WPP (NYSE: WPP) Q1 2026 revenue falls 6.6% as outlook held
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
WPP plc reported Q1 2026 revenue of £3,030m, down 6.6% year-on-year on a reported basis and 4.0% like-for-like. Revenue less pass-through costs was £2,260m, down 8.9% reported and 6.7% like-for-like, reflecting client losses in the prior year and softer spending across sectors.
Management said the quarter was in line with expectations and reaffirmed 2026 guidance, still expecting like-for-like revenue less pass-through costs to decline in the mid to high-single digits in the first half with an improving trajectory in the second half, and a headline operating margin of 12%–13%. Adjusted operating cash flow before working capital is anticipated at £800m–£900m, or £1.0bn–£1.1bn excluding restructuring.
North America and China saw some of the steepest like-for-like declines, while India grew modestly. Average adjusted net debt over the last 12 months was £3.3bn, and WPP issued US$600m of 6.5% bonds (swapped to €519m at 5.45%) maturing in 2036, supporting its financing profile as it executes the Elevate28 strategy and deepens AI-focused partnerships with Google and Adobe.
Positive
- None.
Negative
- None.
Insights
WPP posts weaker Q1 but reiterates 2026 margin and cash-flow guidance.
WPP delivered Q1 2026 revenue of £3,030m, with revenue less pass-through costs down 6.7% like-for-like. Declines were broad-based, particularly in North America, China, and key client sectors such as CPG and Telecom, Media and Entertainment.
Despite this pressure, management reaffirmed 2026 guidance for a headline operating margin of 12%–13% and adjusted operating cash flow before working capital of £800m–£900m (or £1.0bn–£1.1bn excluding restructuring). This anchors the Elevate28 plan on profitability and cash generation while revenue stabilisation develops.
Balance sheet metrics remain relatively steady, with average adjusted net debt at £3.3bn and a new US$600m bond maturing in 2036. Execution of cost actions, client retention and new business wins described for Q1 will be important for the expected second-half improvement in like-for-like trends.
Key Figures
Q1 2026 revenue: £3,030m
Q1 2026 revenue less pass-through costs: £2,260m
Global Integrated Agencies LFL decline: 7.4%
+5 more
8 metrics
Q1 2026 revenue
£3,030m
Down 6.6% reported and 4.0% like-for-like vs Q1 2025
Q1 2026 revenue less pass-through costs
£2,260m
Down 8.9% reported and 6.7% like-for-like vs Q1 2025
Global Integrated Agencies LFL decline
7.4%
Q1 2026 like-for-like revenue less pass-through costs
North America LFL decline
7.8%
Q1 2026 revenue less pass-through costs, regional segment
Headline operating margin guidance
12%–13%
Expected full-year 2026 headline operating profit margin
Adjusted operating cash flow guidance
£800m–£900m
2026 adjusted operating cash flow before working capital
Adjusted operating cash flow excl. restructuring
£1.0bn–£1.1bn
2026 before working capital and restructuring costs
New bond issuance
US$600m at 6.5%
Swapped to €519m at 5.45%, maturing March 2036
Key Terms
revenue less pass-through costs, like-for-like, headline operating profit margin, adjusted operating cashflow before working capital, +2 more
6 terms
revenue less pass-through costs financial
"Revenue less pass-through costs of £2,260m was down 8.9% reported and 6.7% LFL."
like-for-like financial
"Q1 2026 revenue of £3,030m was down 6.6% reported, a LFL decline of 4.0%."
Like-for-like is a measure that compares a company’s sales or other performance between periods while excluding changes that alter its size or structure—such as new or closed stores, recent acquisitions or currency swings—so the comparison is 'apples-to-apples.' Investors use it to see the business’s underlying momentum and true growth, because it filters out one-time or scale-driven effects that can mask whether core operations are improving or weakening.
headline operating profit margin financial
"expect headline operating profit margin for the full year to be 12% to 13%."
adjusted operating cashflow before working capital financial
"We continue to anticipate adjusted operating cashflow before working capital of £800m to £900m."
adjusted net debt financial
"Adjusted net debt at 31 March 2026 was £3.4bn1, against £3.6bn as at 31 March 2025."
