Mundo -2,2%, afectado notablemente por la caída del -21,3% en China. La empresa mantuvo su guía para 2024 de -1% a 0% de crecimiento en ingresos LFL y una mejora del margen operativo principal de 20-40 puntos básicos.
WPP는 2024년 3분기 결과를 보고하며 수수료를 제외한 수익의 유사 성장률 0.5%를 기록했습니다. 주요 하이라이트는 3분기 수익이 £3.558억(+1.4% 보고된 수치, +4.1% 유사)이며, 아마존 미디어(미주 제외), 유니레버(미디어 및 크리에이티브), 스타벅스(미국 크리에이티브)와 같은 주요 고객을 확보한 것입니다. GroupM은 4.8% 성장률을 보이며 성과가 개선되었고, 통합 크리에이티브 에이전시는 3.1% 감소했습니다. 지역 성과는 북미(+1.7%), 서유럽(+2.2%), 영국(변동 없음), 나머지 세계(-2.2%)로 다르게 나타났으며, 특히 중국의 -21.3% 감소로 영향을 받았습니다. 회사는 2024년 가이드를 -1%에서 0% LFL 수익 성장 및 20-40bps의 헤드라인 운영 이익률 개선으로 유지했습니다.
WPP a annoncé les résultats du troisième trimestre 2024 avec une croissance organique de 0,5% des revenus hors coûts de passage. Les faits marquants incluent des revenus du troisième trimestre de 3,558 milliards £ (+1,4% rapporté, +4,1% LFL) et des gains clients significatifs tels qu'Amazon media (hors Amériques), Unilever (média et créatif) et Starbucks (créatif aux États-Unis). GroupM a montré une performance améliorée avec une croissance de 4,8%, tandis que les agences créatives intégrées ont chuté de 3,1%. La performance régionale variait avec l'Amérique du Nord à +1,7%, l'Europe continentale occidentale à +2,2%, le Royaume-Uni stable et le reste du monde à -2,2%, notamment impacté par le déclin de -21,3% en Chine. L'entreprise a maintenu ses prévisions pour 2024, avec une croissance des revenus LFL de -1% à 0% et une amélioration de la marge opérationnelle de 20 à 40 points de base.
WPP berichtete über die Ergebnisse des 3. Quartals 2024 mit einem organischen Wachstum von 0,5% bei den Einnahmen abzüglich Durchlaufkosten. Zu den wichtigsten Highlights zählen die Einnahmen des 3. Quartals von 3,558 Milliarden £ (+1,4% berichtet, +4,1% LFL) und bedeutende Kundengewinne wie Amazon Media (außer in den Amerikas), Unilever (Media und kreative) und Starbucks (US-Kreativ). GroupM zeigte eine verbesserte Leistungsfähigkeit mit einem Wachstum von 4,8%, während integrierte Kreativagenturen um 3,1% nachließen. Die regionale Leistung variierte: Nordamerika +1,7%, Westeuropa +2,2%, Vereinigtes Königreich stabil und Rest der Welt -2,2%, was insbesondere durch den Rückgang von -21,3% in China beeinträchtigt wurde. Das Unternehmen hielt seinen Ausblick für 2024 mit einem Wachstum der LFL-Umsätze von -1% bis 0% und einer Verbesserung der Headline-Betriebsgewinnmarge um 20-40 Basispunkte aufrecht.
