REG - WPP PLC - Third Quarter Trading Update
23/10/2024 07:00
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RNS Number : 2077J WPP PLC 23 October 2024
23 October 2024
Third Quarter Trading Update
LFL growth of 0.5% in Q3. Continued progress against our strategic objectives
with important client wins and retentions. Full year guidance reiterated
Third quarter £m +/(-) % reported(1) +/(-) %
LFL(2)
Revenue 3,558 1.4 4.1
Revenue less pass-through costs 2,765 (2.6) 0.5
Year to date
Revenue 10,784 0.5 3.1
Revenue less pass-through costs 8,364 (3.3) (0.5)
Q3 highlights
• Q3 reported revenue +1.4%, LFL revenue +4.1%
• Q3 LFL revenue less pass-through costs +0.5%, with North America
+1.7%, Western Continental Europe +2.2% and UK flat, partially offset by a
2.2% decline in Rest of World, reflecting a continued decline in China
(-21.3%)
• Global Integrated Agencies Q3 LFL revenue less pass-through costs
grew 0.5% (Q3 2023: +0.1%). GroupM growth improved sequentially to 4.8% (Q3
2023: +1.6%), offset by a 3.1% decline at integrated creative agencies (Q3
2023: -1.1%)
• Top ten clients(3) grew 7.0% in Q3. CPG, automotive, travel &
leisure and financial services client sectors grew well in the quarter.
Technology client sector stabilising, with growth of 1.3% in Q3 vs -5.1% in H1
2024. Healthcare and retail sectors continued to be impacted by 2023 client
losses
• Strong progress on strategic initiatives with new products,
capabilities and solutions launched within WPP Open, our AI-powered marketing
operating system. Burson, GroupM and VML on track to deliver targeted savings
and build simpler, stronger businesses
• Q3 net new billings(4) $1.5bn (Q3 2023: $1.4bn). Year-to-date $3.2bn
(YTD 2023: $3.4bn). Encouraging success in recent pitches built around WPP
Open
• Client wins in Q3 included Amazon (media ex Americas), Unilever
(media, retail media and activation, and creative) and Henkel (media). Strong
start to Q4 with Starbucks (US creative) and Honor (global media including
China)
• Adjusted net debt as at 30 September 2024 £3.6bn, down £0.3bn
year-on-year
• Agreement to sell WPP's majority stake in FGS Global on track to
close in Q4, generating net cash proceeds to WPP of c.£604m after tax (link
(https://www.wpp.com/en/news/2024/08/wpp-to-sell-its-majority-stake-in-fgs-global)
). Proceeds will be used to reduce leverage
• 2024 guidance unchanged: 2024 LFL revenue less pass-through costs of
-1% to 0%, with Q4 facing a tougher comparative than Q3 and macro uncertainty.
Improvement in FY24 headline operating profit margin of 20-40bps (excluding
the impact of FX)
(1.) Percentage change in reported sterling.
(2.) Like-for-like. LFL comparisons are calculated as follows: current year,
constant currency actual results (which include acquisitions from the relevant
date of completion) are compared with prior year, constant currency actual
results from continuing operations, adjusted to include the results of
acquisitions and disposals for the commensurate period in the prior year.
(3.) Growth in Q3 2024 for the top 10 clients by revenue less pass-through
costs in YTD 2023. Growth rate includes the adverse impact of a client loss in
the healthcare sector.
(4.) As defined in the glossary on page 43 of WPP's 2024 Interim Results. Note
Q3 net new billings include expanded scope won alongside retentions at
Unilever, Honor and Henkel.
Mark Read, Chief Executive Officer of WPP, said:
"Our third quarter delivered like-for-like growth in net sales(5), with a
strong performance from GroupM in particular. We saw growth in North America,
Western Continental Europe and India, though trading in China remains
difficult.
"Most importantly, we returned to form in new business, winning Amazon's media
account outside the Americas and securing our media relationship with
Unilever, including taking back the retail media and activation business in
the United States. Our success with two of the world's top ten advertisers
demonstrates the renewed competitiveness of our offer. We are also proud to be
supporting the new Starbucks leadership team with our recent creative win in
the United States.
