Annual Report 2023

WPP has always been a company of innovators, driven by an instinct to create, to reinvent, to move forward and to lead.

Mark Read CBE

Chief Executive Officer

Chief Executive’s Statement PDF 708 KB
Mark Read


Investing in our people's futures


people employed in over 100 countries across the globe
(2022: 115,000)


women in executive leadership roles1
(2022: 40%)


technology accreditations and certifications awarded to our people
(2022: 33,000+)

1Executive leadership roles are defined by WPP as the agency board and executive leadership population as reported through WPP’s financial reporting system


An industry-leading commitment to reduce carbon emissions from our own operations to net zero by 2025, and across our supply chain by 2030

0.19 tCO2e

carbon emissions per person2 from direct operations (Scope 1 and 2)3
(2022: 0.23 tCO2e)


electricity purchased from renewable sources
(2022: 83%)

21,322 tCO2e

market-based Scope 1 and 2 carbon emissions4
(2022: 26,102)

2 Full-time equivalent (FTE) employee
3 2022 energy metric restated in line with the procedures set out in the WPP Sustainability Reporting Criteria 2023. For details of the nature and impact of the restatement, see page 61 of the Annual Report
4 See Carbon Emissions Statement on page 69 of the Annual Report


Delivering transformational results for our clients


of the Fortune Global 500 are WPP clients, reflecting demand for our services among the world's leading companies
(2022: 307)

Effie Awards Index

ranked most effective communications company in the world (Effies 2023)


client net promoter score5
(2022: 24.5)

5 See definitions in the Glossary on page 232 of the Annual Report


Helping to bring about change for the better in society


in the Bloomberg Gender-Equality Index


total social contribution, taking into account cash donations, pro bono work, in-kind contributions, free media space and racial equity initiatives
(2022: £35.5m exc. racial equity initiatives)


cumulative investment in racial equity initiatives since 2020
Joanne Wilson

The strategic initiatives we are implementing will support our ambition to deliver more profitable growth over the medium term.

Joanne Wilson

Chief Financial Officer

Download Chief Financial Officer's Statement PDF 1.3 MB
Download Key Performance Indicators PDF 615 KB

Continued revenue growth

In 2023 reported revenue increased 2.9% and like-for-like revenue less pass-through costs grew 0.9%1


(2022: £14.4bn)


revenue less pass-through costs2
(2022: £11.8bn)

 1 Like-for-like growth as defined in the Glossary on page 232 of the Annual Report
 2 The Group uses alternative performance measures in explaining its results, which are described on pages 223 to 225 of the Annual Report


Our headline operating margin of 14.8% was unchanged on a reported basis, but grew 0.2 percentage points on a like-for-like basis, due to disciplined cost control


headline operating margin3
(2022: 14.8%)


transformation programme gross savings since 2019
(2022: £375m)

3 Headline operating profit of £1,750m, as a percentage of revenue less pass-through costs of £11,860m. Reported profit before tax was £346m (2022: £1,160m)


Our balance sheet is rated investment grade by leading credit agencies. Our leverage ratio slightly exceeded our target range of 1.5-1.75x due to higher average net debt. Year-end net debt was unchanged at £2.5bn

S&P BBB Moody's Baa2

investment grade ratings from credit agencies
(2022: S&P BBB, Moody's, Baa2)


leverage ratio of average adjusted net debt to headline EBITDA4
(2022: 1.4x)
4 See definitions in the Glossary on page 232 of the Annual Report

Rewarding shareholders

In 2023, total dividends per share of 39.4p were in line with our target payout policy of around 40% of headline earnings per share (EPS), and unchanged from 2022


dividends per share
(2022: 39.4p)


total dividends to shareholders
(2022: £365m)
Picture of the back of a womans' head with the hashtag Turnyourback


Over the last five years we’ve transformed WPP. We’re now radically simpler, with world-class talent, leading capabilities and improved financial performance.

The next phase of our strategy – Innovating to Lead – aims to capture the opportunities offered by AI, maximise the potential of creative transformation and deliver faster growth, higher margins and improved cash generation.

Download Strategy PDF 843 KB



Lead through AI, data and technology


Accelerate growth through the power of creative transformation


Build world-class, market-leading brands


Execute efficiently to drive strong financial returns

Underpinned by a disciplined approach to capital allocation

Investment case

Our exposure to growth markets, strong client relationships, leading capabilities and robust financial position enable us to accelerate growth, expand margins and improve cash generation to drive shareholder returns.

Download Investment Case PDF 542 KB

Corona Extra Limes in a basket
Close up of an eye reflecting  a pizza and burger in space

Our offer

We provide marketing communications services that help brands grow and transform their businesses.

Our work spans the full marketing spectrum, from advertising campaigns, social media management and influencer marketing to commerce solutions, app development, CRM implementation and more.

Download Business Model – Our Offer PDF 547 KB
Download Business Model – Our Operating Model PDF 617 KB


We use our creativity combined with our global reach and scale to drive sustainability within our own business, our clients’ businesses and across our industry.

Download Sustainability Section PDF 922 KB
Download Sustainability Committee Report PDF 574 KB

Array of fruits with Makro Life Extending Stickers on them
Selection of work for Coca-Cola


Our work showcases the very best of human creativity, enhanced by AI, data and technology.

Download Case Studies PDF 14 MB

Corporate governance

Today's WPP is a far stronger company.

Roberto Quarta


Download Chairman's Letter PDF 653 KB

Roberto Quarta