WPP India revenue up 2.3% in September quarter led by GroupM

New Delhi: Advertising giant WPP on Wednesday said its India revenue grew by 2.3% in the July-September quarter of 2024.

India revenue less pass through costs for the year-to-date was up 6.2%. 

With this, India became the only country among the top five markets for WPP registering growth during January to September period.

While USA revenue was down 0.3%, UK reported a 1.8% drop in its revenue for the year-to-date.

WPP saw a downturn of 2.8% in its revenue in Germany too.

The fourth largest market for WPP, China witnessed sharp decline in its revenue. While the September quarter revenues were down by 24.3%, the year-to-date revenue for WPP China dropped by 20.6%.

Speaking on the results, Mark Read, Chief Executive Officer of WPP, said, “Our third quarter delivered like-for-like growth in net sales, with a strong performance from GroupM in particular. We saw growth in North America, Western Continental Europe and India, though trading in China remains difficult.”

Globally, Q3 reported revenue for WPP was up 1.4% while LFL revenue grew by 4.1%.

Q3 LFL revenue less pass-through costs grew 0.5%, with North America +1.7%, Western Continental Europe +2.2% and UK flat, partially offset by a 2.2% decline in Rest of World, reflecting a continued decline in China (-21.3%).

Global Integrated Agencies Q3 LFL revenue less pass-through costs grew 0.5% (Q3 2023: +0.1%). GroupM growth improved sequentially to 4.8% (Q3 2023: +1.6%), offset by a 3.1% decline at integrated creative agencies (Q3 2023: -1.1%)

Q3 net new billings stood at $1.5bn (Q3 2023: $1.4bn). Year-to-date $3.2bn (YTD 2023: $3.4bn). 

Client wins in Q3 included Amazon (media ex Americas), Unilever (media, retail media and activation, and creative) and Henkel (media). 

WPP noted a strong start to Q4 with Starbucks (US creative) and Honor (global media including China).

Highlighting WPP’s new business wins, Read said, “Most importantly, we returned to form in new business, winning Amazon’s media account outside the Americas and securing our media relationship with Unilever, including taking back the retail media and activation business in the United States. Our success with two of the world’s top ten advertisers demonstrates the renewed competitiveness of our offer. We are also proud to be supporting the new Starbucks leadership team with our recent creative win in the United States.”

“Our people are increasingly embedding AI in the way that we work and deliver creative and media campaigns to clients, with usage of WPP Open up 107%6 since the beginning of the year. Supporting this, the creation of VML and Burson, and the simplification of GroupM, are delivering a stronger business and structural cost savings,” Read commented on the success of restructuring within WPP agencies.

“We are encouraged by progress during the quarter, but with recent new business wins primarily impacting 2025 and continuing macroeconomic pressures our expectations for the full year remain unchanged,” added Read.