UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
____________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the Month of October 2024
Commission File Number: 001-38303
______________________
WPP plc
(Translation of registrant's name into English)
________________________
Sea Containers, 18 Upper Ground
London, United Kingdom SE1 9GL
(Address of principal executive offices)
_________________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Form
20-F X Form 40-F
___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ___
Note: Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an
attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ___
Note: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report
or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which
the registrant is incorporated, domiciled or legally organized (the
registrant’s “home country”), or under the rules
of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been
distributed to the registrant’s security holders, and, if
discussing a material event, has already been the subject of a Form
6-K submission or other Commission filing on EDGAR.
Forward-Looking Statements
In
connection with the provisions of the U.S. Private Securities
Litigation Reform Act of 1995 (the ‘Reform Act’), the
Company may include forward-looking statements (as defined in the
Reform Act) in oral or written public statements issued by or on
behalf of the Company. These forward-looking statements may
include, among other things, plans, objectives, beliefs,
intentions, strategies, projections and anticipated future economic
performance based on assumptions and the like that are subject to
risks and uncertainties. These statements can be identified by the
fact that they do not relate strictly to historical or current
facts. They use words such as ‘aim’,
‘anticipate’, ‘believe’,
‘estimate’, ‘expect’,
‘forecast’, ‘guidance’,
‘intend’, ‘may’, ‘will’,
‘should’, ‘potential’,
‘possible’, ‘predict’,
‘project’, ‘plan’, ‘target’,
and other words and similar references to future periods but are
not the exclusive means of identifying such statements. As such,
all forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances that are beyond the
control of the Company. Actual results or outcomes may differ
materially from those discussed or implied in the forward-looking
statements. Therefore, you should not rely on such forward-looking
statements, which speak only as of the date they are made, as a
prediction of actual results or otherwise. Important factors which
may cause actual results to differ include but are not limited to:
the impact of epidemics or pandemics including restrictions on
businesses, social activities and travel; the unanticipated loss of
a material client or key personnel; delays or reductions in client
advertising budgets; shifts in industry rates of compensation;
regulatory compliance costs or litigation; changes in competitive
factors in the industries in which we operate and demand for our
products and services; changes in client advertising, marketing and
corporate communications requirements; our inability to realise the
future anticipated benefits of acquisitions; failure to realise our
assumptions regarding goodwill and indefinite lived intangible
assets; natural disasters or acts of terrorism; the Company’s
ability to attract new clients; the economic and geopolitical
impact of the conflicts in Ukraine and Gaza; the risk of global
economic downturn; slower growth, increasing interest rates and
high and sustained inflation; supply chain issues affecting the
distribution of our clients' products; technological changes and
risks to the security of IT and operational infrastructure,
systems, data and information resulting from increased threat of
cyber and other attacks; effectively managing the risks, challenges
and efficiencies presented by using Artificial Intelligence (AI)
and Generative AI technologies and partnerships in our business;
risks related to our environmental, social and governance goals and
initiatives, including impacts from regulators and other
stakeholders, and the impact of factors outside of our control on
such goals and initiatives; the Company’s exposure to changes
in the values of other major currencies (because a substantial
portion of its revenues are derived and costs incurred outside of
the UK); and the overall level of economic activity in the
Company’s major markets (which varies depending on, among
other things, regional, national and international political and
economic conditions and government regulations in the world’s
advertising markets). In addition, you should consider the risks
described in Item 3D, captioned “Risk Factors,” which
could also cause actual results to differ from forward-looking
information. In light of these and other uncertainties, the
forward-looking statements included in this document should not be
regarded as a representation by the Company that the
Company’s plans and objectives will be achieved. Neither the
Company, nor any of its directors, officers or employees, provides
any representation, assurance or guarantee that the occurrence of
any events anticipated, expressed or implied in any forward-looking
statements will actually occur. The Company undertakes no
obligation to update or revise any such forward-looking statements,
whether as a result of new information, future events or
otherwise.