Adjusted net debt is a measure of a company's total borrowings after subtracting cash, easily sold investments and other specified items, and sometimes adding obligations like long-term leases or pension shortfalls. Think of it as the loan balance you’d owe after accounting for money already in the bank and a few one-time or non-cash commitments; investors use it to judge how much debt a company truly carries and how comfortably it can meet obligations, which affects perceived risk and valuation.
Elevate28 strategy financial
"as we execute our plan and deliver on Elevate28 strategy."
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
____________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the Month of April 2026
Commission File Number: 001-38303
______________________
WPP plc
(Translation of registrant's name into English)
________________________
Sea Containers, 18 Upper Ground
London, United Kingdom SE1 9GL
(Address of principal executive offices)
_________________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Form
20-F X Form 40-F
___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ___
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submission in paper of a Form 6-K if submitted solely to provide an
attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ___
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submission in paper of a Form 6-K if submitted to furnish a report
or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which
the registrant is incorporated, domiciled or legally organized (the
registrant’s “home country”), or under the rules
of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been
distributed to the registrant’s security holders, and, if
discussing a material event, has already been the subject of a Form
6-K submission or other Commission filing on EDGAR.
Forward-Looking Statements
The
Company may include forward-looking statements (including as
defined in the U.S. Private Securities Litigation Reform Act of
1995) in oral or written public statements issued by or on behalf
of the Company. These forward-looking statements may include, among
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and other words and similar references to future periods but are
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all forward-looking statements involve risk and uncertainty because
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materially from those discussed or implied in the forward-looking
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statements, which speak only as of the date they are made, as a
prediction of actual results or otherwise. Important factors which
may cause actual results to differ include but are not limited to:
the unanticipated loss of a material client or key personnel;
delays, suspensions or reductions in client advertising budgets;
shifts in industry rates of compensation; regulatory compliance
costs or litigation; changes in competitive factors in the
industries in which we operate and demand for our products and
services; changes in client advertising, marketing and corporate
communications requirements; our inability to realise the future
anticipated benefits of acquisitions; failure to realise our
assumptions regarding goodwill and indefinite lived intangible
assets; natural disasters or acts of terrorism; the Company’s
ability to attract new clients; the economic and geopolitical
impact of the conflicts in Ukraine and the Middle East; the risk of
global economic downturn; slower growth, increasing interest rates
and high and sustained inflation; tariffs and other trade barriers;
supply chain issues affecting the distribution of our
clients’ products; technological changes and risks to the
security of IT and operational infrastructure, systems, data and
information resulting from increased threat of cyber and other
attacks; effectively managing the risks, challenges and
efficiencies presented by using Artificial Intelligence (AI) and
Generative AI technologies and partnerships in our business; risks
related to our environmental, social and governance goals and
initiatives, including impacts from regulators and other
stakeholders, and the impact of factors outside of our control on
such goals and initiatives; the Company’s exposure to changes
in the values of other major currencies (because a substantial
portion of its revenues are derived and costs incurred outside of
the UK); and the overall level of economic activity in the
Company’s major markets (which varies depending on, among
other things, regional, national and international political and
economic conditions and government regulations in the world’s
advertising markets). In addition, you should consider the risks
described in Item 3D, captioned “Risk Factors” in the
Company’s most recent Annual Report on Form 20-F, which could
also cause actual results to differ from forward-looking
information. In light of these and other uncertainties, the
forward-looking statements included in this document should not be
regarded as a representation by the Company that the
Company’s plans and objectives will be achieved. Neither the
Company, nor any of its directors, officers or employees, provides
any representation, assurance or guarantee that the occurrence of
any events anticipated, expressed or implied in any forward-looking
statements will actually occur. Other than in accordance with its
legal or regulatory obligations (including under the Market Abuse
Regulation, the UK Listing Rules and the Disclosure and
Transparency Rules of the Financial Conduct Authority), the Company
undertakes no obligation to update or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
EXHIBIT INDEX
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Exhibit
No.
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Description
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1
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First Quarter 2026 Trading Update dated 28 April 2026, prepared by
WPP plc.