"Our people are increasingly embedding AI in the way that we work and deliver
creative and media campaigns to clients, with usage of WPP Open up 107%(6)
since the beginning of the year. Supporting this, the creation of VML and
Burson, and the simplification of GroupM, are delivering a stronger business
and structural cost savings.
"We are encouraged by progress during the quarter, but with recent new
business wins primarily impacting 2025 and continuing macroeconomic pressures
our expectations for the full year remain unchanged."
For further information:
Media Investors and analysts
Chris Wade +44 20 7282 4600 Tom Waldron +44 7788 695864
Anthony Hamilton +44 7464 532903
Richard Oldworth, Burson Buchanan +44 7710 130 634 Caitlin Holt +44 7392 280178
+44 20 7466 5000
irteam@wpp.com
press@wpp.com wpp.com/investors
(5.) "Net sales" refers to revenue less pass-through costs.
(6.) Increase in monthly active users January to September 2024.
Strategic progress
We have continued to make strong progress against each of our four strategic
pillars.
Lead through AI, data and technology
At our Capital Markets Day, we laid out our plans to embrace AI and invest in
the technology and data that is required. WPP Open, our intelligent marketing
operating system powered by AI, is a critical component of our strategy,
enabling us to use AI in how we work.
We have continued to invest in WPP Open as part of our annual investment of
£250m in AI-driven technology. We have developed new functionality and
integrated new AI models and, as a result, have seen growing adoption and
usage across WPP and by our clients.
Since the start of the year, we are seeing monthly active users up 107%, LLM
usage up 300% and image generation up 349% as we work to drive increased
adoption across WPP. We are also seeing growing adoption by clients, with key
clients using the platform including Google, IBM, L'Oréal, LVMH, Nestlé and
The Coca-Cola Company. In particular, clients are seeing significant value in
using WPP Open to streamline how they work with WPP, using the workflow
elements of the platform to standardise processes.
Functionality and Model Integration
WPP Open is a single marketing operating system that powers all of WPP's
businesses. The core Studios - Creative, Production, Media, Experience,
Commerce and PR - are designed to support key functional areas with AI-powered
applications in a way that allows for integrated ways of working across the
company.
During the quarter, we launched a new iOS and Android companion app for WPP
Open, providing mobile access to key functionality within Open across WPP.
This includes capabilities which enable our new business, client management,
and strategy teams to deliver more effective and efficient work. Within
Creative Studio we have launched Canvas, a new natural language user
interface, which provides an intuitive platform for a variety of use cases,
linking AI-powered ideation to creative workflow.
WPP Open's Media Studio continued its rollout to clients and was central to
our successful pitch at Amazon. Media Studio provides an end-to-end workflow
solution accessing GroupM's scale and Choreograph data and technology. It
enables the automation of complex media decisions, choosing from thousands of
AI-powered strategies and leveraging 2.3 trillion AI-evaluated impressions to
build unique audiences and activate and measure campaigns across a full range
of channels.
Media Studio provides access to Choreograph's global data graph that enables
intelligent activation across more than 73 markets and 5 billion consumer
profiles, creating the most connectivity between owned, partner and client
datasets in the media marketplace.
Combining owned data; data that we generate from planning, optimisation and
campaigns across GroupM; partner and third-party data; and client owned data,
we can discover insights, plan communications, optimise campaigns and measure
effectiveness, all within Media Studio's sophisticated web-based user
interface.
Our Work with Clients
Not only is AI enabling us to innovate in how we work with clients and to
produce work in new ways, it is also allowing us to develop new
ground-breaking consumer experiences for our clients. We continue to lead the
way in demonstrating the power of the technology to build more relevant and
personalised experiences for our clients.
Some examples include:
• ' (https://www.vml.com/work/adscan-by-makro) Adscan by Makro
(https://www.vml.com/work/adscan-by-makro) '
(https://www.vml.com/work/adscan-by-makro) uses AI-powered recognition of
product images to harness brands' outdoor advertising, directing them to
Makro's e-commerce platform to buy those products at a discount.
