WPP's Revenue Jumps By 2.9% In FY23; India Reports 7% Growth

Despite the lacklustre figures, it added a net new business of $4.5bn (2022: $5.9bn)

According to WPP's FY2023 and Q4FY23 financial figures, India's 7.7 per cent growth in 2023 enabled The Rest of World—excluding North America, the United Kingdom, or Western Continental Europe—to reflect 'strong double-digit growth in the second half'.

According to the agency holding network, its income increased 2.9 per cent from £14.4 billion in 2022 to £14.8 billion in FY23. "Cuts in spending by technology clients" is one of the reasons for the lacklustre figures, mentions WPP CEO Mark Read.

However, the company did add a net new business of $4.5bn (2022: $5.9bn). Key wins include Adobe, Allianz, Estée Lauder, Ford, Hyatt, Krispy Kreme, Lenovo, Lloyds Banking Group, Maruti Suzuki, Mondelēz, Nestlé, Pernod Ricard, SC Johnson and Verizon.

“AI will be fundamental for our business and we are embracing the opportunities that it presents, putting it at the heart of our operations and our work for clients,” adds Read. The network’s plans include an annual cash investment of around £250m in proprietary technology to support its AI and data strategy

Its AI-powered platform, WPP Open, is now being used by more than 30,000 people across WPP with growing adoption by the network’s clients.

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