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WPP Q3 Revenues Rise; Lifts FY22 LFL Revenue Growth View, Adjusts Margin Forecast

British mass media firm WPP Group Plc (WPP.L,WPPGY) reported Wednesday third-quarter revenue of 3.57 billion pounds, a growth of 10.3 percent on a reported basis from last year, and 2.7 on a like-for-like basis.

Revenue less pass-through costs was 2.99 billion pounds, up 13.1 percent on reported basis and 3.8 percent at LFL basis.

In the top five markets, revenues was up 4.5 percent in USA, up 4.2 percent in UK, and up 10.7 percent in India. Meanwhile, revenues in Germany dropped 8.7 percent, but the growth was 3.3 percent excluding the impact of Covid-related contract in prior year. In China, revenue fell 9 percent.

Looking ahead for fiscal 2022, the company raised guidance for LFL revenue less pass-through costs growth to 6.5 percent to 7.0 percent from previously expected 6 percent to 7 percent. Headline operating margin is now expected to be up 30 basis points to 50 basis points, compared to previous view of up around 50 basis points.

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