EXHIBIT INDEX
|
Exhibit
No.
|
Description
|
|
1
|
Third Quarter Trading Update dated
23 October 2024, prepared by WPP
plc.
|
23 October 2024
Third Quarter Trading Update
LFL growth of 0.5% in Q3. Continued progress against our strategic
objectives with important client wins and retentions. Full year
guidance reiterated
|
Third quarter
|
£m
|
+/(-) % reported1
|
+/(-)
%
LFL2
|
|
Revenue
|
3,558
|
1.4
|
4.1
|
|
Revenue
less pass-through costs
|
2,765
|
(2.6)
|
0.5
|
|
|
|
|
|
|
Year to date
|
|
|
|
|
Revenue
|
10,784
|
0.5
|
3.1
|
|
Revenue
less pass-through costs
|
8,364
|
(3.3)
|
(0.5)
|
Q3 highlights
●
Q3
reported revenue +1.4%, LFL revenue +4.1%
●
Q3 LFL revenue less pass-through costs +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%)
●
Top ten clients3 grew 7.0%
in Q3. CPG, automotive, travel & leisure and financial services
client sectors grew well in the quarter. Technology client sector
stabilising, with growth of 1.3% in Q3 vs -5.1% in H1 2024.
Healthcare and retail sectors continued to be impacted by 2023
client losses
●
Strong progress on strategic initiatives with new products,
capabilities and solutions launched within WPP Open, our AI-powered
marketing operating system. Burson, GroupM and VML on track to
deliver targeted savings and build simpler, stronger
businesses
●
Q3 net new billings4 $1.5bn
(Q3 2023: $1.4bn). Year-to-date $3.2bn (YTD 2023: $3.4bn).
Encouraging success in recent pitches built around WPP
Open
●
Client wins in Q3 included Amazon (media ex Americas), Unilever
(media, retail media and activation, and creative) and Henkel
(media). Strong start to Q4 with Starbucks (US creative) and Honor
(global media including China)
●
Adjusted net
debt as at 30 September 2024 £3.6bn, down £0.3bn
year-on-year
●
Agreement to sell WPP's majority stake in FGS Global on track to
close in Q4, generating net cash proceeds to WPP of c.£604m
after tax (link).
Proceeds will be used to reduce leverage
●
2024 guidance unchanged: 2024 LFL revenue less pass-through costs
of -1% to 0%, with Q4 facing a tougher comparative than Q3 and
macro uncertainty. Improvement in FY24 headline operating profit
margin of 20-40bps (excluding the impact of FX)
1. Percentage
change in reported sterling.
2. Like-for-like.
LFL comparisons are calculated as follows: current year, constant
currency actual results (which include acquisitions from the
relevant date of completion) are compared with prior year, constant
currency actual results from continuing operations, adjusted to
include the results of acquisitions and disposals for the
commensurate period in the prior year.
3. Growth
in Q3 2024 for the top 10 clients by revenue less pass-through
costs in YTD 2023. Growth rate includes the adverse impact of a
client loss in the healthcare sector.
4. As
defined in the glossary on page 43 of WPP's 2024 Interim Results.
Note Q3 net new billings include expanded scope won alongside
retentions at Unilever, Honor and Henkel.
Mark Read, Chief Executive Officer of WPP, said:
"Our third quarter delivered like-for-like growth
in net sales5,
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.
"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.
"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."
|
For further information:
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|
Media
|
|
|
Investors and analysts
|
|
|
Chris Wade
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+44 20 7282 4600
|
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Tom Waldron
|
+44 7788 695864
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|
|
|
|
Anthony Hamilton
|
+44 7464 532903
|
|
Richard Oldworth,
Burson Buchanan
|
+44
7710 130 634
|
|
Caitlin Holt
|
+44 7392 280178
|
|
+44 20 7466 5000
|
|
|
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|
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irteam@wpp.com
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press@wpp.com
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wpp.com/investors
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|
5. "Net
sales" refers to revenue less pass-through
costs.
6. Increase
in monthly active users January to September
2024.
Strategic progress
We
have continued to make strong progress against each of our four
strategic pillars.
Lead through AI, data and technology
At
our Capital Markets Day, we laid out our plans to embrace AI and
invest in the technology and data that is required. WPP Open, our
intelligent marketing operating system powered by AI, is a critical
component of our strategy, enabling us to use AI in how we
work.
We
have continued to invest in WPP Open as part of our annual
investment of £250m in AI-driven technology. We have developed
new functionality and integrated new AI models and, as a result,
have seen growing adoption and usage across WPP and by our
clients.
