WPP has registered a revenue growth of 10.7 pc in the Indian market in Q3 of FY23.
The company posted a pre-tax profit of £1.9bn, up 6%, while impairment charges for the quarter rose to £722m, compared with a £622.0m release last year as pressure from the Covid pandemic eased. Group income rose 17% to £6.4bn, driven by increases in interest rates.
Commenting on the results Mark Read, Chief Executive Officer of WPP, said, “WPP continues to show strong momentum, reflecting broad-based growth across our agencies, markets and industry sectors and the investment by our clients in marketing, ecommerce and digital transformation. Our performance on a three-year basis has continued to improve each quarter during 2022″.
“Our new business success reflects the quality of our creative work, our strength in media and our ability to deliver integrated solutions to clients. During the quarter we achieved $1.7 billion of net new business, including assignments with Nestlé, Samsung and SC Johnson. Our leading scale and differentiated offer were exemplified by GroupM which led COMvergence’s new business and retention global rankings in the first half of 2022″.
“Our growth over the year has been strong with full year like-for-like revenue less pass-through costs now upgraded to 6.5-7.0%. We have continued to invest in our people and in data and technology to support this growth, resulting in headline operating margin now expected to be up 30 to 50 bps. We are on track with the £300m transformation savings and will continue to manage our costs with discipline”.
“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.”
