Holding company WPP has released its earnings figures for the third quarter of 2021, revealing a strong period of growth compared to 2020 and 2019.
In India, the advertising giant’s revenue has surpassed pre-Covid levels. “We're seeing good performance in India, up 7.1% in the quarter versus 2019,” said John Rogers, Chief Financial Officer, at the earnings call with investors.
Net revenue for Q3 was £2.6bn, an increase of 9.9% on the previous quarter and 17.7.% on the same period last year. That represents 6.9% organic growth against the same period for 2019.
WPP’s margin on its Q3 net revenue was 14%, an marginal increase on the previous 13.5%.
During this year-to-date, net revenue totals £7.53bn, an increase of 12.6% on 2019.
Mark Read, Chief Executive Officer of 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.”
During the earnings call, Read highlighted Ogilvy and Wavemaker’s Diwali campaign ‘not just a cadbury ad’ with Shah Rukh Khan. “Last year, they used a combination of data and AI, combined with Shah Rukh Khan, a famous Indian, 27 million followers on Instagram, to launch a campaign that allowed the local retailers to promote themselves after the pandemic. It's a good example of data-driven marketing look. What we show is product innovation, purpose, data-driven marketing, three of the key themes we see from our clients at the moment.”