Since
the start of the year, we are seeing monthly active users up 107%,
LLM usage up 300% and image generation up 349% as we work
to drive increased adoption across WPP. We are also seeing growing
adoption by clients, with key clients using the platform including
Google, IBM, L'Oréal, LVMH, Nestlé and The Coca-Cola
Company. In particular, clients are seeing significant value in
using WPP Open to streamline how they work with WPP, using the
workflow elements of the platform to standardise
processes.
Functionality and Model Integration
WPP
Open is a single marketing operating system that powers all of
WPP's businesses. The core Studios - Creative, Production, Media,
Experience, Commerce and PR - are designed to support key
functional areas with AI-powered applications in a way that allows
for integrated ways of working across the company.
During
the quarter, we launched a new iOS and Android companion app for
WPP Open, providing mobile access to key functionality within Open
across WPP. This includes capabilities which enable our new
business, client management, and strategy teams to deliver more
effective and efficient work. Within Creative Studio we have
launched Canvas, a new natural language user interface, which
provides an intuitive platform for a variety of use cases, linking
AI-powered ideation to creative workflow.
WPP
Open's Media Studio continued its rollout to clients and was
central to our successful pitch at Amazon. Media Studio provides an
end-to-end workflow solution accessing GroupM's scale and
Choreograph data and technology. It enables the automation of
complex media decisions, choosing from thousands of AI-powered
strategies and leveraging 2.3 trillion AI-evaluated impressions to
build unique audiences and activate and measure campaigns across a
full range of channels.
Media
Studio provides access to Choreograph's global data graph that
enables intelligent activation across more than 73 markets and 5
billion consumer profiles, creating the most connectivity between
owned, partner and client datasets in the media
marketplace.
Combining
owned data; data that we generate from planning, optimisation and
campaigns across GroupM; partner and third-party data; and client
owned data, we can discover insights, plan communications, optimise
campaigns and measure effectiveness, all within Media Studio's
sophisticated web-based user interface.
Our Work with Clients
Not
only is AI enabling us to innovate in how we work with clients and
to produce work in new ways, it is also allowing us to develop
new ground-breaking consumer experiences for our clients. We
continue to lead the way in demonstrating the power of the
technology to build more relevant and personalised experiences for
our clients.
Some
examples include:
●
'Adscan
by Makro' uses
AI-powered recognition of product images to harness brands' outdoor
advertising, directing them to Makro's e-commerce platform to buy
those products at a discount.
●
Mondelēz's 'Cadbury
Give a Cheer to a Volunteer' uses
AI to allow Cadbury consumers to create customised short animated
videos to celebrate the generosity of sporting
volunteers.
● Mars Wrigley's Mars Bar 'For
You Who Did That Thing You Did' leverages AI to reward Australians for their
everyday achievements with a campaign through
Amazon.com.au.
Partnerships
In August, in partnership
with Pacvue,
we launched an Integrated Commerce Management solution to enhance
our retail media capability by unifying bespoke insights, media
management, and retail operations exclusively for GroupM
clients.
In October, we announced a global
technology partnership with Roblox,
a leading immersive gaming and creation platform, building on
several years of collaboration on interactive 3D brand content and
advertising. The alliance will help scale expertise among agency
teams and brands in leveraging Roblox as a new media
channel.
Accelerate growth through the power of creative
transformation
Creativity
is what sets WPP apart, and when combined with AI, technology, data
and the largest global media platform, we have an unparalleled
integrated offer to clients.
That
offer is resonating well, as reflected in growth across our largest
clients, driving expansion in scope for many top clients, with wins
including both creative and media assignments for Unilever during
the quarter and in new assignments such as Starbucks.
During
the quarter we acquired New Commercial Arts ('NCA'), a fast-growing
independent creative agency employing around 90 people, with
clients including Sainsbury's, MoneySuperMarket, Vodafone, Nando's
and Paramount+. NCA was founded in 2020 by a team including
industry leaders James Murphy and David Golding.
Build world-class, market-leading brands
We
have made excellent progress towards building stronger, world-class
brands.
VML
launched in January 2024 and played a key role in client assignment
wins during the year to date, including AstraZeneca,
Colgate-Palmolive, Perrigo, Starbucks and Telefonica. VML's
industry-leading capabilities in commerce were also a factor in
media assignment wins at Amazon and Unilever.