- Q3 revenue increased 4.1% LFL to £3.558bn
- GroupM showed strong growth of 4.8% in Q3
- Secured major client wins including Amazon, Unilever, and Starbucks
- Top ten clients grew 7.0% in Q3
- Net new billings of $1.5bn in Q3
- Adjusted net debt reduced by £0.3bn year-on-year to £3.6bn
- Expected net cash proceeds of £604m from FGS Global sale
- Integrated creative agencies declined 3.1%
- China business declined 21.3%
- Healthcare & Pharma sector declined 7.7%
- Retail sector declined 5.9%
- Year-to-date revenue less pass-through costs down 0.5% LFL
Insights
WPP's Q3 results show mixed performance with modest
The
Management maintained full-year guidance of
LFL growth of
Third quarter |
£m |
+/(-) % reported1 |
+/(-) % LFL2 |
||||||
Revenue |
3,558 |
1.4 |
4.1 |
||||||
Revenue less pass-through costs |
2,765 |
(2.6) |
0.5 |
||||||
|
|
|
|
||||||
Year to date |
|
|
|
||||||
Revenue |
10,784 |
0.5 |
3.1 |
||||||
Revenue less pass-through costs |
8,364 |
(3.3) |
(0.5) |
Q3 highlights
-
Q3 reported revenue +
1.4% , LFL revenue +4.1% -
Q3 LFL revenue less pass-through costs +
0.5% , withNorth America +1.7% , Western Continental Europe +2.2% andUK flat, partially offset by a2.2% decline in Rest of World, reflecting a continued decline inChina (-21.3% ) -
Global Integrated Agencies Q3 LFL revenue less pass-through costs grew
0.5% (Q3 2023: +0.1% ). GroupM growth improved sequentially to4.8% (Q3 2023: +1.6% ), offset by a3.1% decline at integrated creative agencies (Q3 2023: -1.1% ) -
Top ten clients3 grew
7.0% in Q3. CPG, automotive, travel & leisure and financial services client sectors grew well in the quarter. Technology client sector stabilising, with growth of1.3% in Q3 vs -5.1% in H1 2024. Healthcare and retail sectors continued to be impacted by 2023 client losses - Strong progress on strategic initiatives with new products, capabilities and solutions launched within WPP Open, our AI-powered marketing operating system. Burson, GroupM and VML on track to deliver targeted savings and build simpler, stronger businesses
-
Q3 net new billings4
(Q3 2023:$1.5b n ). Year-to-date$1.4b n (YTD 2023:$3.2b n ). Encouraging success in recent pitches built around WPP Open$3.4b n -
Client wins in Q3 included Amazon (media ex
Americas ), Unilever (media, retail media and activation, and creative) and Henkel (media). Strong start to Q4 with Starbucks (US creative) and Honor (global media includingChina ) -
Adjusted net debt as at 30 September 2024
£3.6b n, down£0.3b n year-on-year -
Agreement to sell WPP’s majority stake in FGS Global on track to close in Q4, generating net cash proceeds to WPP of c.
£604m after tax (link). Proceeds will be used to reduce leverage -
2024 guidance unchanged: 2024 LFL revenue less pass-through costs of -
1% to0% , with Q4 facing a tougher comparative than Q3 and macro uncertainty. Improvement in FY24 headline operating profit margin of 20-40bps (excluding the impact of FX)
Mark Read, Chief Executive Officer of WPP, said:
“Our third quarter delivered like-for-like growth in net sales5, with a strong performance from GroupM in particular. We saw growth in
“Most importantly, we returned to form in new business, winning Amazon’s media account outside the
“Our people are increasingly embedding AI in the way that we work and deliver creative and media campaigns to clients, with usage of WPP Open up
“We are encouraged by progress during the quarter, but with recent new business wins primarily impacting 2025 and continuing macroeconomic pressures our expectations for the full year remain unchanged.”
Strategic progress
We have continued to make strong progress against each of our four strategic pillars.
Lead through AI, data and technology
At our Capital Markets Day, we laid out our plans to embrace AI and invest in the technology and data that is required. WPP Open, our intelligent marketing operating system powered by AI, is a critical component of our strategy, enabling us to use AI in how we work.
We have continued to invest in WPP Open as part of our annual investment of
Since the start of the year, we are seeing monthly active users up
Functionality and Model Integration
WPP Open is a single marketing operating system that powers all of WPP’s businesses. The core Studios – Creative, Production, Media, Experience, Commerce and PR – are designed to support key functional areas with AI-powered applications in a way that allows for integrated ways of working across the company.
