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Sparks commentary

TMT

Sparks

WPP (LSE: WPP) – Q3 progress and good new business
Published by Fiona Orford-Williams

WPP’s Q3 organic growth (revenue less pass-through costs) was slightly better than the market had anticipated at 0.5%, with North America up 1.7%, western continental Europe up 2.2% and the UK remaining flat. Earlier client losses are still working their way through but new business performance has improved, with WPP’s AI-powered Open Media Studio cited as being key to the recent important win at Amazon. This, along with the wins at Unilever, Henkel and, more recently, Starbucks, improve the company’s prospects into 2025 as those earlier losses cycle out. The overall outlook is more positive, though Q4 will be against a tougher comparative period and continuing macroeconomic uncertainty, so full-year guidance is unchanged at -1.0% to 0.0%.

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