PRovoke Media 24 Feb 2023 // 10:26AM GMT
LONDON — WPP's PR firms have reported 8.2% like-for-like revenue growth in 2022, to £1.16bn.
PR revenues were up 27.1% on a reported basis, with an uplift in Q4 of 2022 of 6.5% on a like-for-like basis. That marks the eighth consecutive quarterly rise for the division whose PR agencies include BCW, Hill+Knowlton Strategies, FGS Global and Ogilvy.
The group singled out H+K Strategies, which grew at a double-digit rate in 2022, as a key part of the unit's overall performance. WPP also noted "the increasing importance of reputation, purpose-related and ESG assignments are key growth drivers."
Meanwhile, profitability from the PR division also increased, from 15.7% in 2021 to 16.5% in 2022.
The PR unit accounted for 10% of overall revenues at WPP, which reached £14.4bn in 2022, up 6.7% on a like-for-like basis.
“The competitiveness of our offer drove net new business of $5.9 billion in 2022, including new assignments with Audible, SC Johnson, and Verizon among many others and the quality of our work was recognised at the Cannes Lions Festival of Creativity where WPP was named Creative Company of the Year," said WPP CEO Mark Read.
“We enter 2023 in a strong financial position with good momentum from new business and the many opportunities ahead of us. While there will no doubt be challenges, the continued need for major companies to build brands, sell products, reinvent and transform their business, understand their data, invest in technology and exploit the potential of AI remains, as does their need for modern partners who can help them navigate this new world.”