During the quarter, we launched a new iOS and Android companion app for WPP Open, providing mobile access to key functionality within Open across WPP. This includes capabilities which enable our new business, client management, and strategy teams to deliver more effective and efficient work. Within Creative Studio we have launched Canvas, a new natural language user interface, which provides an intuitive platform for a variety of use cases, linking AI-powered ideation to creative workflow.
WPP Open’s Media Studio continued its rollout to clients and was central to our successful pitch at Amazon. Media Studio provides an end-to-end workflow solution accessing GroupM’s scale and Choreograph data and technology. It enables the automation of complex media decisions, choosing from thousands of AI-powered strategies and leveraging 2.3 trillion AI-evaluated impressions to build unique audiences and activate and measure campaigns across a full range of channels.
Media Studio provides access to Choreograph’s global data graph that enables intelligent activation across more than 73 markets and 5 billion consumer profiles, creating the most connectivity between owned, partner and client datasets in the media marketplace.
Combining owned data; data that we generate from planning, optimisation and campaigns across GroupM; partner and third-party data; and client owned data, we can discover insights, plan communications, optimise campaigns and measure effectiveness, all within Media Studio’s sophisticated web-based user interface.
Our Work with Clients
Not only is AI enabling us to innovate in how we work with clients and to produce work in new ways, it is also allowing us to develop new ground-breaking consumer experiences for our clients. We continue to lead the way in demonstrating the power of the technology to build more relevant and personalised experiences for our clients.
Some examples include:
- ‘Adscan by Makro’ uses AI-powered recognition of product images to harness brands’ outdoor advertising, directing them to Makro’s e-commerce platform to buy those products at a discount.
- Mondelēz’s ‘Cadbury Give a Cheer to a Volunteer’ uses AI to allow Cadbury consumers to create customised short animated videos to celebrate the generosity of sporting volunteers.
- Mars Wrigley’s Mars Bar ‘For You Who Did That Thing You Did’ leverages AI to reward Australians for their everyday achievements with a campaign through Amazon.com.au.
Partnerships
In August, in partnership with Pacvue, we launched an Integrated Commerce Management solution to enhance our retail media capability by unifying bespoke insights, media management, and retail operations exclusively for GroupM clients.
In October, we announced a global technology partnership with Roblox, a leading immersive gaming and creation platform, building on several years of collaboration on interactive 3D brand content and advertising. The alliance will help scale expertise among agency teams and brands in leveraging Roblox as a new media channel.
Accelerate growth through the power of creative transformation
Creativity is what sets WPP apart, and when combined with AI, technology, data and the largest global media platform, we have an unparalleled integrated offer to clients.
That offer is resonating well, as reflected in growth across our largest clients, driving expansion in scope for many top clients, with wins including both creative and media assignments for Unilever during the quarter and in new assignments such as Starbucks.
During the quarter we acquired New Commercial Arts (‘NCA’), a fast-growing independent creative agency employing around 90 people, with clients including Sainsbury’s, MoneySuperMarket, Vodafone, Nando’s and Paramount+. NCA was founded in 2020 by a team including industry leaders James Murphy and David Golding.
Build world-class, market-leading brands
We have made excellent progress towards building stronger, world-class brands.
VML launched in January 2024 and played a key role in client assignment wins during the year to date, including AstraZeneca, Colgate-Palmolive, Perrigo, Starbucks and Telefonica. VML’s industry-leading capabilities in commerce were also a factor in media assignment wins at Amazon and Unilever.
As announced in August, Brian Lesser joined in September as Global CEO of GroupM. The GroupM simplification initiative is progressing well, with related cost actions on track to be completed by the end of 2024. Media Studio, a key component of WPP Open, is now our go-to-market platform for GroupM, bringing together our global media tools and capability.
Burson, which launched in June, continued to strengthen and broaden its PR offer and delivered new client assignment wins at Google, Honor and ViiV Healthcare.
Execute efficiently to drive financial returns through margin and cash
As well as the structural cost savings relating to the initiatives above, we are making good progress in our back-office efficiency programme across enterprise IT, finance, procurement and real estate.
