WPP India revenue up 10.7% in Q3 FY23

WPP registered a growth of 10.7% in LFL revenue in the Indian market in Q3 of FY23, making it the top gainer among the top five global markets for WPP.

The company had recorded 28% growth in the corresponding quarter of the previous year.

The advertising giant had registered a growth of 47.6% in the previous quarter ending June 30, 2022.

“The slowdown in growth reflects IPL benefits in Q2,” the holding company said.

The other countries included in the top five markets for WPP are: USA (+4.5%), UK (+4.2%), Germany (-8.7%, +3.3% excluding the impact of Covid-related contract in prior year), China -9.0%.

The other major growth markets for WPP were Brazil +19.7%, and Canada +7.7%.

Overall, WPP reported revenue of £ 3,573 million in Q3 of FY23. The revenue less pass-through cost stands at £ 2,986 million.

The Q3 revenue was up by 10.3%; while the LFL revenue rose by 2.7% in the recently concluded quarter.

The company also declared that it won $ 1.7 billion net new business in Q3 and $5.1 billion net year-to-date.

According to Mark Read, Chief Executive Officer, WPP, said, “WPP continues to show strong momentum, reflecting broad-based growth across our agencies, markets and industry sectors and the investment by our clients in marketing, ecommerce and digital transformation. Our performance on a three-year basis has continued to improve each quarter during 2022.”

“Our new business success reflects the quality of our creative work, our strength in media and our ability to deliver integrated solutions to clients. During the quarter we achieved $1.7 billion of net new business, including assignments with Nestlé, Samsung and SC Johnson. Our leading scale and differentiated offer were exemplified by GroupM which led COMvergence’s new business and retention global rankings in the first half of 2022.”

He added, “Our growth over the year has been strong with full year like-for-like revenue less pass-through costs now upgraded to 6.5-7.0%. We have continued to invest in our people and in data and technology to support this growth, resulting in headline operating margin now expected to be up 30 to 50 bps. We are on track with the £300m transformation savings and will continue to manage our costs with discipline.”

“We enter the last quarter of the year with confidence, based on the leading competitive position of our businesses, our client momentum and the knowledge that the actions we have taken to strengthen WPP leave us well placed to support our clients in navigating the economic uncertainties ahead.”

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