LONDON (dpa-AFX) - British communications services provider WPP Group Plc
(WPP.L, WPPGY) reported Thursday that its first-quarter revenue was 3.41 billion
pounds, down 1.4 percent from last year. On a like-for-like or LFL basis,
revenues grew 2.1 percent.

Total Group revenue less pass-through costs fell 5 percent to 2.69 billion
pounds from last year's 2.83 billion pounds. LFL revenues fell 1.6 percent.

The company noted that the growth in the UK and Western Continental Europe were
offset by declines in North America and Asia Pacific, which saw strong growth in
India offset by a decline in China.

Looking ahead for fiscal 2024, WPP continues to expect LFL revenue less
pass-through costs growth to be 0-1 percent. Headline operating margin
improvement is expected to be 20 basis points to 40 basis points, excluding the
impact of FX.

Over the medium term, the company continues to expect 3 percent LFL growth in
revenue less pass-through costs, and 16 percent to 17 percent headline operating
profit margin.

Mark Read, Chief Executive Officer of WPP, said, 'The first quarter of 2024 was
very much in line with our expectations with performance reflecting the toughest
comparator of the year.... Our outlook for the full year is reiterated. We
remain on track to return to growth in the balance of the year, supported by an
encouraging new business pipeline and the strength of our business creatively
and in media, both powered by new AI capabilities, while our simpler structure
will drive organisational flexibility and stronger cash conversion.'



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