WPP backs outlook after expected decline in first quarter revenue

(Alliance News) - WPP PLC on Tuesday reported lower revenue for the first quarter but reiterated its guidance for the full year.

The London-based advertising and marketing services group said first quarter revenue fell 6.6% to GBP3.03 billion from GBP3.24 billion a year ago, or down 4.0% on a like-for-like basis.

Revenue less pass-through costs declined 8.9% to GBP2.26 billion from GBP2.48 billion, or down 6.7% like-for-like.

During the first quarter, revenue less pass-through costs in North America fell 13% on a reported basis to GBP862 million. It fell 6.5% to GBP344 million in the UK and was 2.9% lower at GBP473 million in Western Continental Europe. The Rest of World category saw a 8.5% fall to GBP581 million.

WPP said the quarterly performance was consistent with expectations, though it noted "ongoing uncertainty" in the near-term given events in the Middle East.

It continues to expect 2026 like-for-like revenue less pass-through costs to fall in the mid to high-single digits in the first half of 2026, with an "improving trajectory" in the second half.

WPP still expects a headline operating profit margin of 12% to 13%.

"Consistent organic growth remains our North Star. While it will take time to outpace historical losses, our Q1 results are in line with expectations and ahead of Q4 2025," said Chief Executive Officer Cindy Rose.

Shares in WPP were up 0.8% at 261.10 pence on Tuesday morning in London.

By Michael Hennessey, Alliance News reporter

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