First Quarter 2026 Trading Update
Q1 performance in line with expectations and FY guidance reiterated; focus on disciplined execution of Elevate28 plan
First Quarter | £ million | +/(-)% reported1 | +/(-)% LFL2 |
|---|---|---|---|
Revenue | 3,030 | (6.6) | (4.0) |
Revenue less pass-through costs | 2,260 | (8.9) | (6.7) |
Q1 revenue of £3,030m was down 6.6% YoY on a reported basis and down 4.0% like-for-like (LFL), while revenue less pass-through costs of £2,260m was down 6.7% LFL. Performance in the quarter is consistent with expectations and guidance given at the preliminary results in February. We note ongoing uncertainty in the near-term given events in the Middle East, but we continue to expect 2026 LFL revenue less pass-through costs to decline in the mid to high-single digits in the first half of 2026 with an improving trajectory in the second half and headline operating profit margin to be 12% to 13%.
Cindy Rose OBE, Chief Executive Officer of WPP, said:
“Building a simpler, integrated WPP – powered by WPP Open – is resonating with clients and driving strong new business. While it is only a few months since we unveiled our Elevate28 strategy, I am encouraged by this momentum which validates the ‘Stabilisation’ phase of the plan and our path to growth.
"Consistent organic growth remains our North Star. While it will take time to outpace historical losses, our Q1 results are in line with expectations and ahead of Q4 2025.
"I would like to thank our clients and partners for their trust, our shareholders for their continued support and our people for their unwavering commitment as we execute our plan.”
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WPP First Quarter Trading Update 2026 PDF 224 KB
For further information:
Investors and analystsThomas Singlehurst, CFA +44 7876 431922Anthony Hamilton +44 7464 532 903Melissa Fung +44 7353 107064
MediaNiken Wresniwiro +44 20 7282 4600Louise Lacourarie +44 20 7282 4600
1 Percentage change in reported sterling.
2 Like-for-like. LFL comparisons are calculated as follows: current year, constant currency actual results (which include acquisitions from the relevant date of completion) are compared with prior year, constant currency actual results, adjusted to include the results of acquisitions and disposals for the commensurate period in the prior year.