WPP Q1 revenues fall 1.4%; Guidance held

UK advertising agency WPP on Thursday said revenues fell 1.4% as it lost a healthcare client and spending by technology companies was cut back.

Revenue fell to £3.4bn for the first three months of the year. Guidance for flat to 1% growth this year, with a margin improvement of 20-40 basis points, was reiterated.

"We remain on track to return to growth in the balance of the year, supported by an encouraging new business pipeline and the strength of our business creatively and in media, both powered by new AI capabilities, while our simpler structure will drive organisational flexibility and stronger cash conversion," said chief executive Mark Read.

Reporting by Frank Prenesti for Sharecast.com