Despite a hard first quarter of 2024, in which revenue fell 5% year on year to $4.2 billion, global advertising company WPP remains optimistic about its business prospects.

During the company’s first-quarter earnings call, CEO Mark Read emphasized that WPP is actively investing in innovation, particularly data and AI, to fuel future development. He added that the group has already participated in over 6,000 new business proposals this year, many of which are not well publicized but contribute to continuous advancement.

While high-profile client losses, such as Coca-Cola’s $700 million North American media account moving to Publicis, have had an impact on short-term results, Read stated that every day new business wins and client consolidations are helping WPP remain resilient.

“Our conversion rate in new business pitches increases by about 10% when we integrate WPP Open,” Read added, referring to the agency’s AI platform, which is now embedded in every presentation to raise competitiveness and unlock new commercial models.

Read also: Tariff pressures threaten ad spending, WPP CEO warns

Despite the economic uncertainties caused by tariffs and shifting market conditions, WPP stated that clients such as Unilever and Procter & Gamble remain committed to long-term brand investments.

GroupM, essential to WPP’s turnaround strategy, saw a modest 0.9% revenue reduction, mostly owing to prior client losses. However, WPP’s top 25 clients experienced a 2.5% revenue increase, indicating “plenty of headroom” for expansion.