WPP reported net organic revenue growth of 2.9% in the first quarter of the year, which the company said was in line with expectations.
WPP is the third holding company to meet or exceed growth expectations so far this quarter following earlier reports by Omnicom and Publicis Group. Interpublic reports Q1 results later today.
Reported revenue was 3.46 billion GBP, up 11.9%. The organic growth figure excludes M&A and currency impact.
Organic growth in the company’s top 5 markets: US, 2.3%; UK, 7.4%, and Germany, 4%. China, still dealing with COVID shutdowns, posted a 13% organic decline while India’s decline was 1.4%.
GroupM posted a strong 6.1% organic gain in the quarter, while the other agencies in the company’s global integrated agencies division recorded combined growth of 0.7%. The PR group gained 2.2% and specialist agencies 1.9%.
Net new business in the period was $1.5 billion with new assignments from Adobe, Ford and Mondelez among others.
WPP CEO Mark Read said, “We have seen a positive start to the year, in line with expectations, reflecting continued spending by clients in communications, customer experience, commerce, data and technology to support their businesses and brands.”
Added Read, “We are continuing to strengthen the company – winning new clients, hiring new creative leadership, investing in our technology platforms and data, making three acquisitions in the growth areas of healthcare and influencer marketing and bringing in a minority partner to FGS Global.”
“Our focus on AI over the last five years is paying off, with many examples of our work with clients, using the main AI platforms, in-market today,” Read said.
Read said the company was on track to achieve full-year organic growth in the 3% to 5% range.