WPP has reported strong first half of 2022 with broad-based growth, sustained demand from clients and the growth guidance upgraded again.
The London-based holding company posted $AUD11.790 billion (£6.755 billion) in revenue, up 10.2%, and like-for-like revenue up 8.7% from 2021.
The first half of the year saw the company win $USD3.4 billion of net new business billings, compared to the same period last year that saw $USD2.9 billion won. New businesses in H1 include Audi, Audible, Danone, Mars and Nationwide.
WPP’s report also noted that there are newly developed and expanding partnerships with global technology companies.
“During the period we announced a partnership with Epic Games, the company behind Fortnite and Unreal Engine, to help WPP agencies develop digital experiences in the metaverse. We also unveiled a first-of-its-kind partnership with Instacart, the leading online grocery platform in North America, giving WPP early product insights, access to custom features and a co-developed certification programme,” according to the report.
Elsewhere in WPP’s report, the guidance for the rest of 2022 noted that organic growth – defined as like-for-like revenue less pass-through costs growth – is expected to continue growth between 6.0% to 7.0% – up from the previously expected 5.5% to 6.5%.
Mark Read, chief executive officer of WPP, said the company has enjoyed a strong first half with broad-based growth across its creative, media and public relations businesses.
“This reflects the improved competitive position of our creative businesses, with their growing capabilities in commerce, experience and technology, our continued strength in media and the resurgence in demand for strategic communications advice from our public relations agencies,” he said.
“Our services are business-critical – driving growth, building brands, innovating and helping clients navigate an increasingly complex marketing environment.
“As major advertisers increasingly look to integrate their marketing investments, we are well positioned to serve the world’s largest companies, demonstrated by our success with Coca-Cola, which we are now onboarding at pace. The second quarter saw significant assignment wins from Audi, Audible, Danone and Nationwide.
Read continued: “Our commitment to creativity was recognised at Cannes Lions in June where WPP was awarded the most creative company, recognising the quality of our work in all areas, spanning film, digital, media, commerce and creative business transformation.
“It’s a testament to our investment in creativity and the talent of our people, and I am committed to making WPP the most creative company in the world.
“Our clients are continuing to invest in WPP’s services, which reflects our attractive industry exposure in technology and healthcare, our broad global footprint, and the importance of what we do for their businesses. The actions we have taken over the last four years leave WPP much better positioned with a more uncertain economic environment ahead,” Read added.