WPP Q3 revenues up 10% YOY amid 'broad-based growth'

Advertising giant WPP said on Wednesday that third-quarter revenues had surged, reflecting "broad-based growth" across its agencies, markets and industry sectors.

WPP stated revenues had increased 10.3% in Q3 to £3.57bn, or 2.7% on a like-for-like basis, after winning $1.7bn in net new business throughout the period. Year-to-date revenues were up 10.2% at £10.32bn.

The FTSE 100-listed group, which has completed £692.0m in share buybacks so far in 2022, highlighted that North American revenues had surged 25.5% to £1.22bn, while UK revenues were up 5.1% at £381.0m. Revenues from Western Continental Europe, on the other hand, were down 2.7% at £547.0m.

WPP also raised its guidance for full-year like-for-like revenue less pass-through costs to 6.5%-7.0% but stated headline operating margins were now expected to be up 30 to 50 basis points.

Chief executive Mark Read said: "We enter the last quarter of the year with confidence, based on the leading competitive position of our businesses, our client momentum, and the knowledge that the actions we have taken to strengthen WPP leave us well placed to support our clients in navigating the economic uncertainties ahead."

Reporting by Iain Gilbert at Sharecast.com