• Mondelēz's (https://giveacheertoavolunteer.cadbury.com.au/)
(https://giveacheertoavolunteer.cadbury.com.au/) '
(https://giveacheertoavolunteer.cadbury.com.au/) Cadbury Give a Cheer to a
Volunteer (https://giveacheertoavolunteer.cadbury.com.au/) '
(https://giveacheertoavolunteer.cadbury.com.au/) uses AI to allow Cadbury
consumers to create customised short animated videos to celebrate the
generosity of sporting volunteers.
• Mars Wrigley's Mars Bar 'For You Who Did That Thing You Did'
leverages AI to reward Australians for their everyday achievements with a
campaign through Amazon.com.au.
Partnerships
In August, in partnership with Pacvue
(https://www.groupm.com/newsroom/groupm-and-pacvue-accelerate-partnership-with-the-launch-of-integrated-commerce-management-solution/)
, we launched an Integrated Commerce Management solution to enhance our retail
media capability by unifying bespoke insights, media management, and retail
operations exclusively for GroupM clients.
In October, we announced a global technology partnership with Roblox
(https://www.wpp.com/en/news/2024/10/wpp-and-roblox-partner-to-unlock-the-potential-of-immersive-media-and-gaming-for-global-brands)
, a leading immersive gaming and creation platform, building on several years
of collaboration on interactive 3D brand content and advertising. The alliance
will help scale expertise among agency teams and brands in leveraging Roblox
as a new media channel.
Accelerate growth through the power of creative transformation
Creativity is what sets WPP apart, and when combined with AI, technology, data
and the largest global media platform, we have an unparalleled integrated
offer to clients.
That offer is resonating well, as reflected in growth across our largest
clients, driving expansion in scope for many top clients, with wins including
both creative and media assignments for Unilever during the quarter and in new
assignments such as Starbucks.
During the quarter we acquired New Commercial Arts ('NCA'), a fast-growing
independent creative agency employing around 90 people, with clients including
Sainsbury's, MoneySuperMarket, Vodafone, Nando's and Paramount+. NCA was
founded in 2020 by a team including industry leaders James Murphy and David
Golding.
Build world-class, market-leading brands
We have made excellent progress towards building stronger, world-class brands.
VML launched in January 2024 and played a key role in client assignment wins
during the year to date, including AstraZeneca, Colgate-Palmolive, Perrigo,
Starbucks and Telefonica. VML's industry-leading capabilities in commerce were
also a factor in media assignment wins at Amazon and Unilever.
As announced in August, Brian Lesser joined in September as Global CEO of
GroupM. The GroupM simplification initiative is progressing well, with related
cost actions on track to be completed by the end of 2024. Media Studio, a key
component of WPP Open, is now our go-to-market platform for GroupM, bringing
together our global media tools and capability.
Burson, which launched in June, continued to strengthen and broaden its PR
offer and delivered new client assignment wins at Google, Honor and ViiV
Healthcare.
Execute efficiently to drive financial returns through margin and cash
As well as the structural cost savings relating to the initiatives above, we
are making good progress in our back-office efficiency programme across
enterprise IT, finance, procurement and real estate.
In real estate, our ongoing campus programme and consolidation of leases
continues to deliver benefits. Four new campuses opened during the quarter,
including WPP's third London campus at One Southwark Bridge, now the location
for all staff from London-based GroupM agencies.
Purpose and ESG
WPP's purpose is to use the power of creativity to build better futures for
our people, planet, clients and communities. Read more on the ways WPP is
working to deliver against its purpose in our 2023 Sustainability Report
(https://www.wpp.com/en/sustainability/sustainability-report-2023) .
Third quarter overview
Revenue was £3.6bn, up 1.4% from £3.5bn in Q3 2023, and up 4.1%
like-for-like. Revenue less pass-through costs was £2.8bn, down 2.6% from Q3
2023, and up 0.5% like-for-like.
Q3 2024 % % % %
£m reported M&A FX LFL
Revenue 3,558 1.4 0.2 (2.9) 4.1
Revenue less pass-through costs 2,765 (2.6) (0.2) (2.9) 0.5
YTD 2024 % % % %
£m reported M&A FX LFL
Revenue 10,784 0.5 0.4 (3.0) 3.1
Revenue less pass-through costs 8,364 (3.3) 0.1 (2.9) (0.5)
Segmental review
Business segments - revenue less pass-through costs
% LFL +/(-) Global Public Relations Specialist Agencies
Integrated Agencies
Q3 2024 0.5 0.2 0.8
YTD 2024 (0.3) (0.5) (2.9)
Global Integrated Agencies: GroupM, our media planning and buying business,
grew 4.8% in Q3 (Q2: +1.4%), offset by a 3.1% decline at other Global
Integrated Agencies (Q2: -2.4%).