As
announced in August, Brian Lesser joined in September as Global CEO
of GroupM. The GroupM simplification initiative is progressing
well, with related cost actions on track to be completed by the end
of 2024. Media Studio, a key component of WPP Open, is now our
go-to-market platform for GroupM, bringing together our global
media tools and capability.
Burson,
which launched in June, continued to strengthen and broaden its PR
offer and delivered new client assignment wins at Google, Honor and
ViiV Healthcare.
Execute efficiently to drive financial returns through margin and
cash
As
well as the structural cost savings relating to the initiatives
above, we are making good progress in our back-office
efficiency programme across enterprise IT, finance, procurement and
real estate.
In
real estate, our ongoing campus programme and consolidation of
leases continues to deliver benefits. Four new campuses opened
during the quarter, including WPP's third London campus at One
Southwark Bridge, now the location for all staff from London-based
GroupM agencies.
Purpose and ESG
WPP's purpose is to use the power
of creativity to build better futures for our people, planet,
clients and communities. Read more on the ways WPP is working to
deliver against its purpose in our 2023
Sustainability Report.
Third quarter overview
Revenue was £3.6bn,
up 1.4% from £3.5bn in Q3 2023,
and
up 4.1% like-for-like.
Revenue less pass-through costs was £2.8bn, down 2.6% from Q3
2023, and up 0.5% like-for-like.
|
Q3 2024
£m
|
%
reported
|
%
M&A
|
%
FX
|
%
LFL
|
|
Revenue
|
3,558
|
1.4
|
0.2
|
(2.9)
|
4.1
|
|
Revenue less pass-through costs
|
2,765
|
(2.6)
|
(0.2)
|
(2.9)
|
0.5
|
|
|
YTD 2024
£m
|
%
reported
|
%
M&A
|
%
FX
|
%
LFL
|
|
Revenue
|
10,784
|
0.5
|
0.4
|
(3.0)
|
3.1
|
|
Revenue less pass-through costs
|
8,364
|
(3.3)
|
0.1
|
(2.9)
|
(0.5)
|
Segmental review
Business segments - revenue less pass-through costs
|
% LFL +/(-)
|
Global
Integrated Agencies
|
Public Relations
|
Specialist Agencies
|
|
Q3 2024
|
0.5
|
0.2
|
0.8
|
|
YTD 2024
|
(0.3)
|
(0.5)
|
(2.9)
|
Global Integrated Agencies: GroupM, our media planning and
buying business, grew 4.8% in Q3 (Q2: +1.4%), offset by
a 3.1%
decline at other Global Integrated Agencies
(Q2: -2.4%).
GroupM
saw broad-based growth in all major markets, including the US, UK
and Germany, partially offset by weakness in China. GroupM saw good
growth from existing and new clients and a benefit from an easier
comparison against the prior year (Q3 2023: +1.6%).
Our
integrated creative agencies declined 3.1%. Hogarth continued to
grow well, benefiting from new business wins and growing demand for
its technology and AI-driven capabilities, as clients seek to
produce more personalised and addressable content. Ogilvy grew well
in the US, benefiting from recent client assignment wins, but this
was offset by weakness in China. VML continued to be impacted by
the loss of Pfizer creative assignments, partially offset by growth
in spending by automotive and technology clients. AKQA saw
continued pressure on project-related work with macroeconomic
uncertainty resulting in more cautious client spend.
Public
Relations: Burson, created in
June from the merger of BCW and Hill & Knowlton, made good
progress with its integration and launched additional AI-powered
tools including Decipher Health. During the quarter, Burson
declined mid-single digits as the business continued to be impacted
by the loss of Pfizer assignments and the impact of macroeconomic
uncertainty on some areas of client spending. This was offset by
continued strong growth at FGS Global. The planned sale of FGS
Global to KKR is expected to close in Q4 2024.
Specialist
Agencies: CMI Media Group, our
specialist healthcare media planning and buying agency, grew well.
Landor and Design Bridge and Partners declined due to continued
pressure on project-based spending, partially offset by
stabilisation in some smaller agencies against easier
comparisons.
