Ads group WPP raises outlook on digital demand explosion

WPP’s corporate logo is seen in this 2018 photo, obtained July 12, 2019. WPP/Handout via REUTERS

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LONDON, April 27 (Reuters) – WPP (WPP.L), the world’s largest advertising group, raised its full-year net sales outlook on Wednesday after strong demand for digital media, e-commerce and data services helped it beat forecasts for the first commercial quarter.

The group said its main measure of net sales – like-for-like revenue less pass-through costs – jumped 9.5% in the first quarter. Net sales increased by 12.1% in 2021.

The owner of agencies Ogilvy, Gray and GroupM said he now expects 2022 net sales growth of between 5.5% and 6.5%, up from his previous forecast of around 5% .

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“The year has started very well with continued momentum from 2021, which has driven strong growth across all businesses and regions,” said Chief Executive Mark Read. “Demand is strong for our services, particularly in digital media, e-commerce, data and marketing technologies.”

Its French counterpart Publicis (PUBP.PA) said earlier this month that it would not update its forecast due to global uncertainty, although it also performed well.

Advertising holdings such as WPP, Omnicom (OMC.N) Publicis and IPG (IPG.N) have been at the forefront of the corporate pandemic recovery as clients use their data, creative skills and their strategic advice for producing and placing new advertising campaigns.

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Reporting by Kate Holton; edited by William James and Paul Sandle

Our standards: The Thomson Reuters Trust Principles.

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