WPP has reported a 6.7% decline in revenue less pass-through costs to £2.26bn in Q1 2026.
The decline is in line with WPP’s expectations and chief executive Cindy Rose said she was “encouraged by this momentum”, which validated the “stabilisation” phase of her Elevate28 strategy.
By business segment, Global Integrated Agencies revenue was down 7.4% and WPP Media was down 8.5%.
Growth in the UK dropped by 6.6% in Q1 and in Western Europe by 4.7%. In North America the decline was 7.8% and in the Rest of World it was 6.9%.
WPP said it expected growth to “decline in the mid to high single digits in the first half of 2026 with an improving trajectory in the second half”.
The company said: "We note ongoing uncertainty in the near-term given events in the Middle East."
Unveiled earlier this year, Phase 1 of Rose’s strategy prioritises “[stabilising] net new-business performance” as well as plans to “execute cost-saving initiatives and rationalise the portfolio”.
Rose added: "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.”
Later today, Joanne Wilson, chief financial officer, is set to host the Q1 earnings call with analysts, rather than the chief executive.
It is a change from prior quarterly results, with Rose expected to take the lead at Q2 for the half-year results.
In February, the company reported that revenue less pass-through costs declined by 5.4% to £10.2bn in 2025.
In the UK, WPP Media and ML drove a decline of 8%, but the network’s media business has started to see some major pitch wins in the past couple of months, including the government’s media account and Reckitt.
Source: Campaign UK