GroupM saw broad-based growth in all major markets, including the US, UK and
Germany, partially offset by weakness in China. GroupM saw good growth from
existing and new clients and a benefit from an easier comparison against the
prior year (Q3 2023: +1.6%).
Our integrated creative agencies declined 3.1%. Hogarth continued to grow
well, benefiting from new business wins and growing demand for its technology
and AI-driven capabilities, as clients seek to produce more personalised and
addressable content. Ogilvy grew well in the US, benefiting from recent client
assignment wins, but this was offset by weakness in China. VML continued to be
impacted by the loss of Pfizer creative assignments, partially offset by
growth in spending by automotive and technology clients. AKQA saw continued
pressure on project-related work with macroeconomic uncertainty resulting in
more cautious client spend.
Public Relations: Burson, created in June from the merger of BCW and Hill
& Knowlton, made good progress with its integration and launched
additional AI-powered tools including Decipher Health. During the quarter,
Burson declined mid-single digits as the business continued to be impacted by
the loss of Pfizer assignments and the impact of macroeconomic uncertainty on
some areas of client spending. This was offset by continued strong growth at
FGS Global. The planned sale of FGS Global to KKR is expected to close in Q4
2024.
Specialist Agencies: CMI Media Group, our specialist healthcare media planning
and buying agency, grew well. Landor and Design Bridge and Partners declined
due to continued pressure on project-based spending, partially offset by
stabilisation in some smaller agencies against easier comparisons.
Regional segments - revenue less pass-through costs
% LFL +/(-) North America United Kingdom Western Continental Europe Rest of World
Q3 2024 1.7 0.0 2.2 (2.2)
YTD 2024 (0.5) (1.8) 1.9 (1.7)
North America grew by 1.7% in Q3 2024, reflecting good growth in automotive
and financial services client spending, offset by lower revenues in
healthcare, due to a 2023 client loss.
United Kingdom net sales were unchanged on the prior year on a LFL basis with
good year-on-year growth at GroupM, benefiting from an easier comparison,
offset by weakness in project-based spend at smaller agencies. By client
sector, CPG delivered good growth, but this was offset by weaker spending from
healthcare, retail and automotive clients.
Western Continental Europe grew 2.2%, reflecting growth in Germany, against an
easier comparison, and in France and Spain. CPG and automotive were the
strongest client sectors.
The Rest of World declined by 2.2% in Q3 2024 as growth in most regions was
offset by a decline of 21.3% in China on client assignment losses and
persistent macroeconomic pressures impacting both our media and creative
businesses.
The new management team in China continues to bring together the best of our
talent and capabilities in the region and build on our market-leading
position. Our new business momentum has begun to stabilise, with several key
client retentions, including the retention of a global assignment with
expanded scope for Honor. While we expect performance to continue to be
challenging in the rest of 2024 and into 2025, we are confident these actions
will strengthen our business in an important strategic market for WPP.
Top five markets - revenue less pass-through costs
% LFL +/(-) USA UK Germany China India
Q3 2024 1.9 0.0 1.4 (21.3) 2.3
YTD 2024 (0.3) (1.8) (2.8) (20.6) 6.2
Client sector review - revenue less pass-through costs
Q3 2024 YTD 2024 YTD 2024
% LFL +/(-) % LFL +/(-) % share, revenue less pass-through costs(7)
CPG 7.6 7.3 28.1
Tech & Digital Services 1.3 (3.1) 17.2
Healthcare & Pharma (7.7) (8.6) 11.2
Automotive 5.8 2.9 10.5
Retail (5.9) (8.6) 8.9
Telecom, Media & Entertainment (2.3) 3.3 6.8
Financial Services 5.3 2.2 6.3
Other (15.4) (15.3) 4.7
Travel & Leisure 10.8 5.6 3.7
Government, Public Sector & Non-profit 4.1 (2.9) 2.6
(7.) Proportion of WPP revenue less pass-through costs in YTD 2024; table made
up of clients representing 79% of WPP total
revenue less pass-through costs.
