WPP plc (WPP) Q1 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.487 -- 00:00:03.770 Thank you very much, and good morning, everybody. 00:00:03.770 -- 00:00:07.915 Welcome to our first quarter trading update, and thank you for joining us. 00:00:07.915 -- 00:00:12.940 I'm joined on today's call by Joanne Wilson, our CFO, and Tom Singlehurst, our 00:00:12.940 -- 00:00:18.146 Head of Investor Relationships. Before we get started, 00:00:18.146 -- 00:00:23.251 please have a look at the cautionary statement, which you can see on slide two, 00:00:23.251 -- 00:00:28.432 and look at that carefully. So turning to the 00:00:28.432 -- 00:00:33.022 overview on page three. I'll quickly summarize where we are for the year. 00:00:33.022 -- 00:00:34.725 Joanne will take us through the financial performance. 00:00:34.725 -- 00:00:39.776 We'll review their strategic progress and then tackle the Q&A. 00:00:39.776 -- 00:00:45.768 So on the overview on page four, firstly, in terms of the first quarter 2025 00:00:45.768 -- 00:00:50.867 performance, when we met In February, we talked about the challenging macro 00:00:50.867 -- 00:00:54.451 environment, as well as how the timing of our new business would impact the shape of 00:00:54.451 -- 00:00:59.777 growth at WPP throughout the year. And as you know, we had a challenging fourth quarter. 00:00:59.777 -- 00:01:03.682 So we were cautious giving our guidance for the year, as well as being aware of some 00:01:03.682 -- 00:01:06.325 of the tariff issues and discussions that have been taking place. 00:01:06.325 -- 00:01:10.529 We did highlight those in our release. And I'd say that our performance in Q1, which 00:01:10.529 -- 00:01:15.594 saw sales drop, net sales down 2.7% is consistent with what we're saying at that 00:01:15.594 -- 00:01:19.660 time and therefore very much in line with our o...