Toby Melville/Reuters
- WPP issued two profit warnings this year amid a slowdown in ad spending from its tech clients.
- The company has been undergoing a massive transformation that has involved merging agencies.
- 2024 will be a pivotal year as WPP's transformation takes shape and ad spending is expected to recover.
Advertising holding company giant WPP issued two profit warnings this year as tech clients cut back on spending and its US media business lost some key clients and pitches to rivals.
The company's share price was down around 10% in the year to date at the time of publishing and the group has embarked on a cost cutting plan as it aims to simplify its offering to clients. Meanwhile, WPP is embracing artificial intelligence, a technology that could open up further efficiencies but also massively disrupt the agency business model.