WPP revenue decline eases as turnaround gains traction

Shares in WPP PLC (LSE:WPP) soared 25% to 383.6p as the advertising group reported a smaller decline in revenues for the second quarter as improving media performance offered early evidence of progress under its turnaround plan.

Revenue less pass-through costs fell 4.7% on a like-for-like basis to £4.75 billion in the first half, compared with the “mid to high single digit” decline forecast in April. The decline moderated to 2.8% in the second quarter from 6.7% in the first, helped by an improved trend at WPP Media and easier comparisons.

Key first-half wins include mandates for Estée Lauder, Wendy's, Skechers, Tesco, Huawei and Uber.

Reported revenue for the first half of 2026 fell 4.4% to £6.37 billion, while headline operating profit declined 3.4% to £398 million. Reported operating profit rose 18.1% to £261 million because impairment charges were lower than a year earlier.

Adjusted net debt fell 10% to £2.94 billion, while the interim dividend was held at 7.5p.

Chief executive Cindy Rose said she was encouraged by the first-half performance. "While legacy account losses continue to weigh, Q2 saw a further sequential improvement in LFL growth, highlighting the momentum we are building across the company".

WPP expects like-for-like revenue less pass-through costs to decline by a low to mid-single-digit percentage in the second half. It maintained its full-year headline operating margin forecast of 12% to 13%. Rose said the group remains on track to make £100 million of savings this year as part of plans to deliver £500