WPP declared its first quarter results in 2019 and its revenue in the first quarter of 2019 was up 0.9% to £3.588 billion, when compared with the same period last year 0.7% to £2.926 billion with the support of APAC market, which has due to the strong growth posted by India and China.
Speaking on the performance of WPP during Q1 of 2019 WPP’s Chief Executive Officer Mark Read acknowledged the fact that “company is facing the anticipated headwinds following client assignment losses in 2018 while they continue to make good progress in implementing their three-year strategy to bring back WPP to sustainable growth. He also reiterated that it will take time to over come the legacy issues and gear up for the future success.”
“As anticipated, our first quarter trading update reflects the impact of certain significant client losses in 2018, in particular in the United States. Although we face a challenging year, especially in the first half, I am encouraged by how well our people, agencies and clients are responding to our new strategic direction. Our expectations for the full year are unchanged” said Mark
On the progress of merged entities Mark added, “Our newly formed agencies are showing initial signs of success in new business pitches. The most recent merger, Wunderman Thompson, has followed VMLY&R’s strong start by winning Duracell’s international creative account. BCW has brought in nearly $70 million in new business in its first year.
Mark was bullish on WPP’s recent achievements and posed, “In March, five of our companies were recognised in Gartner’s influential Magic Quadrant study of the world’s leading and most forward-looking agencies, while WPP topped the WARC Effectiveness and Media 100 lists. This month, the Effie Index ranked us as the world’s most effective communications company for the eighth successive year, demonstrating our enduring ability to deliver tangible business results for our clients.”
“LinkedIn named WPP as one of the top 50 companies people want to work for in the United States, and we continue to attract top talent to the business. A key priority in 2019 is to invest further in senior creative talent in the United States.”
Mark concluded saying, “As we have said before, it will take time to address the company’s legacy issues, but we are committed to taking all the actions necessary to position WPP for future success.”