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WPP PLC on Thursday said it saw a strong performance across all its major agencies in 2022, with revenue and profit both seeing double-digit rises. Shares were up 5.2% at 1,069.00 pence each on Thursday morning in London. The London-based advertising and communications company said revenue in 2022 rose 13% to £14.43 billion from £12.80 billion in 2021. Revenue less pass-through costs rose 14% to £11.80 billion, which came in line with Shore Capital’s forecast, but was slightly higher than Shore-cited FactSet Research Systems market consensus of £11.7 billion. Pretax profit jumped 22% to £1.16 billion from £951 million, as operating profit increased by 11% to £1.36 billion from £1.23 billion a year ago. Diluted earnings per share amounted to 39.4 pence, up 17% from 52.5p. WPP hailed strong performance driven by growth across all key agencies. Headline pretax profit rose by 17% to £1.60 billion from £1.37 billion year ago, as headline operating profit was up 17% to £1.74 billion from £1.49 billion. WPP raised its total dividend to 39.4p per share, up 26% from 31.2p a year prior. ‘WPP delivered strong growth in 2022, despite the macro challenges, reflecting the priority placed by our clients on investing in communications, customer experience, commerce, data and technology. Over the past three years, WPP has grown like-for-like net sales at a compound average rate of 3.2%, including 3.3% in North America, while improving our headline operating profit margin by 40 basis points. We enter 2023 in a strong financial position with good momentum from new business and the many opportunities ahead of us,’ said CEO Mark Read. Looking ahead, WPP expects like-for-like revenue less pass-through costs growth of 3% to 5% in 2023. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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