Advertising giant WPP has released its first financial results since the exit of CEO Martin Sorrell a fortnight ago.
Surprisingly, the company’s first-quarter results for 2018 have reported stronger than expected net sales.
WPP reported a revenue of $6.5 billion, down 4 per cent from the same quarter in 2017.
While revenue less pass-through costs, otherwise known as net sales, dropped 0.1 per cent in the first three months of 2018.
As well as this, WPP posted a net new business of $1.737 billion in billings won in the first quarter.
Speaking on the results, WPP’s new executive chairman Roberto Quarta said, “We are pleased to announce the Group’s first quarter trading update, which is in line with our expectations. Our guidance for 2018 remains unchanged.”
“WPP has high-quality management teams throughout the business, and they continue to deliver for our clients.”
Despite the numbers being stronger than predicted by analysts, this quarter was WPP’s worst performing since 2010.
WPP joint chief operating officers Mark Read and Andrew Scott added, “In the last two weeks we have focused on spending time with our clients and people, and the response has been very encouraging.
“Our priority is to focus on growth. We will proactively address the under-performing parts of our business and we need to ensure that our capital is deployed to those areas that will grow fastest and maximise shareholder value.”
“Looking ahead, we will get even closer to our clients, and provide faster, more agile, more integrated solutions with data and technology at their heart – making it simpler to access the wealth of talent, creativity and capabilities we have within WPP.
“Concentrating our efforts on stimulating growth for our clients, and organising the Group to make that possible, is the best way to restore growth for WPP and all its stakeholders.”
The results follow Martin Sorrell’s recent departure from WPP amid allegations of personal misconduct.
According to Campaign, Sorrell’s compensation had been continually dropping year-on-year since 2011.
Sorrell was paid $24 million in 2017, compared to the $87.9 in 2016, a drop of 71 per cent. Last year was the lowest figure Sorrell had earned since 2011.
Verizon Media’s talent program has come to an end for the third year, closing with a hybrid pitch-off event for Musicians Making A Difference (MMAD). The Verizon Media Academy class of 2021, made up of 44 emerging leaders from across Australia and New Zealand media, advertising and marketing industry, were given just one hour to […]
Social purpose organisation UnLtd’s Big Games competition has raised a combined $85,000 for children and young people at risk. Running over five weeks, the competition involved 32 teams from across the advertising, marketing and media industries battling it out virtually for a chance to qualify for the Rocket League final. The tournament culminated in a […]
Stan has announced that the Stan Original Film Transfusion commenced filming in Sydney earlier this week and will premiere on Stan in 2022. Transfusion is a taut, muscular thriller starring Sam Worthington (Avatar) as Ryan Logan, a former Special Forces operative, who is battling to cope with life after the loss of his wife and is thrust […]
According to a decade of data collected by iStock, Australian brands turned to imagery depicting outdated gender stereotypes during the pandemic. Tracking the keyword ‘women’, iStock by Getty Images found that in 2020, ANZ brands and businesses reverted to gender stereotypes. Images of mothers home-schooling were used at almost twice the rate of images of […]
Schwartz Media is congratulating Maddison Connaughton on her three years as editor of The Saturday Paper. Connaughton has decided to finish up her editorship this month. “It’s been an honour to edit the paper,” Connaughton said. “The Saturday Paper is one of the brightest voices in Australian media and I have been happy to see […]
Research from EdBbirdie using Spotify data has identified the most popular songs to study to. After analysing thousands of studying and homework playlists on Spotify, American singer Olivia Rodrigo’s ‘drivers license’ came out as top song to study to. It featured on 48 study playlists, while other top songs included ‘Ophelia’ by The Lumineers, ‘Falling’ […]
Dayna Stewart is the Business Director – Digital Marketing, Media & Creative Services at The Nudge Group. Here, she discusses the challenges that come with building a successful marketing team when working remotely. Before COVID-19 changed the way businesses work, most marketing teams spent their days together in a meeting room collaborating on the next […]
The line-up for the 2021 iHeartRadio Music Festival has been announced as the legendary event returns live in Las Vegas in September. This year, the epic two-day lineup for the iHeartRadio Music Festival main stage will feature performances by Billie Eilish, Cheap Trick, Coldplay, Dua Lipa, Florida Georgia Line, Journey, Khalid, Lil Baby, Maroon 5, Nelly, […]
Shop! ANZ is calling on shopper and retail marketing professionals from all retail related disciplines to participate in the first ANZ Shopper and Retail Marketing Industry Survey in four years. This important research provides a guide of where the retail marketing industry in Australia and New Zealand has come from and what is anticipated to […]