WPP India’s Like for Like (LFL) revenue growth accelerated to 7.3% in the quarter with a strong performance in media, driven by new business wins, said the advertising and communication giant in its Q3 FY2023 results. According to the report, the revenue on the Year to Date (YTD) 2023 basis grew by 2.8%.
The LFL comparisons are calculated as follows: the current year, constant currency actual results (which include acquisitions from the relevant date of completion) are compared with the prior year, constant currency actual results, adjusted to include the results of acquisitions and disposals for the commensurate period in the prior year. Both periods exclude results from Russia.
Mark Read, Chief Executive Officer of WPP, also expressed his excitement for "the world's largest creative agency, VML," formed from merging WPP's advertising giants Wunderman Thompson and VMLY&R.
“In a world being rapidly reshaped, we need to continue to evolve our offer to clients and simplify our business. Both these developments will strengthen our offer to clients, simplify the integration of our services and maximise the returns on our ongoing investments in AI and technology," said the WPP CEO in the company's press release announcing its financial results.
Read said, “In a world being rapidly reshaped, we need to continue to evolve our offer to clients and simplify our business. I am excited by the creation of the world’s largest creative agency, VML, and the continued evolution of GroupM. Both these developments will strengthen our offer to clients, simplify the integration of our services and maximise the returns on our ongoing investments in AI and technology.”
He further added that the company's top-line performance in Q3 was below their expectations and continued to be impacted by the cautious spending trends we saw in Q2, particularly across technology clients with more impact from this felt in GroupM over the summer than the first half. “We continue to win both creative and media assignments from leading global companies including significant wins in the third quarter with Estée Lauder (media), Hyatt (creative), Lenovo (creative), Nestlé (media) and Verizon (creative). Our net new business performance of $1.4bn in the quarter showed sequential improvement after a tougher first half,” said Read.
The advertising and communications giant clocked in a revenue of $4238 million (£ 3508 million) for the third quarter. This was a loss of 1.8 per cent when compared to the previous year’s third quarter.
The total year-to-date revenue stood at $12,971 million (£ 10,729 million), marking a 3.9 per cent increase from the previous year.
WPP has won $1.4 billion in net new businesses in Q3, including from Estée Lauder, Hyatt, Lenovo, Nestlé, Unilever and Verizon.
