WPP India grows 6.6% in Q1 2024 amid global degrowth

Delhi: WPP India recorded a growth of 6.6% in Q1 FY24, driven by new business wins, particularly in media and the CPG sector.

During the last quarter of 2023, WPP India's revenue soared by 22% as mentioned in the Analyst Presentation.

In Q1 FY23, the global advertising network's India business experienced a decline of 1.4% in revenue due to macroeconomic uncertainty.

Asia-Pacific reported a decline of 3.2%, mainly attributed to China, which saw a 15.4% decrease in revenue due to challenging macro and client environments. However, the growth in revenue from India offset this decline, resulting in an overall Asia-Pacific growth figure of -3.2%.

Globally, WPP experienced a 1.6% decline in organic growth, trailing behind its main competitors. This was attributed to the loss of business from a healthcare client and decreased spending by technology companies.

WPP mentioned losing significant creative and PR accounts last year, compounded by a 15% downturn in China due to macroeconomic factors.

WPP’s competitors like Publicis, Omnicom, and IPG showcased growth in underlying revenue in their recent reports. 

WPP said that it lost key creative and PR accounts last year, along with China’s degrowth of 15% due to macroeconomic conditions.

Mark Read, Chief Executive Officer of WPP, said, “The first quarter of 2024 was very much in line with our expectations with performance reflecting the toughest comparator of the year.”

“Our outlook for the full year is reiterated. We remain on track to return to growth in the balance of the year, supported by an encouraging new business pipeline and the strength of our business creatively and in media, both powered by new AI capabilities, ” he added.

He further commented, “Strategically, we have progressed well on the priorities set out at our Capital Markets Day at the end of January. WPP Open was also at the heart of our most recent new business successes, including major media wins with Nestlé.”