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 |
28 April 2026
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First Quarter 2026 Trading Update
Q1 performance in line with expectations and FY guidance
reiterated; focus on disciplined execution of Elevate28
plan
|
First Quarter
|
£ million
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+/(-) %
reported1
|
+/(-) % LFL2
|
|
Revenue
|
3,030
|
(6.6)
|
(4.0)
|
|
Revenue less pass-through costs
|
2,260
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(8.9)
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(6.7)
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Q1 revenue of £3,030m was down 6.6% YoY on a reported basis
and down 4.0% like-for-like (LFL), while revenue less pass-through
costs of £2,260m was down 6.7% LFL. Performance in the quarter
is consistent with expectations and guidance given at the
preliminary results in February. We note ongoing uncertainty in the
near-term given events in the Middle East, but we continue to
expect 2026 LFL revenue less pass-through costs to decline in the
mid to high-single digits in the first half of 2026 with an
improving trajectory in the second half and headline operating
profit margin to be 12% to 13%.
Cindy Rose OBE, Chief Executive Officer of WPP, said:
"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.
"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.
"I would like to thank our clients and partners for their trust,
our shareholders for their continued support and our people for
their unwavering commitment as we execute our plan."
Conference call at 9.30am BST/4.30am EDT:
Dial-in details: UK +44 (0) 20 3936 2999; US +1 646 233 4753;
Passcode: 354598
Webcast: Live listen-only webcast and replay will be
available here.
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For further information:
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Investors and analysts
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Media
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Thomas Singlehurst, CFA
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+44 7876 431922
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Niken Wresniwiro
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+44
20 7282 4600
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Anthony Hamilton
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+44 7464 532903
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Louise Lacourarie
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+44
20 7282 4600
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Melissa Fung
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+44 7353 107064
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irteam@wpp.com
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wpp.com/investors
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press@wpp.com
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1. Percentage change in reported
sterling.
2. Like-for-like. LFL comparisons
are calculated as follows: current year, constant currency actual
results (which include acquisitions from the relevant date of
completion) are compared with prior year, constant currency actual
results, adjusted to include the results of acquisitions and
disposals for the commensurate period in the prior
year.
Q1
2026 performance
|
●
|
Q1 revenue - Q1 2026 revenue of £3,030m was down 6.6%
reported, a LFL decline of 4.0%. Revenue less pass-through costs of
£2,260m was down 8.9% reported and 6.7%
LFL.
|
|
●
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Business segment and regions - Global Integrated Agencies Q1 LFL revenue less
pass-through costs was down 7.4%, with WPP Media down 8.5% while
other Global Integrated Agencies declined 6.4%. Public Relations
saw Q1 LFL revenue less pass-through costs down 2.6% while
Specialist Agencies was down 2.3%. By geography, North America LFL
was -7.8%, UK was -6.6%, Western Continental Europe -4.7% and Rest
of World -6.9%, with growth of 1.0% in India offset by a decline of
12.2% in China. The Middle East was down 12.6% in the
quarter.
|
|
●
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Clients - WPP's top 25 clients saw a decline of 9.4% in the
quarter which reflects client assignment losses from the prior year
and is against a tough comparison from Q1 2025 (+7.0%). While the
declines in the CPG and Telecom, Media and Entertainment sectors
were sequentially better compared to Q4 2025, all client sectors
saw a decline in Q1 2026.
|
|
●
|
Leading indicators - During the first quarter, WPP's new business
momentum continued to build with a number of new client assignments
as well as significant client retentions. WPP also announced a
unique 'Google Earth AI' integration in collaboration with Google
Cloud, expanded its partnership with Adobe and secured a number of
new data partnerships. We continue to make progress on potential
asset disposals and will provide updates in due course, as
appropriate. Please see full Q1 2026 highlights
below.
|
Financial outlook for 2026
|
●
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Reiterating 2026 guidance - We anticipate LFL revenue less pass-through costs
to decline in the mid to high-single digits in the first half of
2026 with an improving trajectory in the second half and expect
headline operating profit margin for the full year to be 12% to
13%.
|
|
●
|
Adjusted operating cash flow before working capital
- We continue to anticipate adjusted operating
cashflow before working capital of £800m to £900m.