In real estate, our ongoing campus programme and consolidation of leases continues to deliver benefits. Four new campuses opened during the quarter, including WPP’s third
Purpose and ESG
WPP’s purpose is to use the power of creativity to build better futures for our people, planet, clients and communities. Read more on the ways WPP is working to deliver against its purpose in our 2023 Sustainability Report.
Third quarter overview
Revenue was
|
Q3 2024 £m |
% reported |
% M&A |
% FX |
% LFL |
||||||||||
Revenue |
3,558 |
1.4 |
0.2 |
(2.9) |
4.1 |
||||||||||
Revenue less pass-through costs |
2,765 |
(2.6) |
(0.2) |
(2.9) |
0.5 |
||||||||||
|
YTD 2024 £m |
% reported |
% M&A |
% FX |
% LFL |
||||||||||
Revenue |
10,784 |
0.5 |
0.4 |
(3.0) |
3.1 |
||||||||||
Revenue less pass-through costs |
8,364 |
(3.3) |
0.1 |
(2.9) |
(0.5) |
Segmental review
Business segments - revenue less pass-through costs
% LFL +/(-) |
Global Integrated Agencies |
Public Relations |
Specialist Agencies |
||||||
Q3 2024 |
0.5 |
0.2 |
0.8 |
||||||
YTD 2024 |
(0.3) |
(0.5) |
(2.9) |
Global Integrated Agencies: GroupM, our media planning and buying business, grew
GroupM saw broad-based growth in all major markets, including the US,
Our integrated creative agencies declined
Public Relations: Burson, created in June from the merger of BCW and Hill & Knowlton, made good progress with its integration and launched additional AI-powered tools including Decipher Health. During the quarter, Burson declined mid-single digits as the business continued to be impacted by the loss of Pfizer assignments and the impact of macroeconomic uncertainty on some areas of client spending. This was offset by continued strong growth at FGS Global. The planned sale of FGS Global to KKR is expected to close in Q4 2024.
Specialist Agencies: CMI Media Group, our specialist healthcare media planning and buying agency, grew well. Landor and Design Bridge and Partners declined due to continued pressure on project-based spending, partially offset by stabilisation in some smaller agencies against easier comparisons.
Regional segments - revenue less pass-through costs
% LFL +/(-) |
|
|
Western Continental
|
Rest of World |
||||||||
Q3 2024 |
1.7 |
0.0 |
2.2 |
(2.2) |
||||||||
YTD 2024 |
(0.5) |
(1.8) |
1.9 |
(1.7) |
Western Continental Europe grew
The Rest of World declined by
The new management team in
Top five markets - revenue less pass-through costs
% LFL +/(-) |
|
|
|
|
|
||||||||||
Q3 2024 |
1.9 |
0.0 |
1.4 |
(21.3) |
2.3 |
||||||||||
YTD 2024 |
(0.3) |
(1.8) |
(2.8) |
(20.6) |
6.2 |
Client sector review - revenue less pass-through costs
|
Q3 2024 |
YTD 2024 |
YTD 2024 |
||||||
|
% LFL +/(-) |
% LFL +/(-) |
% share, revenue less pass-through costs7 |
||||||
CPG |
7.6 |
7.3 |
28.1 |
||||||
Tech & Digital Services |
1.3 |
(3.1) |
17.2 |
||||||
Healthcare & Pharma |
(7.7) |
(8.6) |
11.2 |
||||||
Automotive |
5.8 |
2.9 |
10.5 |
||||||
Retail |
(5.9) |
(8.6) |
8.9 |
||||||
Telecom, Media & Entertainment |
(2.3) |
3.3 |
6.8 |
||||||
Financial Services |
5.3 |
2.2 |
6.3 |
||||||
Other |
(15.4) |
(15.3) |
4.7 |
||||||
Travel & Leisure |
10.8 |
5.6 |
3.7 |
||||||
Government, Public Sector & Non-profit |
4.1 |
(2.9) |
2.6 |
Balance sheet highlights
As at 30 September 2024, adjusted net debt was
The agreement, announced in August, to sell WPP’s majority stake in FGS Global to KKR at an enterprise valuation of
Outlook
Our guidance for 2024 is as follows:
Like-for-like revenue less pass-through costs growth of - Headline operating margin improvement of 20-40bps (excluding the impact of FX) |
Other 2024 financial indications:
-
Mergers and acquisitions will have a slightly negative impact to revenue less pass-through costs growth, primarily due to the expected disposal of FGS Global and limited M&A activity in FY 2024 (previously <
0.5% ) -
FX impact: current rates (at 16 October 2024) imply a c.
