The British multinational communications, advertising, public relations, technology, and commerce holding company, WPP announced its Q3 results. The British group raised its full-year outlook for growth to a range of 11.5% to 12%, from 9-10%.
The Q3 revenue was up by 9.1 percent and stood at £ 3,240 million, while revenue less pass-through costs in the third quarter were up 9.9% year-on-year stood at £2.6 billion. The company bought £448 million of its shares year-to-date and is expecting to complete the £600 million buyback programme by this year-end.
The company also have made strategic progress, creating the world’s leading board-level communications firm through the merger of Finsbury Glover Hering and SVC, and acquiring Satalia, a specialist in artificial intelligence.
Commenting on the Q3 results, Mark Read, Chief Executive Officer, WPP said, “Our very strong performance goes well beyond a cyclical recovery, with like-for-like growth over 2019 at 6.9% in the quarter. Clients across all sectors and geographies are making significant investments in marketing, particularly in digital media and e-commerce services. We are now above 2019 levels in all of our business lines, and with the actions, we have taken over the last three years, we are even better positioned for growth.”
“Our reshaped offer – which combines creativity with technology and data, through Choreograph, with the largest global media platform in GroupM – is proving its value for existing and new clients. This is reflected in the continuation of our longstanding and successful partnership with Unilever, and the growth of our relationship with Bayer. In addition, we are delighted to have won new assignments with Beiersdorf, L’Oréal, Sainsbury’s and TD Bank,” he added.
“We continue to return excess capital to shareholders, buying back 4% of our shares so far this year. With strong client demand, a clear strategic direction and a strong balance sheet, we are well-positioned to continue our momentum into 2022 and beyond,” Read concluded.