Balance sheet highlights
As at 30 September 2024, adjusted net debt was £3.6bn, £0.3bn lower compared
to £3.9bn as at 30 September 2023. Average adjusted net debt in the twelve
months to 30 September 2024 was £3.6bn, £0.1bn higher compared to £3.5bn
for the twelve months to 30 September 2023.
The agreement, announced
(https://www.wpp.com/news/2024/08/wpp-to-sell-its-majority-stake-in-fgs-global)
in August, to sell WPP's majority stake in FGS Global to KKR at an enterprise
valuation of $1.7bn, is expected to close in Q4, generating net cash proceeds
to WPP of c.£604m after tax. Proceeds will be used to reduce leverage.
Outlook
Our guidance for 2024 is as follows:
Like-for-like revenue less pass-through costs growth of -1% to
0%;
Headline
operating margin improvement of 20-40bps (excluding the impact of FX)
Other 2024 financial indications:
• Mergers and acquisitions will have a slightly negative impact to
revenue less pass-through costs growth, primarily due to the expected disposal
of FGS Global and limited M&A activity in FY 2024 (previously <0.5%)
• FX impact: current rates (at 16 October 2024) imply a c.3.2% drag
on FY 2024 revenue less pass-through costs, with a 0.2pt drag expected on FY
2024 headline operating margin
• Headline income from associates(8) and non-controlling interests
at similar levels to 2023
• Headline net finance costs of around £295m
• Headline effective tax rate(9) of around 28%
• Capex of around £260m
• Cash restructuring costs of around £285m
• Working capital expected to be broadly flat year-on-year
Medium-term targets
In January 2024 we presented an updated medium-term financial framework
including the following three targets:
• 3%+ LFL growth in revenue less pass-through costs
• 16-17% headline operating profit margin
• Adjusted operating cash flow conversion of 85%+(10)
(8.) In accordance with IAS 28: Investments in Associates and Joint Ventures
once an investment in an associate reaches zero carrying value, the Group does
not recognise any further losses, nor income, until the cumulative share of
income returns the carrying value to above zero.
(9.) Measured as headline tax as a % of headline profit before tax.
(10.) Adjusted operating cash flow divided by headline operating profit.
Business sector and regional analysis
Business sector(11)
Revenue analysis
Q3 YTD
£m +/(-) % reported +/(-) % LFL £m +/(-) % reported +/(-) % LFL
Global Int. Agencies 3,011 2.1 4.8 9,127 1.1 3.7
Public Relations 292 (3.3) 0.0 893 (2.9) (0.6)
Specialist Agencies 255 (1.2) 1.4 764 (1.9) 0.1
Total Group 3,558 1.4 4.1 10,784 0.5 3.1
Revenue less pass-through costs analysis
Q3 YTD
£m +/(-) % reported +/(-) % LFL £m +/(-) % reported +/(-) % LFL
Global Int. Agencies 2,268 (2.5) 0.5 6,863 (3.2) (0.3)
Public Relations 274 (3.0) 0.2 842 (2.8) (0.5)
Specialist Agencies 223 (2.3) 0.8 659 (5.1) (2.9)
Total Group 2,765 (2.6) 0.5 8,364 (3.3) (0.5)
(11.) Prior year figures have been re-presented to reflect the reallocation of
a number of businesses between Global Integrated Agencies and Specialist
Agencies. The impact of the re-presentation is not material.