Excluding anticipated restructuring costs associated with
historical plans and the Elevate28 strategy, we would anticipate
adjusted operating cashflow before working capital of £1.0bn
to £1.1bn.
|
First quarter 2026 overview
Revenue in the first quarter was £3,030m, down 6.6% from
£3,243m in Q1 2025, and down 4.0% LFL. Revenue less
pass-through costs was £2,260m, down 8.9% from £2,482m in
Q1 2025, and down 6.7% LFL.
|
£ million
|
Q1 2026
|
%
reported
|
%
M&A
|
%
FX
|
+/(-) % LFL
|
|
Revenue
|
3,030
|
(6.6)
|
(0.1)
|
(2.5)
|
(4.0)
|
|
Revenue less pass-through costs
|
2,260
|
(8.9)
|
(0.1)
|
(2.1)
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(6.7)
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Segmental review
Business segments - revenue less pass-through costs
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£ million
|
Q1 2026
|
Q1 20251
|
+/(-) % reported
|
+/(-) % LFL
|
|
Global Integrated Agencies
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1,950
|
2,146
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(9.1)
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(7.4)
|
|
Public Relations
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157
|
167
|
(6.0)
|
(2.6)
|
|
Specialist Agencies
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153
|
169
|
(9.5)
|
(2.3)
|
|
Total Group
|
2,260
|
2,482
|
(8.9)
|
(6.7)
|
Global Integrated Agencies LFL
revenue less pass-through costs declined 7.4% (Q1 2025: -2.8%). WPP
Media LFL declined 8.5% (Q1 2025: -0.9%) driven by prior year
client losses, but was a sequential improvement from Q4 2025
(-10.8%).
Other Global Integrated Agencies declined 6.4% LFL (Q1 2025:
-4.4%), with our creative agencies in aggregate down mid to
high-single digits. WPP Production (launched in February 2026 and
built around Hogarth) grew low single digit against a tough
comparison (Q1 2025: high-single-digit growth).
Public Relations LFL
declined 2.6% (Q1 2025: -6.6%). Burson saw improving trends with
growth in North America supported by better new business, offset by
declines in Asia and the Middle East. Europe is stabilising with
solid new business momentum.
Specialist Agencies was down
2.3% in Q1 2026 (Q1 2025: +1.2%). CMI Media Group, our
specialist healthcare media planning and buying agency, delivered
high-single-digit LFL growth, building on double-digit growth in
2025, while Landor and Design Bridge and Partners continued to
grow, supported by spend from existing clients. However, pressure
on the longer tail of agencies weighed on overall
performance.
1. Prior year figures have been
restated to reflect the reallocation of a number of businesses
between Global Integrated Agencies and Specialist
Agencies.
Regional segments - revenue less pass-through costs
|
£ million
|
Q1 2026
|
Q1 2025
|
+/(-) % reported
|
+/(-) % LFL
|
|
N. America
|
862
|
992
|
(13.1)
|
(7.8)
|
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United Kingdom
|
344
|
368
|
(6.5)
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(6.6)
|
|
W Cont. Europe
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473
|
487
|
(2.9)
|
(4.7)
|
|
AP, LA, AME, CEE1
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581
|
635
|
(8.5)
|
(6.9)
|
|
Total Group
|
2,260
|
2,482
|
(8.9)
|
(6.7)
|
North America declined
7.8% LFL (Q1 2025: -0.1%), a slight sequential deterioration
relative to Q4 2025 (-7.3%). The quarter saw the full impact of
prior year client losses at WPP Media and client spending cuts at
Ogilvy and AKQA, with pressure centred on CPG and Tech &
Digital Services. Healthcare and Automotive showed positive trends
in the quarter.
The United
Kingdom declined
6.6% (Q1 2025: -5.5%), a sequential improvement from Q4 2025
(-9.2%). Prior year client losses and pressure on client spend,
particularly in CPG and Automotive, offset positive trends in
Retail.
Western Continental Europe saw a
4.7% decline (Q1 2025: -4.5%). Germany and France
continued to decline on Automotive and CPG client spending
pressures and Spain was also slightly down, while Italy returned to
growth.
Rest of World declined
6.9% (Q1 2025: -3.8%), driven by Asia Pacific (-8.2%). India grew
1.0% on new business wins (particularly at WPP Media) against a
tough comparison (Q1 2025: +5.5%), offset by China declines
(-12.2%) on continued spending pressures and client losses. Middle
East & Africa declined 11.1% on cuts to client spending caused
by geopolitical tensions in the Middle East, with further declines
in Latin America (-3.4%) and Central & Eastern Europe
(-0.4%).
