“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.
[soros]Q1 2021 hedge fund letters, conferences and more
Turnaround For WPP
WPP PLC (LON:WPP) (NYSE: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. It saw revenues fall in regions right across the world last year as firms hunkered down to survive the crisis, slashing marketing budgets and axing major projects.
Deals are back on the table, with teams around the world winning $1.3 billion in net new business over the quarter. It’s a sign of confidence in the economic recovery in many key markets, with vaccine roll outs leading to renewed business optimism.
But evidence is mounting of a multi-speed recovery around the world. Although there was an 18.4 % jump in like-for-like revenues in China and a 3.9% lift in the UK, in India, which has been crippled by the virus, revenues were down 0.5% and the worst may be yet to come. The group is still in a state of flux in streamlining its operations, keeping a lid on costs and focusing on digital. It’s clear this strategy has delivered some early wins but with the pace of the recovery uncertain, caution is still the name of the game, with the group not expecting organic growth this year to exceed mid-single digits.’’
Article by Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown
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