NEWS30 October 2020

WPP Q3 revenue down

Covid-19 Financials Media News UK

UK – WPP has posted a drop in revenues in the third quarter of the year, but the company has continued to win new business, according to a trading update.

Mark Read

WPP’s like-for-like revenue minus pass-through costs was £2.4bn in the three months to the end of September, down 7.6% year-on-year.

Revenue for the year to date is down 8.9% like-for-like less pass-through costs.

The company won $1.6bn worth of new business during the quarter and renewed its work with Walgreen Boots Alliance.

In the trading update, chief executive Mark Read (pictured) said WPP is showing “resilience in a challenging market” and is on track to achieve cost savings for the year.

Read said: “Given the tightening of Covid restrictions around the world and uncertainty in the global economic outlook, we remain cautious about the pace of recovery. It is important that we maintain our strong financial position and we are on track to achieve cost savings towards the upper end of our £700-800m target.”

With staff largely continuing to work from home, the company has increased its investment in “employee support services” with a focus on mental health, added Read.