WPP has reported 6.7% growth in its Q1 revenue and stands at £3.1 billion. In its financial statement for the quarter, WPP says: “The year has started strongly, continuing the positive momentum built up through 2021.”
On a constant currency basis, revenue was up 6.4% year-on-year. Like-for-like growth, excluding the impact of currency, acquisitions and disposals, was 8.1%.
Revenue less pass-through costs in the first quarter was up 10.3% year-on-year to £2.6 billion, and up 10.0% on a constant currency basis. Excluding the positive net impact from acquisitions and disposals, like-for-like growth was 9.5%.
Mark Read, Chief Executive Officer of WPP, said: “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, ecommerce, data and marketing technology.
“The war in Ukraine has created an appalling humanitarian crisis. We continue to support our people in Ukraine, many of whom are now displaced, with financial and practical assistance. Our partnership with the UNHCR on their emergency fundraising appeal has generated $150 million to date, including over $1.3 million from our employee match-funding programme. On 4 March, we announced that we would exit the Russian market, and we have now reached agreement to divest our businesses there.
“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. As a result of a strong first quarter, we now expect our growth to be in the range of 5.5% to 6.5%, up from around 5% at the start of the year. 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.”
Asia Pacific, Latin America, Africa and the Middle East and Central & Eastern Europe like-for-like revenue less pass-through costs was up 11.9%. The strongest growth was in Latin America, driven by Brazil. Asia Pacific also grew double-digits, supported by good performances in China and India, WPP has said.