WPP posts drop in its third-quarter revenues

WPP posted a drop in third-quarter revenues but softened the blow by winning a string of customers. 

The British advertising group said Uber, Alibaba, Dell, HSBC, Intel, Unilever and Whirlpool were among ‘a growing list of major assignment wins’. 

Hit: WPP reported a 9.8 per cent drop in revenues to £3billion during the three months to September 30

Hit: WPP reported a 9.8 per cent drop in revenues to £3billion during the three months to September 30

Hit: WPP reported a 9.8 per cent drop in revenues to £3billion during the three months to September 30

But it still reported a 9.8 per cent drop in revenues to £3billion during the three months to September 30, as coronavirus made cash-strapped clients wary of spending. 

The impact of the pandemic was underlined by WPP’s revenues for the first nine months of 2020, which were down 11.5 per cent to £8.6billion. 

However, the third quarter was an improvement on the previous quarter, when sales dropped 15.1 per cent, suggesting the decline started to slow.

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