WPP PLC has landed a contract worth up to £2 billion to manage the UK government‘s advertising campaigns, the Times on Tuesday reported.
The win is seen as a vote of confidence in the under pressure advertising agency which will exit the FTSE 100 this month after a series of profit warnings dragged its share price downwards.
On Tuesday, shares in WPP rose 4.9% to 313.10 pence each, although they have fallen 65% in the last 12 months. In 2022, they briefly topped 1,200p each, while in 2017, shares were as high as 1,900p.
According to the Times, WPP has won a four-year contract which was previously held by US rival Omnicom Group Inc.
Under the deal, Wavemaker, which is owned by WPP, will take responsibility for planning and buying advertising spots for hundreds of government campaigns designed to raise awareness of issues including violence against women and girls, blood donations and armed services recruitment, the report said.
It also includes the government’s Great Britain & Northern Ireland campaign, which aims to boost the UK‘s reputation abroad and drive inward investment.
WPP has has lost major clients including Mars Inc and Coca-Cola Co’s North American media-buying business, issued two profit warnings this year and cut 7,000 roles, the report noted.
Cindy Rose, a former Microsoft Corp executive, has vowed to turn around the business since she took over from Mark Read as chief executive in September.
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