3.2% drag on FY 2024 revenue less pass-through costs, with a 0.2pt drag expected on FY 2024 headline operating margin - Headline income from associates8 and non-controlling interests at similar levels to 2023
-
Headline net finance costs of around
£295m -
Headline effective tax rate9 of around
28% -
Capex of around
£260m -
Cash restructuring costs of around
£285m - Working capital expected to be broadly flat year-on-year
Medium-term targets
In January 2024 we presented an updated medium-term financial framework including the following three targets:
-
3% + LFL growth in revenue less pass-through costs -
16
-17% headline operating profit margin -
Adjusted operating cash flow conversion of
85% +10
Business sector and regional analysis
Business sector11
Revenue analysis
|
Q3 |
|
YTD |
|||||||||||||||
|
£m |
+/(-) % reported |
+/(-) % LFL |
|
£m |
+/(-) % reported |
+/(-) % LFL |
|||||||||||
Global Int. Agencies |
3,011 |
2.1 |
4.8 |
|
9,127 |
1.1 |
3.7 |
|||||||||||
Public Relations |
292 |
(3.3) |
0.0 |
|
893 |
(2.9) |
(0.6) |
|||||||||||
Specialist Agencies |
255 |
(1.2) |
1.4 |
|
764 |
(1.9) |
0.1 |
|||||||||||
Total Group |
3,558 |
1.4 |
4.1 |
|
10,784 |
0.5 |
3.1 |
Revenue less pass-through costs analysis
|
Q3 |
|
YTD |
|||||||||||||||
|
£m |
+/(-) % reported |
+/(-) % LFL |
|
£m |
+/(-) % reported |
+/(-) % LFL |
|||||||||||
Global Int. Agencies |
2,268 |
(2.5) |
0.5 |
|
6,863 |
(3.2) |
(0.3) |
|||||||||||
Public Relations |
274 |
(3.0) |
0.2 |
|
842 |
(2.8) |
(0.5) |
|||||||||||
Specialist Agencies |
223 |
(2.3) |
0.8 |
|
659 |
(5.1) |
(2.9) |
|||||||||||
Total Group |
2,765 |
(2.6) |
0.5 |
|
8,364 |
(3.3) |
(0.5) |
Regional
Revenue analysis
|
Q3 |
|
YTD |
|||||||||||||||
|
£m |
+/(-) % reported |
+/(-) % LFL |
|
£m |
+/(-) % reported |
+/(-) % LFL |
|||||||||||
N. America |
1,376 |
3.0 |
5.9 |
|
4,157 |
1.9 |
3.6 |
|||||||||||
|
550 |
7.7 |
7.3 |
|
1,608 |
2.1 |
1.6 |
|||||||||||
W Cont. |
693 |
(0.2) |
2.3 |
|
2,151 |
(0.9) |
2.0 |
|||||||||||
Rest of World12 |
939 |
(2.9) |
1.3 |
|
2,868 |
(1.2) |
4.0 |
|||||||||||
Total Group |
3,558 |
1.4 |
4.1 |
|
10,784 |
0.5 |
3.1 |
Revenue less pass-through costs analysis
|
Q3 |
|
YTD |
|||||||||||||||
|
£m |
+/(-) % reported |
+/(-) % LFL |
|
£m |
+/(-) % reported |
+/(-) % LFL |
|||||||||||
N. America |
1,092 |
(1.2) |
1.7 |
|
3,299 |
(2.7) |
(0.5) |
|||||||||||
|
390 |
0.3 |
0.0 |
|
1,169 |
(1.3) |
(1.8) |
|||||||||||
W Cont. |
554 |
0.0 |
2.2 |
|
1,718 |
(0.8) |
1.9 |
|||||||||||
Rest of World |
729 |
(7.7) |
(2.2) |
|
2,178 |
(7.0) |
(1.7) |
|||||||||||
Total Group |
2,765 |
(2.6) |
0.5 |
|
8,364 |
(3.3) |
(0.5) |
Cautionary statement regarding forward-looking statements
This document contains statements that are, or may be deemed to be, “forward-looking statements”. Forward-looking statements give the Company’s current expectations or forecasts of future events.
