WPP Bounces Back In Third Quarter

WPP Bounces Back In Third Quarter
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The world’s largest advertising group WPP has made an unexpected comeback in the third quarter as shares jumped more than six per cent after the company reported a 0.7 per cent organic growth.

This growth exceeds analyst predictions of a 0.6 per cent decline.

WPP’s growth is currently at -1.5 per cent, which is up on the year where it started with a -3.3 per cent in the first quarter.

WPP CEO Mark Read said: “Our growth in Q3 is encouraging but we are focused on delivering these longer-term goals and know there will be twists and turns along the way. Our guidance for 2019 remains unchanged.

“It continues to be a successful year for new business, with major wins in the quarter including Mondelez and eBay, but just as importantly we are growing and retaining longstanding clients, such as the US Marine Corps and Centrica, who value the depth of our understanding and the longevity of the relationship.

“Yesterday, WPP shareholders voted to approve the Kantar transaction, which will further simplify our business and significantly strengthen our balance sheet, while creating a new partnership for Kantar’s future growth and development.”

Read said in the past year the holding company has taken “decisive action” and made “substantial progress” on many fronts, including fewer yet stronger agency brands, new leadership and a commitment to creativity through technology.

He added: “We have cemented our position as the largest partner to the world’s leading technology firms and, most importantly, the work we do continues to be highly valued by our clients as we adapt to their changing needs in a dynamic marketplace.”

 

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