WPP India’s revenue grows by 9.1% in Q2 and 8.1% in H1 of FY2024

New Delhi: WPP India’s revenue increased by 9.1% in Q2 of FY2024. The advertising network reported 8.1% growth in its India business for the first half of the year.

Globally, WPP reported H1 revenue growth of 0.1% on a reported basis and 2.6% on a like-for-like (LFL) basis. 

However, revenue less pass-through costs declined by 3.6% on a reported basis and 1.0% on an LFL basis. 

The company's integrated agencies experienced a slight decline of 0.6% in Q2 LFL revenue less pass-through costs, with GroupM growing by 1.4%, which was offset by a 2.4% decline in integrated creative agencies.

The British ad group has cut its annual revenue growth forecast after a drop in H1 growth. 

The company also sold the controlling stake in PR agency FGS Global for $775 million to KKR.

Mark Read, Chief Executive Officer of WPP, said, “Our second quarter performance delivered sequential improvement in net sales with continued growth in GroupM, Ogilvy and Hogarth and sequential improvement at Burson, VML and our specialist agencies. Importantly, we also saw North America return to growth in the second quarter. That said, we have seen pressure in China and in our project-related businesses, which, together with an uncertain macro environment, has led us to moderate our expectations for the full year.

The sale of our stake in FGS Global is an excellent outcome less than four years after its creation from three separate businesses within WPP. It will allow us to focus and invest in our core creative transformation offer while significantly strengthening our financial position.

As a team, our priority continues to be improving our competitiveness by delivering a modern, global, creative and integrated offer for our clients. The steps we have taken since January to integrate our offer, bring in new talent and invest in AI represent strong progress towards delivering on our medium-term financial targets and to shareholders.”