WPP PLC (LSE:WPP) shares were searching for direction after the advertising group reported a decline in first-quarter revenue but said performance was in line with expectations as it reiterated full-year guidance.
Revenue came in at £3 billion, down 6.6% on a reported basis and 4.0% on a like-for-like basis. Revenue less pass-through costs, a key industry measure that strips out media buying, fell 6.7% on a like-for-like basis to £2.3 billion.
WPP said trading reflected "ongoing uncertainty" in the macroeconomic backdrop, including developments in the Middle East, but remained consistent with guidance issued in February.
The company continues to expect like-for-like revenue less pass-through costs to decline by a "mid to high single digit" percentage in the first half of 2026, before improving in the second half. Headline operating margins are still forecast at 12% to 13%.
Chief executive Cindy Rose said early progress under the new 'Elevate28' strategy was encouraging, with new business momentum supporting the stabilisation phase of the plan.
"Consistent organic growth remains our North Star," she said. "While it will take time to outpace historical losses, our Q1 results are in line with expectations and ahead of Q4 2025."