Top five markets - revenue less pass-through costs
|
% LFL +/(-)
|
USA
|
UK
|
Germany
|
China
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India
|
|
Q1 2026
|
(7.4)
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(6.6)
|
(5.6)
|
(12.2)
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1.0
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Client sector - revenue less pass-through costs
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Q1 2026
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% share, revenue less pass-through costs2
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+/(-) % LFL
|
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CPG
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26.9
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(12.4)
|
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Tech & Digital Services
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17.1
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(9.6)
|
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Healthcare & Pharma
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12.3
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(1.0)
|
|
Automotive
|
11.1
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(6.0)
|
|
Retail
|
9.5
|
(1.8)
|
|
Telecom, Media & Entertainment
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6.1
|
(12.8)
|
|
Financial Services
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5.9
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(12.8)
|
|
Other
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4.6
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8.0
|
|
Travel & Leisure
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3.7
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(4.2)
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Government, Public Sector & Non-profit
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2.8
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(9.4)
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1. Asia Pacific, Latin America,
Africa & Middle East and Central & Eastern
Europe.
2. Proportion of WPP revenue less
pass-through costs in Q1 2026; table made up of clients
representing 82% of WPP total revenue less pass-through
costs.
Balance sheet highlights
Average adjusted net debt (for the last 12 month rolling period) at
31 March 2026 was £3.3bn1,
compared to £3.4bn at 31 March 2025, and £3.4bn at
31 December 2024.
Adjusted net debt at 31 March 2026 was
£3.4bn1,
against £3.6bn as at 31 March 2025.
In March 2026, WPP issued US$600m of 6.5% bonds (which was swapped
to €519m at 5.45%) and matures March 2036. The bond raising
was oversubscribed, reflecting strong investor demand.
Financial outlook
We are reaffirming our guidance for 2026 as follows:
Like-for-like
revenue less pass-through costs decline in the mid to high-single
digits in the first half of 2026 with an improving trajectory in
the second half
Headline
operating profit margin expected to be 12% to 13%
Adjusted operating cash flow before working capital of £800m
to £900m
Other 2026 modelling assumptions:
|
●
|
Mergers and acquisitions will not significantly impact revenue less
pass-through costs
|
|
●
|
FX impact: current rates (at 6 April 2026, with USD/GBP rate of
1.33) imply a c.0.4% drag on FY 2026 revenue less pass-through
costs
|
|
●
|
In keeping with our revenue less pass-through cost and headline
operating margin guidance, we expect the following:
●
Headline earnings from associates of around
£30m
●
Non-controlling interests of around
£45m
●
Headline net finance costs of around
£290m
●
Headline effective tax rate2 between
33% to 34%
|
|
●
|
The following items impact adjusted operating cash flow before
working capital:
●
Capex of around £190m
●
Total cash restructuring costs of around
£250m, consisting of c.£190m from
Elevate28 and c.£60m from historical
programmes
|
1. The Group adopted the IFRS 9
amendments effective 1 January 2026. This increased cash and cash
equivalents and reduced adjusted net debt by £180m as at 1
January 2026. As at 31 March 2026, the impact of these
amendments was such that cash and cash equivalents were
higher, and adjusted net debt was lower, by £215m.
Further, the 12-month rolling average adjusted net debt as at 31
March 2026 was £172m lower, calculated by applying the
amendment for the period 1 April 2025 to 31 March
2026.
2. Headline tax as a % of headline
profit before tax.
Q1 2026 highlights
Below we highlight key developments from Q1 across the
Group:
Clients
|
●
|
WPP continued new business momentum - During the first quarter, WPP's new business
momentum continued with a number of new client assignments, placing
us #1 in J.P. Morgan's quarterly New Business Rankings
(see link) for the
second consecutive quarter. This was driven by significant wins
across media, creative and integrated services, including being
appointed as Estée Lauder's first-ever global media partner,
and media assignment wins for Wendy's, SC Johnson and Norwegian
Cruise Lines in the US. We also saw a number of important
retentions, including the renewal of our work with Tesco in the UK
and Central Europe, Huawei in China and Red Bull in India. Our
creative and PR wins included global assignments for Fuze Teas
(part of The Coca Cola Company) and Gaggenau, Bet365 in the US and
Airbnb in Australia. Our integrated offer led to the win of Jaguar
Land Rover globally, worldwide services for Solvay and the European
Commission in Europe.
