afaqs! news bureau

WPP FY23 revenue up 2.9% from FY22; India stands out with a 7.7% growth

The agency network says AI will be fundamental to its business.

India grew by 7.7% in 2023 and it helped The Rest of World – excludes North America, the United Kingdom, and Western Continental Europe – in reflecting “strong double-digit growth in the second half”, said WPP as it announced its FY2023 and Q4FY23 financial results.

The agency holding network reported its revenue in FY23 was £14.8bn, up 2.9% from £14.4bn in 2022. WPP CEO Mark Read said “cuts in spending by technology clients” as one of the reasons for the lukewarm numbers.

However, the company did add a net new business of $4.5bn (2022: $5.9bn). Key wins include Adobe, Allianz, Estée Lauder, Ford, Hyatt, Krispy Kreme, Lenovo, Lloyds Banking Group, Maruti Suzuki, Mondelēz, Nestlé, Pernod Ricard, SC Johnson and Verizon.

“AI will be fundamental for our business and we are embracing the opportunities that it presents, putting it at the heart of our operations and our work for clients,” said Read. The network’s plans include an annual cash investment of around £250m in proprietary technology to support its AI and data strategy

Its AI-powered platform, WPP Open, is now being used by more than 30,000 people across WPP with growing adoption by the network’s clients.

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