WPP Q3 revenue up by 9.1% to £ 3,240 million

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October 28, 2021 6:03 PM

The company has raised its full-year outlook for growth to a range of 11.5-12%

Our very strong performance goes well beyond a cyclical recovery, with like-for-like growth over 2019 at 6.9% in the quarter, says Mark Read, Chief Executive Officer, WPPOur very strong performance goes well beyond a cyclical recovery, with like-for-like growth over 2019 at 6.9% in the quarter, says Mark Read, Chief Executive Officer, WPP

Advertising company WPP on Thursday announced its Q3 results and raised its full-year outlook for growth to a range of 11.5-12%, up from 9-10% it had announced earlier in August. The company announced that its Q3 revenue was up by 9.1% to £ 3,240 million, while revenue less pass-through costs in the third quarter went up 9.9% at £2,640 million.

“Our very strong performance goes well beyond a cyclical recovery, with like-for-like growth over 2019 at 6.9% in the quarter. Clients across all sectors and geographies are making significant investments in marketing, particularly in digital media and e-commerce services. 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,” Mark Read, chief executive officer, WPP, said.

“Our reshaped offer – which combines creativity with technology and data, through Choreograph, with the largest global media platform in GroupM – is proving its value for existing and new clients. This is reflected in the continuation of our longstanding and successful partnership with Unilever, and the growth of our relationship with Bayer. In addition, we are delighted to have won new assignments with Beiersdorf, L’Oréal, Sainsbury’s and TD Bank,” he added.

“We have also made strategic progress, creating the world’s leading board-level communications firm through the merger of Finsbury Glover Hering and SVC, and acquiring Satalia, a specialist in artificial intelligence. We continue to return excess capital to shareholders, buying back 4% of our shares so far this year. 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,” Read stated.

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