|
|
●
|
WPP launches Commerce Practice - In April, WPP brought together its commerce
expertise from across its agencies, operating units and regions
into a single, connected global capability (see link). Brent
Taylor, formerly CEO of WPP's retail marketing agency Barrows, has
been named global CEO of WPP's Commerce Practice. This builds on
WPP's established commerce capabilities, which are already
recognised as industry-leading, with WPP having earned the highest
possible scores across 12 criteria in The Forrester Wave™:
Commerce Services, Q1 2026 report.
|
|
●
|
Industry recognition of our work for clients - In March, WPP claimed top spot on WARC Creative
100 for the fourth consecutive year and for WARC Media 100 for the
ninth consecutive year. Ogilvy and VML secured first and third
spots for global network rankings. In addition, Mindshare Worldwide
was named Media Network of the Year and Dove and Mindshare's
'Dove Beauty Test Stops With
Me', created with Ogilvy, came
in as the number one global media campaign.
|
Technology
|
●
|
Google Earth integration - In April, WPP announced a unique 'Google Earth AI'
integration (see link),
following the expansion of the Cloud and AI partnership with Google
in October 2025. WPP has become one of the first media and
marketing services companies to integrate Earth AI models and
datasets directly into WPP Open and, through this expanded
partnership, WPP can now predict demand and automate marketing at a
hyper-local level.
|
|
●
|
Adobe expanded partnership - In February, WPP and Adobe announced an expanded
partnership to drive AI transformation for client marketing
operations (see link). The
collaboration will provide a single marketing solution that brings
together Adobe's industry-leading AI capabilities, content
platforms and data orchestration with WPP's deep strategic insight,
creative prowess and end-to-end transformation expertise,
leveraging WPP's agentic marketing platform, WPP Open, to deliver a
connected and privacy-safe approach to marketing transformation.
Brands will have access to agentic AI workflows and orchestration
from both companies, resulting in tighter coordination of the
end-to-end marketing process.
|
|
●
|
WPP Media and InfoSum continue to expand data partnerships
- In April, Trainline joined WPP Media's Open
Intelligence for Commerce (see link),
following on from Salling Group who joined in January
(see link). Also in
March, InfoSum continued expanding its strategic partnership with
Dstillery (see link).
|
|
●
|
WPP Media's Advertising Intelligence Framework - In February, WPP Media introduced a new framework
to navigate the emerging AI advertising era (see link).
Reflecting advertiser interests on both sides of this paradigm
shift, the framework establishes five core capability categories,
each indispensable for effectively connecting advertisers with
audiences. These are: Data Assets, AI/Tech, Distribution,
Commerce/Transaction and Content/Media. The framework analysis
reveals a diverse landscape with varying provider maturity levels
across these categories and underlines the growing complexity of
the media landscape, supporting the role played by WPP as a trusted
growth partner.
|
People
|
●
|
Chief People Officer appointment - In early April, WPP appointed Mark Taylor as WPP's
new Chief People Officer and announced that Marie-Claire Barker has
taken on a new role as Chief People Officer, Performance &
Culture. Mark Taylor was formerly Chief People Advisor at Lego
Brand Group. Mark reports to Cindy Rose as part of the Executive
Committee and his remit covers leading the transformation of WPP's
People function and building the talent strategy and capabilities
to deliver on Elevate28 strategy.
|
|
●
|
Chief Transformation Officer appointment - In early April, WPP appointed Anne-Isabelle
Choueiri as WPP's new Chief Transformation Officer. Anne-Isabelle
joins from The Estée Lauder Companies and has previously held
leadership roles at digital and marketing agencies, as well as
top-tier consultancies including Accenture, Masaï - a Bain
& Co spin-off - and Kearney. In this new role, she will lead
the design and implementation of the operational transformation
that underpins the Elevate28 strategy.
|
|
●
|
WPP Media CEO, US, appointment - In February, WPP Media promoted Nancy Hall to the
position of CEO of the US business. Nancy was previously WPP
Media's Chief Client Officer and, before that, North America CEO at
Mindshare. She brings nearly 25 years of experience, having worked
across various roles within advertising agencies. Throughout her
career, she has consistently built modern, technology-driven
organisations and brings a combination of strategic vision and
expertise across data, technology, programmatic and
analytics.
