WPP backs FY guidance as Q1 sales rise

Advertising giant WPP backed its full-year guidance on Thursday as it posted a rise in first-quarter sales.

First-quarter revenue jumped 11.9% to £3.46bn, and was up 4.9% on a like-for-like basis. Revenue less pass-through costs ticked up 9.9% to £2.83bn, and was 2.9% higher on a LFL basis.

WPP said $1.5bn of net new business was won during the period, including from Adobe, Ford, Maruti Suzuki, Mondelez and Swissport.

The company reiterated its guidance for 2023. It still expects revenue less pass-through costs growth of between 3% and 5%, with headline operating margin around 15%.

Chief executive Mark Read said: "We have seen a positive start to the year, in line with expectations, reflecting continued spending by clients in communications, customer experience, commerce, data and technology to support their businesses and brands.

"We are continuing to strengthen the company - winning new clients, hiring new creative leadership, investing in our technology platforms and data, making three acquisitions in the growth areas of healthcare and influencer marketing and bringing in a minority partner to FGS Global. Our focus on AI over the last five years is paying off, with many examples of our work with clients, using the main AI platforms, in-market today."