WPP has reported interim results for the first half of 2022, with reported revenue up 10.2% to £6.755bn, equivalent to 8.7% growth like-for-like (LFL); and profit before tax up just over 6% to £419m.
The group had recovered fairly quickly in 2021 after the initial pandemic shock and this year's comparisons are not particularly easy, making the growth more impressive. In the second quarter LFL revenue less pass-through costs was up 8.3% worldwide, with the US (10.4%) and Germany (11.5%) leading the pack but with a respectable performance also at home in the UK (6.2%). China (down 6.1%) and to a lesser extent Australia (up 3.2%) served as a drag on the overall figure, with different responses to Covid affecting economic recovery.
WPP expects continued growth in the second half. CEO Mark Read (pictured) comments: 'We have enjoyed a strong first half, with broad-based growth across our creative, media and public relations businesses. This reflects the improved competitive position of our creative businesses, with their growing capabilities in commerce, experience and technology, our continued strength in media and the resurgence in demand for strategic communications advice from our public relations agencies.
'Our services are business-critical - driving growth, building brands, innovating and helping clients navigate an increasingly complex marketing environment. As major advertisers increasingly look to integrate their marketing investments, we are well positioned to serve the world's largest companies, demonstrated by our success with Coca-Cola, which we are now onboarding at pace. The second quarter saw significant assignment wins from Audi, Audible, Danone and Nationwide'. After recent success at Cannes, Read also underlined that he is 'committed to making WPP the most creative company in the world'.
Web site: www.wpp.com/investors .
All articles 2006-22 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.