|
Corporate governance, sustainability and ESG
|
●
|
Annual and Sustainability Reports - Our 2025 Annual Report was published in March 2026. The report provides a
comprehensive overview of WPP's financial results, strategy and
future growth initiatives, while including important updates on
corporate governance and sustainability. Additional context on ways
WPP is working to deliver against its ESG activities can be seen in
our 2025 Sustainability Report.
|
Business segment and regional analysis
Business segments - revenue analysis
|
£ million
|
Q1 2026
|
Q1 20251
|
+/(-) % reported
|
+/(-) % LFL
|
|
Global Integrated Agencies
|
2,686
|
2,876
|
(6.6)
|
(4.4)
|
|
Public Relations
|
165
|
176
|
(6.3)
|
(2.4)
|
|
Specialist Agencies
|
179
|
191
|
(6.3)
|
0.7
|
|
Total Group
|
3,030
|
3,243
|
(6.6)
|
(4.0)
|
Business segments - revenue less pass-through costs
analysis
|
£ million
|
Q1 2026
|
Q1 20251
|
+/(-) % reported
|
+/(-) % LFL
|
|
Global Integrated Agencies
|
1,950
|
2,146
|
(9.1)
|
(7.4)
|
|
Public Relations
|
157
|
167
|
(6.0)
|
(2.6)
|
|
Specialist Agencies
|
153
|
169
|
(9.5)
|
(2.3)
|
|
Total Group
|
2,260
|
2,482
|
(8.9)
|
(6.7)
|
Regional - revenue analysis
|
£ million
|
Q1 2026
|
Q1 2025
|
+/(-) % reported
|
+/(-) % LFL
|
|
N. America
|
1,121
|
1,257
|
(10.8)
|
(5.2)
|
|
United Kingdom
|
469
|
494
|
(5.1)
|
(5.2)
|
|
W Cont. Europe
|
656
|
639
|
2.7
|
0.4
|
|
AP, LA, AME, CEE
|
784
|
853
|
(8.1)
|
(5.2)
|
|
Total Group
|
3,030
|
3,243
|
(6.6)
|
(4.0)
|
Regional - revenue less pass-through costs analysis
|
£ million
|
Q1 2026
|
Q1 2025
|
+/(-) % reported
|
+/(-) % LFL
|
|
N. America
|
862
|
992
|
(13.1)
|
(7.8)
|
|
United Kingdom
|
344
|
368
|
(6.5)
|
(6.6)
|
|
W Cont. Europe
|
473
|
487
|
(2.9)
|
(4.7)
|
|
AP, LA, AME, CEE
|
581
|
635
|
(8.5)
|
(6.9)
|
|
Total Group
|
2,260
|
2,482
|
(8.9)
|
(6.7)
|
Cautionary statement regarding forward-looking
statements
This document contains statements that are, or may be deemed to be,
"forward-looking statements". Forward-looking statements give the
Company's current expectations or forecasts of future
events.
These forward-looking statements may include, among other things,
plans, objectives, beliefs, intentions, strategies, projections and
anticipated future economic performance based on assumptions and
the like that are subject to risks and uncertainties. These
statements can be identified by the fact that they do not relate
strictly to historical or current facts. They use words such as
'aim', 'anticipate', 'believe', 'estimate', 'expect', 'forecast',
'guidance', 'intend', 'may', 'will', 'should', 'potential',
'possible', 'predict', 'project', 'plan', 'target', and other words
and similar references to future periods but are not the exclusive
means of identifying such statements. As such, all forward-looking
statements involve risk and uncertainty because they relate to
future events and circumstances that are beyond the control of the
Company. Actual results or outcomes may differ materially from
those discussed or implied in the forward-looking statements.
