28th Apr 2021 10:19
(Alliance News) - WPP PLC on Wednesday reinstated 2021 guidance after kicking off the year by sealing deals with vodka maker Absolut and bankers JPMorgan Chase & Co.
In the first quarter of 2021, revenue rose 1.8% annually to GBP2.90 billion. On a like-for-like basis, the advertising company's first quarter revenue was 6.3% higher.
Revenue less pass-through costs was 1.4% lower at GBP2.33 billion, but rose 3.1% like-for-like.
Among WPP top five geographic markets, like-for-like revenue less pass-through costs was up 0.7% in the US, 3.9% in the UK, 2.5% in Germany, and 18% in Greater China. However it was down 0.5% in India.
The same by business line was 2.8% growth for Global Integrated Agencies, 2.0% for Public Relations and 7.5% for Specialist Agencies.
"WPP has had a strong start to the year with a return to growth in all business lines and most major markets. Our strengths in e-commerce, digital media and technology, combined with our ongoing investment in creative talent, are resonating with clients as their markets recover and they seek to transform their offer for future growth," Chief Executive Officer Mark Read said.
"We have already secured a number of important assignments in 2021, including Absolut (global creative), JP Morgan Chase (global media), Salesforce (technology operations) and Sam's Club (US creative). We were also delighted to renew our valued partnership with the US Navy."
CEO Read noted vaccine rollouts are improving "visibility in many markets".
Read added: "We are making good progress on our transformation programme, which will deliver significant efficiencies to reinvest in growth, and are confident of delivering our growth and profitability guidance for 2021."
WPP shares were 3.6% higher at 985.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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