London-listed media group WPP has announced a reduction of 1,267 employees in the first half of the year, representing approximately 1.3 per cent of its total staffing. This comes as the company's revenue continued to fall.
Over the 12 months to June, WPP's total workforce has been cut by 6.4 per cent, bringing the total number of employees to 104,083. These job cuts contributed to a £216m reduction in total staff costs, bringing them to £3.7bn in the first half, though an additional £51m was allocated for restructuring costs.
The advertiser's revenue for the first half of the year stood at £6.4bn, a decrease of over three per cent compared to last year. Revenue less pass-through costs, a metric used by professional services firms, fell by nearly five per cent to £4.7bn. Operating profit also saw a 2.7 per cent drop, reaching £398m.
WPP's new chief executive, Cindy Rose, appointed last July, is leading a turnaround strategy named Elevate28, which aims for £500m in cost savings by the end of 2028. The company is currently in the 'Stabilise' phase of this strategy and is reportedly on track for £100m in savings in 2026. Full-year restructuring costs are projected to be £250m, with £190m linked to Elevate28 and £60m to legacy programmes.