WPP plc WPP a company with the spectre of its founder still lurking in the background is never a happy place to be. Naturally Sir Martin does not get a mention in WPP’s third quarter results but the way in which the company’s business has been impacted in many fields after his sudden departure, does get a mention and repeatedly so. The finger points in only one direction, Third quarter like for like revenue less pass through costs fell by 5.3% compared to 3.3% in the second quarter, as client losses continued to grow. Having seen second quarter growth of 1.4% in the UK, quarter three produced a fall of 2%. Most sectors were impacted by client losses as major global companies continued to desert in increasing numbers.
Strong regional differences made for a patchy performance with Australia and New Zealand doing well. A similar story appeared in company sectors with a strong deterioration in advertising and media management, once the heartland of the WPP empire.One suspects that it will take some time for the spectre to be exorcised.
Aveva Group plc AVV updates that it continued to perform well during the first half of its financial year. and delivered low double digit revenue growth on a constant currency basis. A number of contracts were brought forward into the first half.
Elementis plc ELM delivered a resilient overall third quarter performance, although the CEO is less expressive and prefers to be more down beat by describing it as “solid”. Nonethless even he admits they are excited as the integration of their latest acquisition, Mondo Minerals, commences.
Eckoh plc ECK has seen strong progress in both UK and US orders in the half year to the end of September. In the US it has already exceeded in in the first half the total contract value of $9.3m for US Secure Payments it achieved in in the whole of 2018. In the UK, it has seen excellent progress in contract wins and as in the US, the total value of new contracts won in in the first half has exceeded the total won in 2018.
1PM plc OPM updates prior to today’s AGM that in the first four months of the current year it has experienced a continuing robust level of demand. The strong trading has continued into October.