WPP (LSE:WPP) said first-quarter trading was in line with expectations and reiterated its 2026 guidance after reporting Q1 revenue of £3,030m, down 6.6% reported and 4.0% like‑for‑like, and revenue less pass‑through costs of £2,260m, down 6.7% LFL.
The advertising firm reiterated it expects 2026 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, headline operating profit margin of 12% to 13% for the year, and adjusted operating cash flow before working capital of £800m–£900m (or £1bn–£1.1bn excluding anticipated restructuring costs).
"Building a simpler, integrated WPP, powered by WPP Open, is resonating with clients and driving strong new business," said Cindy Rose OBE, Chief Executive Officer.
Global Integrated Agencies saw LFL revenue less pass‑through costs decline 7.4% with WPP Media down 8.5% and other Global Integrated Agencies down 6.4%, while Public Relations fell 2.6% and Specialist Agencies 2.3%, and the top 25 clients declined 9.4% reflecting prior assignment losses.
By region, North America was down 7.8% LFL, the UK down 6.6%, Western Continental Europe down 4.7%, and Rest of World down 6.9%, with India up 1.0% and China down 12.2%, while the Middle East declined 12.6%.
Average adjusted net debt at 31 March was £3.3bn, adjusted net debt was £3.4bn, and in March WPP issued US$600m of 6.5% bonds which were swapped to €519m at 5.45% maturing March 2036.
