WPP keeps FY targets despite falling Q1 sales

(Sharecast News) - Media and comms group WPP said client losses and conflict in the Middle East dented sales in the first quarter, though the decline wasn't as bad as feared as the company reiterated its targets for the full year. Revenues totalled £3.03bn over the first three months of 2026, down 6.6% on a reported basis and 4.0% lower on a like-for-like basis.

Revenues minus pass-through costs of £2.26bn were down 6.7% on a LFL basis, but this was not as bad as the 7.8% decline expected by the market.

All of WPP's key regions saw LFL declines compared with last year, with North America down 7.8%, the UK down 6.6%, Western Continental Europe down 4.7% and Rest of World down 6.9%.

LFL sales across the Middle East were down 12.6% with cuts to client spending caused by geopolitical tensions.

Meanwhile, the company's top 25 clients saw a decline of 9.4% during the quarter, due to client assignment losses from the previous year and tough comparators.

Looking forward, the company expects first-half LFL revenues to decline in the mid to high-single digits "with an improving trajectory in the second half".

Commenting on the first quarter, WPP's chief executive Cindy Rose said: "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."

The stock was up 0.5% at 10,371.96p by 1022 BST.

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