WPP upgrades 2022 forecast

WPP upgrades 2022 forecast
WPP CEO Mark Read
In brief

WPP has joined other advertising agency groups in raising its revenue forecasts for 2022 with nearly 4% organic growth posted between July and September.

The parent of GroupM media agencies EssenceMediaCom and Mindshare has reported 3.8% organic growth in Q3 revenue in its latest earnings results, while total quarterly revenue was up 10.3% to £3.57bn.

WPP raised its revenue guidance for the full year to 6.5%-7.0%. It registered $3.0bn revenue which excludes pass-through costs and the positive net impact of acquisitions and disposals.

There was growth in the USA (4.5%), UK (4.2%), India (10.7%) and Canada (19.7%) but contractions of -8.7% and -9.0% in Germany and China respectively.

WPP registered $1.7bn net new business, including Nestlé, Samsung and SC Johnson, and $5.1bn net year-to-date.

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