LONDON (Reuters) -WPP, the world’s largest advertising group, raised its full-year net sales outlook on Wednesday after strong demand for digital media, ecommerce and data services helped it to beat forecasts for first-quarter trading.
The group said its main net sales metric – like-for-like revenue less pass-through costs – jumped by 9.5% in the first quarter. Net sales rose by 12.1% in 2021.
The owner of the Ogilvy, Grey and GroupM agencies said it now expected full-year net sales growth for 2022 of between 5.5-6.5%, up from its previous forecast of around 5%.
“The year has started very well with continued momentum from 2021 resulting in strong growth across all businesses and regions,” Chief Executive Mark Read said. “Demand is strong for our services, particularly in digital media, ecommerce, data and marketing technology.”
French peer Publicis said earlier this month that it would not upgrade its guidance because of the global uncertainty, although it too performed strongly.
Advertising holding companies such as WPP, Omnicom Publicis and IPG have been in the vanguard of the corporate pandemic recovery as clients use their data, creative skills and strategic advice to produce and place new ad campaigns.
(Reporting by Kate Holton; editing by William James and Paul Sandle)
