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WPP revenues

WPP revenues bounce back to pre-Covid levels

WPP saw its revenues soaring to pre-pandemic levels – a year sooner than expected – thanks to a record-setting rebound in global marketing spend.

The world’s biggest advertising group reported that underlying revenues increased by 19.3% in the second quarter, the fastest rate of growth the company has ever recorded, as vaccination programmes had boosted the world’s largest economies.

WPP, which raised its full-year guidance after beating analysts’ expectations, reported a 16% rise in like-for-like revenues to £6.1bn in the first half of the year. Net revenues climbed 11% to £4.9 billion in the first half and headline pre-tax profits rose 82% to £502 million.

Mark Read, Chief Executive Officer at WPP commented: “I’m delighted with our performance in the first six months of the year, at a time when COVID continues to take a toll on many countries. The like-for-like revenue less pass-through costs growth rate of 19.3% in the second quarter is our highest on record, as clients reinvest in marketing, particularly in digital media, ecommerce and marketing technology. We have returned to 2019 levels in 2021, a year ahead of our plan, with good momentum into 2022.”

Advertisers are investing in digital advertising as consumers turned to online shopping during the pandemic. According to advertising firm Zenith’s forecasts, global spending on advertising this year will exceed pre-pandemic spending by 6%. Digital advertising will represent 58% of the market, up from 48% before the pandemic in 2019.

 

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