Therefore, you should not rely on such forward-looking statements,
which speak only as of the date they are made, as a prediction of
actual results or otherwise. Important factors which may cause
actual results to differ include but are not limited to: the
unanticipated loss of a material client or key personnel; delays,
suspensions or reductions in client advertising budgets; shifts in
industry rates of compensation; regulatory compliance costs or
litigation; changes in competitive factors in the industries in
which we operate and demand for the Group's products and services;
changes in client advertising, marketing and corporate
communications requirements; the Group's inability to realise the
future anticipated benefits of acquisitions; failure to realise the
Group's assumptions regarding goodwill and indefinite lived
intangible assets; natural disasters or acts of terrorism; the
Company's ability to attract new clients; the economic and
geopolitical impact of conflicts; the risk of global economic
downturn; slower growth, increasing interest rates and high and
sustained inflation; tariffs and other trade barriers; supply chain
issues affecting the distribution of the Group's clients' products;
technological changes and risks to the security of IT and
operational infrastructure, systems, data and information resulting
from increased threat of cyber and other attacks; effectively
managing the risks, challenges and efficiencies presented by using
Artificial Intelligence (AI) and Generative AI technologies and
partnerships in the Group's business; risks related to the Group's
environmental, social and governance goals and initiatives,
including impacts from regulators and other stakeholders, and the
impact of factors outside of the Group's control on such goals and
initiatives; the Company's exposure to changes in the values of
other major currencies (because a substantial portion of its
revenues are derived and costs incurred outside of the UK); and the
overall level of economic activity in the Company's major markets
(which varies depending on, among other things, regional, national
and international political and economic conditions and government
regulations in the world's advertising markets). In addition, you
should consider the risks described in Item 3D, captioned 'Risk
Factors' in the Company's most recent Annual Report on Form 20-F,
which could also cause actual results to differ from
forward-looking information. Neither the Company, nor any of its
directors, officers or employees, provides any representation,
assurance or guarantee that the occurrence of any events
anticipated, expressed or implied in any forward-looking statements
will actually occur. Accordingly, no assurance can be given that
any particular expectation will be met and investors are cautioned
not to place undue reliance on the forward-looking
statements.
Other than in accordance with its legal or regulatory obligations
(including under the Market Abuse Regulation, the UK Listing Rules
and the Disclosure and Transparency Rules of the Financial Conduct
Authority), the Company undertakes no obligation to update or
revise any such forward-looking statements, whether as a result of
new information, future events or otherwise.
Any forward-looking statements made by or on behalf of the Group
speak only as of the date they are made and are based upon the
knowledge and information available to the Directors at the
time.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
WPP PLC
|
|
|
(Registrant)
|
|
Date:
28 April 2026.
|
By:
______________________
|
|
|
Balbir
Kelly-Bisla
|
|
|
Company
Secretary
|
FAQ
How did WPP (WPP) perform financially in Q1 2026?
WPP reported Q1 2026 revenue of £3,030m, down 6.6% year-on-year reported and 4.0% like-for-like. Revenue less pass-through costs was £2,260m, down 8.9% reported and 6.7% like-for-like, reflecting prior client losses and weaker spending across several sectors and regions.
What guidance did WPP (WPP) reiterate for full-year 2026?
WPP reiterated 2026 guidance for like-for-like revenue less pass-through costs to decline in the mid to high-single digits in the first half, with an improving trajectory in the second half. It continues to expect a headline operating profit margin of 12%–13% for the year.
What cash flow outlook did WPP (WPP) provide for 2026?
WPP continues to anticipate adjusted operating cash flow before working capital of £800m–£900m in 2026. Excluding anticipated restructuring costs from historical plans and the Elevate28 strategy, it would anticipate £1.0bn–£1.1bn, highlighting the underlying cash generation potential before these programmes.
How is WPP’s (WPP) segment performance trending in Q1 2026?
In Q1 2026, Global Integrated Agencies revenue less pass-through costs fell 7.4% like-for-like, Public Relations declined 2.6%, and Specialist Agencies declined 2.3%. Weakness was driven by prior media client losses and spending cuts, partly offset by growth in areas like WPP Production and CMI Media Group.
Which regions were strongest and weakest for WPP (WPP) in Q1 2026?
North America’s revenue less pass-through costs declined 7.8% like-for-like, the UK fell 6.6%, Western Continental Europe declined 4.7%, and Rest of World declined 6.9%. Within this, India grew 1.0% while China declined 12.2%, illustrating uneven regional trends.
What is WPP’s (WPP) current debt and recent bond issuance?
Average adjusted net debt over the last 12 months at 31 March 2026 was £3.3bn, with adjusted net debt of £3.4bn. In March 2026, WPP issued US$600m of 6.5% bonds, swapped to €519m at 5.45%, maturing in 2036.