WPP reported net organic growth for full-year 2022 of 6.9% with reported net revenue of 11.8 billion GBP, up 13.5%. Q4 growth was 6.4%.
By comparison, Omnicom Group reported 9.4% full-year growth, Interpublic, 7% and Publicis Groupe, 10%. Dentsu’s full-year organic growth was 4.1%.
GroupM posted a full-year “strong performance” with organic growth of 9.1%. Creative agencies averaged 5% growth, the PR group grew 8.2% and Specialist Agencies 5.6%.
The company’s initial outlook for growth in 2023 is 3% to 5%.
Net new business for the year was $5.9 billion.
In the U.S. fourth quarter growth was 3.5%, while the UK achieved 12% growth. China posted an organic revenue decline of 8.4%.
“Our transformation is now delivering measurable results,” stated WPP CEO Mark Read. “Over the past three years, WPP has grown like-for-like net sales at a compound average rate of 3.2%, including 3.3% in North America, while improving our headline operating profit margin by 40 basis points. Our adjusted net debt has declined from over £4 billion at the end of 2018 to £2.5 billion, while over £3.4 billion has been returned to shareholders via share buybacks and dividends.
“We enter 2023 in a strong financial position with good momentum from new business and many opportunities ahead of us. While there will no doubt be challenges, the continued need for major companies to build brands, sell products, reinvent and transform their business, understand their data, invest in technology and exploit the potential of AI remains, as does their need for modern partners who can help them navigate this new world.”