WPP plc reported first‑quarter 2026 revenue of £3.030 billion, a 6.6% drop on a reported basis and a 4.0% decline on a like‑for‑like (LFL) basis compared with the same period last year. The decline reflects a 6.7% LFL fall in revenue less pass‑through costs, which fell to £2.260 billion from £2.482 billion in Q1 2025, a 2.7% LFL drop. The company’s top‑25 client group contributed a 9.4% LFL decline, underscoring the ongoing client‑loss pressure that has driven the year‑to‑date 5.4% LFL revenue decline.
The company reiterated its full‑year guidance, stating that like‑for‑like revenue less pass‑through costs will decline by a mid‑to‑high single‑digit percentage in the first half of 2026 before improving in the second half. Chief Executive Cindy Rose highlighted early progress under the Elevate28 strategy, noting that “Building a simpler, integrated WPP – powered by WPP Open – is resonating with clients and driving strong new business. While it is only a few months since we unveiled our Elevate28 strategy, I am encouraged by this momentum which validates the ‘Stabilisation’ phase of the plan and our path to growth.” She added that “Consistent organic growth remains our North Star. While it will take time to outpace historical losses, our Q1 results are in line with expectations and ahead of Q4 2025.”
Client‑loss pressure remains the primary headwind. WPP Media revenue fell, largely due to prior account losses, and North America was the weakest region, suffering from client losses and spending cuts. Despite these challenges, the company’s new‑business momentum has helped offset some of the decline, supporting the stabilisation phase of the Elevate28 plan. The strategy’s focus on a single, integrated operating entity powered by the WPP Open AI platform is intended to streamline operations and unlock new growth opportunities.
Investors responded positively to the results, reflecting confidence in the company’s turnaround plan and the early signs of momentum under Elevate28. The in‑line performance and reiterated guidance suggest that management remains optimistic about the company’s ability to navigate near‑term headwinds while positioning for longer‑term growth.
The earnings announcement confirms that WPP’s revenue contraction continues, but the company’s disciplined cost management and focus on new‑business acquisition are expected to stabilize performance in the second half of 2026 and beyond. The guidance signals that management believes the company can achieve a mid‑to‑high single‑digit decline in LFL revenue less pass‑through costs in the first half, with improvement thereafter, indicating a cautious but forward‑looking outlook.
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