WPP Reports Revenue Already Back to 2019 Levels

In interim results, WPP has reported a 'strong' first half, with revenue returning to 2019 levels 'a year ahead of plan'. H1 2021 revenue of £6.13bn was up 9.8% on last year's Covid-hit figure, and the group returned to a profit before tax (£394m) after losses of £3.18bn a year earlier.

WPP said like-for-like (LFL) revenue in Q2 was up 26.4% against the previous year, right at the onset of the pandemic. LFL revenue less pass-through costs was up 11.0% on H1 2020 and up 0.5% on H1 2019. Q2 LFL revenue growth in the UK and India reached 30% (vs H1 2020), while in China the figure was just 1.4%. The company bought back £248m in shares in H1 and plans a further £350m before the end of the year.

CEO Mark Read (pictured) said of the results: '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.

'We've also made very good strategic progress. Our recognition as the most awarded company at the 2021 Cannes Lions Festival reflects our investment in creative talent and the strength of our creative work over the past two years. Our focus on data, commerce and technology, through strategic acquisitions, organic investments and the launch of Choreograph, has supported a strong new business performance'.

Web site: www.wpp.com/investors .