These forward-looking statements may include, among other things, plans, objectives, beliefs, intentions, strategies, projections and anticipated future economic performance based on assumptions and the like that are subject to risks and uncertainties. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as ‘aim’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘forecast’, ‘guidance’, ‘intend’, ‘may’, ‘will’, ‘should’, ‘potential’, ‘possible’, ‘predict’, ‘project’, ‘plan’, ‘target’, and other words and similar references to future periods but are not the exclusive means of identifying such statements. As such, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Company. Actual results or outcomes may differ materially from those discussed or implied in the forward-looking statements. Therefore, you should not rely on such forward-looking statements, which speak only as of the date they are made, as a prediction of actual results or otherwise. Important factors which may cause actual results to differ include but are not limited to: the impact of epidemics or pandemics including restrictions on businesses, social activities and travel; the unanticipated loss of a material client or key personnel; delays or reductions in client advertising budgets; shifts in industry rates of compensation; regulatory compliance costs or litigation; changes in competitive factors in the industries in which we operate and demand for our products and services; changes in client advertising, marketing and corporate communications requirements; our inability to realise the future anticipated benefits of acquisitions; failure to realise our assumptions regarding goodwill and indefinite lived intangible assets; natural disasters or acts of terrorism; the Company’s ability to attract new clients; the economic and geopolitical impact of the conflicts in
Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the
Any forward looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors at the time.
______________________________ |
||
1. |
Percentage change in reported sterling. |
|
2. |
Like-for-like. LFL comparisons are calculated as follows: current year, constant currency actual results (which include acquisitions from the relevant date of completion) are compared with prior year, constant currency actual results from continuing operations, adjusted to include the results of acquisitions and disposals for the commensurate period in the prior year. |
|
3. |
Growth in Q3 2024 for the top 10 clients by revenue less pass-through costs in YTD 2023. Growth rate includes the adverse impact of a client loss in the healthcare sector. |
|
4. |
As defined in the glossary on page 43 of WPP’s 2024 Interim Results. Note Q3 net new billings include expanded scope won alongside retentions at Unilever, Honor and Henkel. |
|
5. |
“Net sales” refers to revenue less pass-through costs. |
|
6. |
Increase in monthly active users January to September 2024. |
|
7. |
Proportion of WPP revenue less pass-through costs in YTD 2024; table made up of clients representing |
|
8. |
In accordance with IAS 28: Investments in Associates and Joint Ventures once an investment in an associate reaches zero carrying value, the Group does not recognise any further losses, nor income, until the cumulative share of income returns the carrying value to above zero. |
|
9. |
Measured as headline tax as a % of headline profit before tax. |
|
10. |
Adjusted operating cash flow divided by headline operating profit. |
|
11. |
Prior year figures have been re-presented to reflect the reallocation of a number of businesses between Global Integrated Agencies and Specialist Agencies. The impact of the re-presentation is not material. |
|
12. |
RoW includes - |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022456069/en/
Media
Chris Wade +44 20 7282 4600
Richard Oldworth, +44 7710 130 634
Burson Buchanan +44 20 7466 5000
Investors and analysts
Tom Waldron +44 7788 695864
Anthony
Caitlin Holt +44 7392 280178
irteam@wpp.com
wpp.com/investors
Source: WPP
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