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WPP: weak H1 leads to full-year downgrades

WPP downgrades full-year revenue and profit guidance as weak client spending leads to worse than expected first half.
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WPP’s like-for-like net revenue is expected to fall by between 4.2-4.5% over the first half, to around £5.0bn. Performance worsened over the second quarter due to “intensifying” macro pressures and one-off factors which weighed on net new business.

Due to the net revenue declines and severance action at WPP Media, first-half underlying operating profits are now expected to be in the £400-425mn range. This implies a margin of 8.0-8.5%, down 2.8-3.3 percentage points.

The weak first-half trading is expected to continue into the second half. As a result, full-year net revenue guidance has been downgraded from a decline of between 0-2% to between 3-5%.

Full-year underlying operating profit margin guidance has also been downgraded from flat, to a decline of between 0.50-1.75 percentage points.

The shares fell 13.7% in early trading.

Our view

HL view to follow.

WPP key facts

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This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Refinitiv. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment.No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication.Non - independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place(including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing.Please see our full non - independent research disclosure for more information.
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Written by
Aarin Chiekrie
Aarin Chiekrie
Equity Analyst

Aarin is a member of the Equity Research team. Alongside our other analysts, he provides regular research and analysis on individual companies and wider sectors. Having a keen interest in global economics, he knows how macro-events can impact individual companies.

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Article history
Published: 9th July 2025