Regional
Revenue analysis
Q3 YTD
£m +/(-) % reported +/(-) % LFL £m +/(-) % reported +/(-) % LFL
N. America 1,376 3.0 5.9 4,157 1.9 3.6
United Kingdom 550 7.7 7.3 1,608 2.1 1.6
W Cont. Europe 693 (0.2) 2.3 2,151 (0.9) 2.0
Rest of World(12) 939 (2.9) 1.3 2,868 (1.2) 4.0
Total Group 3,558 1.4 4.1 10,784 0.5 3.1
Revenue less pass-through costs analysis
Q3 YTD
£m +/(-) % reported +/(-) % LFL £m +/(-) % reported +/(-) % LFL
N. America 1,092 (1.2) 1.7 3,299 (2.7) (0.5)
United Kingdom 390 0.3 0.0 1,169 (1.3) (1.8)
W Cont. Europe 554 0.0 2.2 1,718 (0.8) 1.9
Rest of World 729 (7.7) (2.2) 2,178 (7.0) (1.7)
Total Group 2,765 (2.6) 0.5 8,364 (3.3) (0.5)
(12.) RoW includes - Asia Pacific, Latin America, Africa & Middle East and
Central & Eastern Europe.
Cautionary statement regarding forward-looking statements
This document contains statements that are, or may be deemed to be,
"forward-looking statements". Forward-looking statements give the Company's
current expectations or forecasts of future events.
These forward-looking statements may include, among other things, plans,
objectives, beliefs, intentions, strategies, projections and anticipated
future economic performance based on assumptions and the like that are subject
to risks and uncertainties. These statements can be identified by the fact
that they do not relate strictly to historical or current facts. They use
words such as 'aim', 'anticipate', 'believe', 'estimate', 'expect',
'forecast', 'guidance', 'intend', 'may', 'will', 'should', 'potential',
'possible', 'predict', 'project', 'plan', 'target', and other words and
similar references to future periods but are not the exclusive means of
identifying such statements. As such, all forward-looking statements involve
risk and uncertainty because they relate to future events and circumstances
that are beyond the control of the Company. Actual results or outcomes may
differ materially from those discussed or implied in the forward-looking
statements. Therefore, you should not rely on such forward-looking statements,
which speak only as of the date they are made, as a prediction of actual
results or otherwise. Important factors which may cause actual results to
differ include but are not limited to: the impact of epidemics or pandemics
including restrictions on businesses, social activities and travel; the
unanticipated loss of a material client or key personnel; delays or reductions
in client advertising budgets; shifts in industry rates of compensation;
regulatory compliance costs or litigation; changes in competitive factors in
the industries in which we operate and demand for our products and services;
changes in client advertising, marketing and corporate communications
requirements; our inability to realise the future anticipated benefits of
acquisitions; failure to realise our assumptions regarding goodwill and
indefinite lived intangible assets; natural disasters or acts of terrorism;
the Company's ability to attract new clients; the economic and geopolitical
impact of the conflicts in Ukraine and Gaza; the risk of global economic
downturn; slower growth, increasing interest rates and high and sustained
inflation; supply chain issues affecting the distribution of our clients'
products; technological changes and risks to the security of IT and
operational infrastructure, systems, data and information resulting from
increased threat of cyber and other attacks; effectively managing the risks,
challenges and efficiencies presented by using Artificial Intelligence (AI)
and Generative AI technologies and partnerships in our business; risks related
to our environmental, social and governance goals and initiatives, including
impacts from regulators and other stakeholders, and the impact of factors
outside of our control on such goals and initiatives; the Company's exposure
to changes in the values of other major currencies (because a substantial
portion of its revenues are derived and costs incurred outside of the UK); and
the overall level of economic activity in the Company's major markets (which
varies depending on, among other things, regional, national and international
political and economic conditions and government regulations in the world's
advertising markets). In addition, you should consider the risks described in
Item 3D, captioned 'Risk Factors' in the Group's Annual Report on Form 20-F
for 2023, which could also cause actual results to differ from forward-looking
information. Neither the Company, nor any of its directors, officers or
employees, provides any representation, assurance or guarantee that the
occurrence of any events anticipated, expressed or implied in any
forward-looking statements will actually occur. Accordingly, no assurance can
be given that any particular expectation will be met and investors are
cautioned not to place undue reliance on the forward-looking statements.
Other than in accordance with its legal or regulatory obligations (including
under the Market Abuse Regulation, the UK Listing Rules and the Disclosure and
Transparency Rules of the Financial Conduct Authority), The Company undertakes
no obligation to update or revise any such forward-looking statements, whether
as a result of new information, future events or otherwise.
Any forward looking statements made by or on behalf of the Group speak only as
of the date they are made and are based upon the knowledge and information
available to the Directors at the time.
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