Regional segments - revenue less pass-through costs
|
% LFL +/(-)
|
North America
|
United Kingdom
|
Western Continental Europe
|
Rest of World
|
|
Q3 2024
|
1.7
|
0.0
|
2.2
|
(2.2)
|
|
YTD 2024
|
(0.5)
|
(1.8)
|
1.9
|
(1.7)
|
North
America grew by 1.7% in Q3 2024, reflecting good growth in
automotive and financial services client spending, offset by lower
revenues in healthcare, due to a 2023 client loss.
United
Kingdom net sales were unchanged on the prior year on a LFL basis
with good year-on-year growth at GroupM, benefiting from an easier
comparison, offset by weakness in project-based spend at smaller
agencies. By client sector, CPG delivered good growth, but this was
offset by weaker spending from healthcare, retail and automotive
clients.
Western
Continental Europe grew 2.2%, reflecting growth in Germany, against
an easier comparison, and in France and Spain. CPG and automotive
were the strongest client sectors.
The
Rest of World declined by 2.2% in Q3 2024 as growth in most regions
was offset by a decline of 21.3% in China on client assignment
losses and persistent macroeconomic pressures impacting both our
media and creative businesses.
The
new management team in China continues to bring together the best
of our talent and capabilities in the region and build on our
market-leading position. Our new business momentum has begun to
stabilise, with several key client retentions, including the
retention of a global assignment with expanded scope for Honor.
While we expect performance to continue to be challenging in the
rest of 2024 and into 2025, we are confident these actions will
strengthen our business in an important strategic market for
WPP.
Top five markets - revenue less pass-through costs
|
% LFL +/(-)
|
USA
|
UK
|
Germany
|
China
|
India
|
|
Q3 2024
|
1.9
|
0.0
|
1.4
|
(21.3)
|
2.3
|
|
YTD 2024
|
(0.3)
|
(1.8)
|
(2.8)
|
(20.6)
|
6.2
|
Client sector review - revenue less pass-through costs
|
|
Q3 2024
|
YTD 2024
|
YTD 2024
|
|
|
% LFL +/(-)
|
% LFL +/(-)
|
%
share, revenue
less
pass-through
costs7
|
|
CPG
|
7.6
|
7.3
|
28.1
|
|
Tech
& Digital Services
|
1.3
|
(3.1)
|
17.2
|
|
Healthcare
& Pharma
|
(7.7)
|
(8.6)
|
11.2
|
|
Automotive
|
5.8
|
2.9
|
10.5
|
|
Retail
|
(5.9)
|
(8.6)
|
8.9
|
|
Telecom,
Media & Entertainment
|
(2.3)
|
3.3
|
6.8
|
|
Financial
Services
|
5.3
|
2.2
|
6.3
|
|
Other
|
(15.4)
|
(15.3)
|
4.7
|
|
Travel
& Leisure
|
10.8
|
5.6
|
3.7
|
|
Government,
Public Sector & Non-profit
|
4.1
|
(2.9)
|
2.6
|
7. Proportion
of WPP revenue less pass-through costs in YTD 2024; table made up
of clients representing 79% of WPP total
revenue
less pass-through costs.
Balance sheet highlights
As
at 30 September 2024, adjusted net debt was £3.6bn,
£0.3bn lower compared to £3.9bn as at 30 September 2023.
Average adjusted net debt in the twelve months to 30 September 2024
was £3.6bn, £0.1bn higher compared to £3.5bn for the
twelve months to 30 September 2023.
The agreement, announced in
August, to sell WPP's majority stake in FGS Global to KKR at an
enterprise valuation of $1.7bn, is expected to close in Q4,
generating net cash proceeds to WPP of c.£604m after tax.
Proceeds will be used to reduce leverage.
