Yahoo Finance Ad giant WPP enjoys sales boom in ‘milestone’ for marketing
THE ad boom that last night saw Google race to record quarterly revenues of $55 billion today embraced WPP, the UK based ad giant built by Sir Martin Sorrell.
Mark Read, the CEO who replaced the ousted Sorrell, saw revenues up 6.3% in the last three months, with all global ad markets improving.
At 3.9% the UK beat the US, which grew 1.6%.
Google boomed as folk in lockdown embraced the internet to stay informed and entertained.
WPP landed new deals with JP Morgan, Salesforce and Absolut. It also renewed a recruitment deal for the US Navy, worth $450 million over three years.
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Read is pushing the launch of Choreograph, a data business that will help clients target customers better, he says.
“WPP has had a strong start to the year with a return to growth in all business lines and most major markets.
“Our strengths in ecommerce, digital media and technology, combined with our ongoing investment in creative talent, are resonating with clients as their markets recover and they seek to transform their offer for future growth.”
Susannah Streeter at Hargreaves Lansdown said: “Relief oozes from these results as the bounce back has clearly begun in the ad world with mothballed projects dusted down and the squeeze on budgets eased.
“WPP shareholders had been braced for another decline in sales during the quarter but streams of revenue from existing business rose 3.1%.
“It marks a milestone in the turnaround for the world’s largest marketing business after the pain of the pandemic.”
WPP shares rose 30p to 981p.
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