WPP reports improving second-quarter trend

During the first half, WPP continued implementing its Elevate28 transformation programme, including the launch of WPP Enterprise Solutions

WPP reported lower revenue and like-for-like growth in the first half of 2026 but said trading improved during the second quarter, supported by stronger performance at WPP Media, cost savings and easing year-on-year comparisons.

The company reported first-half revenue of £6.37 billion, down 4.4 per cent on a reported basis and 3.2 per cent like-for-like. Revenue less pass-through costs fell 5.6 per cent to £4.75 billion, a like-for-like decline of 4.7 per cent. WPP maintained its full-year guidance, expecting revenue less pass-through costs to decline by low to mid-single digits in the second half and a headline operating margin of 12 to 13 per cent.

Margin improves despite lower revenue

Headline operating profit for the first half was £398 million, giving a margin of 8.4 per cent, up 0.2 percentage points on a like-for-like basis. Reported operating profit increased 18.1 per cent to £261 million, reflecting lower impairment charges than the previous year.

Adjusted net debt stood at £2.94 billion at the end of June, down from £3.26 billion a year earlier. WPP also proposed an interim dividend of 7.5p per share, unchanged from the prior year.

CEO outlines Elevate28 progress

Cindy Rose OBE, Chief Executive Officer, WPP: "I am encouraged by our first-half performance which is in line with our expectations. While legacy account losses continue to weigh, Q2 saw a further sequential improvement in LFL growth, highlighting the momentum we are building across the company and demonstrating that our strategy to become the trusted growth partner for the world's leading brands is beginning to deliver.

"We are firmly on track with Phase 1 of our Elevate28 plan to stabilise the business. Our objective for the first half was to put in place the building blocks of the new organisational structure and this is now complete. We are successfully transitioning from a complex holding company to a single, integrated company – with four operating units across four regions, all underpinned by WPP Open, our agentic marketing platform, which enables and connects everything we do.

"Organic growth remains our North Star. While the turnaround of our financial performance will take time to fully flow through, our strong new business wins and improved client retention, as well as progress on cost savings and portfolio actions, demonstrate that we are building a simpler, more competitive and higher-performing WPP."

WPP Media performance improves in Q2

WPP Media recorded a like-for-like decline of 5.4 per cent in the first half, improving to a 2.8 per cent decline in the second quarter. WPP Creative, including WPP Enterprise Solutions, declined 4.9 per cent in the first half, while WPP Production grew 1.6 per cent over the same period.

By region, North America declined 6.0 per cent in the first half, EMEA fell 4.3 per cent, APAC declined 3.8 per cent and LATAM was down 1.2 per cent. WPP said trends improved during the second quarter, with APAC and LATAM returning to growth.

Elevate28 restructuring continues

During the first half, WPP continued implementing its Elevate28 transformation programme, including the launch of WPP Enterprise Solutions, further integration of WPP Creative and continued expansion of its WPP Open marketing platform and Open Intelligence AI capabilities.

The company said it remains on track to deliver £100 million in cost savings during 2026 as part of its target to achieve £500 million in annualised gross savings by 2028. WPP also expects to generate more than £200 million from asset disposals during the year.

www.wpp.com

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