(Alliance News) - WPP PLC on Wednesday said its performance was well ahead of internal expectations in the first quarter, so it has upped its annual revenue outlook.
"The year has started very well with continued momentum from 2021 resulting in strong growth across all businesses and regions. Demand is strong for our services, particularly in digital media, e-commerce, data and marketing technology," Chief Executive Mark Read said.
In the first quarter of 2022, the advertising firm said its revenue was up 6.7% year on year to GBP3.09 billion, which also represents 8.1% like-for-like growth.
Revenue less pass-through costs was up 10% to GBP2.57 billion, and up 9.5% on a like-for-like basis. Among divisions, Global Integrated Agencies saw 8.2% growth, while Public Relations was up 27% and Specialist Agencies enjoyed a 14% rise.
"We continue to see strong demand for our services from our clients and to invest in the many opportunities for growth driven by the digital transition, including Choreograph and the recent launch of Everymile," Read continued.
Due to its "strong" first quarter, WPP upped its 2022 revenue guidance, expecting like-for-like revenue less pass-through costs growth to be in the range of 5.5% to 6.5%, up from around 5% at the start of the year.
Read added: "We remain very mindful of the impact of the broader macroeconomic environment on our business and will respond quickly to any changes as the year progresses."
Shares in WPP were 0.5% higher in London on Wednesday at 995.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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