Outlook
Our
guidance for 2024 is as follows:
|
Like-for-like
revenue less pass-through costs growth of -1% to
0%;
Headline
operating margin improvement of 20-40bps
(excluding
the impact of FX)
|
Other
2024 financial indications:
●
Mergers and acquisitions will have a slightly negative impact to
revenue less pass-through costs growth, primarily due to the
expected disposal of FGS Global and limited M&A activity in FY
2024 (previously <0.5%)
●
FX impact: current rates (at 16 October 2024) imply a c.3.2%
drag on FY 2024 revenue less pass-through costs, with a 0.2pt drag
expected on FY 2024 headline operating margin
● Headline income
from associates8 and
non-controlling interests at similar levels to
2023
●
Headline net finance costs of around £295m
● Headline effective
tax rate9 of
around 28%
●
Capex of around £260m
●
Cash restructuring costs of around £285m
●
Working capital expected to be broadly flat
year-on-year
Medium-term targets
In
January 2024 we presented an updated medium-term financial
framework including the following three targets:
●
3%+ LFL growth in revenue less pass-through costs
●
16-17% headline operating profit margin
● Adjusted operating
cash flow conversion of 85%+10
8. In
accordance with IAS 28: Investments in Associates and Joint
Ventures once an investment in an associate reaches zero carrying
value, the Group does not recognise any further losses, nor income,
until the cumulative share of income returns the carrying value to
above zero.
9. Measured
as headline tax as a % of headline profit before
tax.
10. Adjusted
operating cash flow divided by headline operating
profit.
Business sector and regional analysis
Business sector11
Revenue analysis
|
|
Q3
|
|
YTD
|
|
£m
|
+/(-)
%
reported
|
+/(-)
% LFL
|
|
£m
|
+/(-)
%
reported
|
+/(-)
% LFL
|
|
Global
Int. Agencies
|
3,011
|
2.1
|
4.8
|
|
9,127
|
1.1
|
3.7
|
|
Public
Relations
|
292
|
(3.3)
|
0.0
|
|
893
|
(2.9)
|
(0.6)
|
|
Specialist
Agencies
|
255
|
(1.2)
|
1.4
|
|
764
|
(1.9)
|
0.1
|
|
Total
Group
|
3,558
|
1.4
|
4.1
|
|
10,784
|
0.5
|
3.1
|
Revenue less pass-through costs analysis
|
|
Q3
|
|
YTD
|
|
£m
|
+/(-)
%
reported
|
+/(-)
% LFL
|
|
£m
|
+/(-)
%
reported
|
+/(-)
% LFL
|
|
Global
Int. Agencies
|
2,268
|
(2.5)
|
0.5
|
|
6,863
|
(3.2)
|
(0.3)
|
|
Public
Relations
|
274
|
(3.0)
|
0.2
|
|
842
|
(2.8)
|
(0.5)
|
|
Specialist
Agencies
|
223
|
(2.3)
|
0.8
|
|
659
|
(5.1)
|
(2.9)
|
|
Total
Group
|
2,765
|
(2.6)
|
0.5
|
|
8,364
|
(3.3)
|
(0.5)
|
11. Prior
year figures have been re-presented to reflect the reallocation of
a number of businesses between Global Integrated Agencies and
Specialist Agencies. The impact of the re-presentation is not
material.
Regional
Revenue analysis
|
|
Q3
|
|
YTD
|
|
£m
|
+/(-)
%
reported
|
+/(-)
% LFL
|
|
£m
|
+/(-)
%
reported
|
+/(-)
% LFL
|
|
N.
America
|
1,376
|
3.0
|
5.9
|
|
4,157
|
1.9
|
3.6
|
|
United
Kingdom
|
550
|
7.7
|
7.3
|
|
1,608
|
2.1
|
1.6
|
|
W Cont.
Europe
|
693
|
(0.2)
|
2.3
|
|
2,151
|
(0.9)
|
2.0
|
|
Rest of
World12
|
939
|
(2.9)
|
1.3
|
|
2,868
|
(1.2)
|
4.0
|
|
Total
Group
|
3,558
|
1.4
|
4.1
|
|
10,784
|
0.5
|
3.1
|
Revenue less pass-through costs analysis
|
|
Q3
|
|
YTD
|
|
£m
|
+/(-)
%
reported
|
+/(-)
% LFL
|
|
£m
|
+/(-)
%
reported
|
+/(-)
% LFL
|
|
N.
America
|
1,092
|
(1.2)
|
1.7
|
|
3,299
|
(2.7)
|
(0.5)
|
|
United
Kingdom
|
390
|
0.3
|
0.0
|
|
1,169
|
(1.3)
|
(1.8)
|
|
W Cont.
