WPP foresees challenging 2019 after client losses last year
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WPP saw a slightly better-than-expected performance in 2018, but the holding company said it is earing up for a tough year ahead during a call with investors today to discuss its fourth-quarter and full-year 2018 results.
The world’s largest holding company said it is making progress in the three-year turnaround plan it unveiled in December which relies on a structure with fewer companies; a stronger focus on what clients want rather than off-the-shelf offerings; and an investment in creativity, tech and talent.
In a Friday morning call with New York analysts, WPP CEO Mark Read said the major clients it lost in 2018 will start to affect the holding company’s numbers in the first part of the year. Those client losses last year included American Express media and creative duties for Ford Motor Co., which shifted to agencies outside the holding company.
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