WPP, the London-listed advertising and marketing group, said third-quarter revenue less pass-through costs fell 2.1% on a like-for-like basis to £2.411 billion, a smaller decline than the 2.8% drop in the second quarter.
Revenue less pass-through costs strips out the fees WPP passes on to media owners and other suppliers, and is the measure the industry watches most closely.
Like-for-like figures adjust for currency moves, acquisitions and disposals.
Headline revenue rose 0.5% to £3.274 billion.
Over the first nine months, revenue less pass-through costs fell 3.9% like-for-like.
WPP reiterated that it expects a decline of low to mid-single digits in the second half, with the fourth quarter towards the better end.
It also kept its full-year headline operating margin forecast at 12% to 13%.
Adjusted operating cash flow before working capital is expected at £800 million to £900 million, or £1.0 billion to £1.1 billion excluding restructuring costs.
Media recovers, creative slips
WPP Media returned to growth of 0.3%, against a 2.8% fall in the second quarter, helped by new account wins and an easier comparison with last year.
WPP Production grew 2.5%.
WPP Creative, the largest division, fell 5.1%, a worsening from the 3.5% decline in the second quarter.
All regions declined: North America fell 1.8%, Europe, the Middle East and Africa 1.7%, Asia-Pacific 4.3% and Latin America 1.2%.
China contracted 8.7%, while the Middle East and Africa fell 12.4%.
The top 25 clients fell 2.7%, an improvement on 3.2% in the second quarter.
Consumer goods, WPP's biggest sector at 27% of the total, fell 6.4%, while healthcare grew 4.3% and automotive 6.7%.
Client wins and management changes
WPP renewed its global media partnership with Coca-Cola, excluding North America, Japan and South Korea, and expanded its remit with DoorDash.
It also won Waymo's media business in North America and Europe, the Middle East and Africa.
Cindy Rose, chief executive, said the group was on track to stabilise performance under its Elevate28 plan and was positioned for a return to growth during 2027.
Adjusted net debt fell to £3.0 billion from £3.6 billion a year earlier.
WPP is also searching for a new chief financial officer, after Joanne Wilson said she would step down.
Jon Cook, chief executive of WPP Creative, is leaving, with Tyler Turnbull of McCann due to take over in early 2027.