Europe
|
554
|
0.0
|
2.2
|
|
1,718
|
(0.8)
|
1.9
|
|
Rest of
World
|
729
|
(7.7)
|
(2.2)
|
|
2,178
|
(7.0)
|
(1.7)
|
|
Total
Group
|
2,765
|
(2.6)
|
0.5
|
|
8,364
|
(3.3)
|
(0.5)
|
12. RoW
includes - Asia Pacific, Latin America, Africa & Middle East
and Central & Eastern Europe.
Cautionary statement regarding forward-looking
statements
This
document contains statements that are, or may be deemed to be,
"forward-looking statements". Forward-looking statements give the
Company's current expectations or forecasts of future
events.
These
forward-looking statements may include, among other things, plans,
objectives, beliefs, intentions, strategies, projections and
anticipated future economic performance based on assumptions and
the like that are subject to risks and uncertainties. These
statements can be identified by the fact that they do not relate
strictly to historical or current facts. They use words such as
'aim', 'anticipate', 'believe', 'estimate', 'expect', 'forecast',
'guidance', 'intend', 'may', 'will', 'should', 'potential',
'possible', 'predict', 'project', 'plan', 'target', and other words
and similar references to future periods but are not the exclusive
means of identifying such statements. As such, all forward-looking
statements involve risk and uncertainty because they relate to
future events and circumstances that are beyond the control of the
Company. Actual results or outcomes may differ materially from
those discussed or implied in the forward-looking statements.
Therefore, you should not rely on such forward-looking statements,
which speak only as of the date they are made, as a prediction of
actual results or otherwise. Important factors which may cause
actual results to differ include but are not limited to: the impact
of epidemics or pandemics including restrictions on businesses,
social activities and travel; the unanticipated loss of a material
client or key personnel; delays or reductions in client advertising
budgets; shifts in industry rates of compensation; regulatory
compliance costs or litigation; changes in competitive factors in
the industries in which we operate and demand for our products and
services; changes in client advertising, marketing and corporate
communications requirements; our inability to realise the future
anticipated benefits of acquisitions; failure to realise our
assumptions regarding goodwill and indefinite lived intangible
assets; natural disasters or acts of terrorism; the Company's
ability to attract new clients; the economic and geopolitical
impact of the conflicts in Ukraine and Gaza; the risk of global
economic downturn; slower growth, increasing interest rates and
high and sustained inflation; supply chain issues affecting the
distribution of our clients' products; technological changes and
risks to the security of IT and operational infrastructure,
systems, data and information resulting from increased threat of
cyber and other attacks; effectively managing the risks, challenges
and efficiencies presented by using Artificial Intelligence (AI)
and Generative AI technologies and partnerships in our business;
risks related to our environmental, social and governance goals and
initiatives, including impacts from regulators and other
stakeholders, and the impact of factors outside of our control on
such goals and initiatives; the Company's exposure to changes in
the values of other major currencies (because a substantial portion
of its revenues are derived and costs incurred outside of the UK);
and the overall level of economic activity in the Company's major
markets (which varies depending on, among other things, regional,
national and international political and economic conditions and
government regulations in the world's advertising markets). In
addition, you should consider the risks described in Item 3D,
captioned 'Risk Factors' in the Group's Annual Report on Form 20-F
for 2023, which could also cause actual results to differ from
forward-looking information. Neither the Company, nor any of its
directors, officers or employees, provides any representation,
assurance or guarantee that the occurrence of any events
anticipated, expressed or implied in any forward-looking statements
will actually occur. Accordingly, no assurance can be given that
any particular expectation will be met and investors are cautioned
not to place undue reliance on the forward-looking
statements.
Other
than in accordance with its legal or regulatory obligations
(including under the Market Abuse Regulation, the UK Listing Rules
and the Disclosure and Transparency Rules of the Financial Conduct
Authority), The Company undertakes no obligation to update or
revise any such forward-looking statements, whether as a result of
new information, future events or otherwise.
Any
forward looking statements made by or on behalf of the Group speak
only as of the date they are made and are based upon the knowledge
and information available to the Directors at the
time.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
|
|
WPP
PLC
|
|
|
(Registrant)
|
|
Date:
23 October 2024.
|
By:
______________________
|
|
|
Balbir
Kelly-Bisla
|
|
|
Company
Secretary
|
WPP (PK) (USOTC:WPPGF)
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