WPP Q1 2024 revenue down by 1.4% from Q1 2023, India stands out with 6.6% growth

WPP's Q1 revenue was down 1.4% and LFL revenue was up 2.1%. According to the company, India saw a growth of 6.6%, reflecting last year’s (2023) strong new business momentum.

The Q1 LFL revenue less pass-through costs -1.6%. In 2023, it had gone up by 2.9%. The UK and Western Continental Europe had more sales, but North America and Asia Pacific had fewer. However, India did well in Asia Pacific, even though China did not.

However, the company did add a net new business of $0.8 billion (Q1 2023: $1.5 billion). Key wins include AstraZeneca, Canon, Molson Coors, Daiichi  Sankyo, Nestlé, Perfetti, Perrigo, Rightmove and Telefónica.

Mark Read, chief executive officer, WPP, said, "The first quarter of 2024 was very much in line with our expectations with performance reflecting the toughest comparator of the year. Strategically, we have progressed well on the priorities set out at our Capital Markets Day at the end of January."

“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, while our simpler structure will drive organisational flexibility and stronger cash conversion,” he added.