NEWS2 November 2021

WPP revenues rise in Q3

Financials Media News UK

UK – Advertising business WPP increased its revenue year-on-year by 9.1% in the third quarter of 2021, according to its latest financial results.

Mark Read

The financial results, which cover the period between July and September 2021, showed like-for-like revenue grew 14.7%, reaching £3.24bn.

Like-for-like growth was also above 2019, increasing 6.9% on the third quarter of that year.

WPP saw substantial growth in its German market, which was up 34.5% less pass-through costs on the same period in 2020, and 32.1% on 2019.

The US grew 12.4% compared with 2020, the UK 16.9%, Greater China 18% and Australia 2.4%.

However, revenue in both Greater China and Australia was lower than the third quarter of 2019, down 1.7% and 11.2% respectively.

Net debt fell £1bn to £1.6bn overall, according to the financial results.

WPP is currently merging communications firms Finsbury Glover Hering and SVC, and acquired artificial intelligence company Satalia earlier this year.

Mark Read (pictured), chief executive officer at WPP, said: “We are now above 2019 levels in all of our business lines, and with the actions we have taken over the last three years, we are even better positioned for growth.

“With strong client demand, a clear strategic direction and a strong balance sheet, we are well positioned to continue our momentum into 2022 and beyond.”