WPP secures 'favourable outcome' from Unilever media review, shares jump
By Michele Maatouk
Date: Tuesday 01 Oct 2024
(Sharecast News) - WPP jumped on Tuesday after consumer goods giant Unilever concluded its global media review and reappointed the ad agency's media services business, Mindshare, in key markets.
At 1010 BST, the shares were up 2.4% at 781.80p.
According to reports, WPP lost five Southeast Asian markets to Publicis Media. However, Mindshare was reappointed to deal with Unilever's media accounts in the UK, US and China, and the company secured the Sub-Saharan Africa region, including South Africa, from Omnicom Media Group.
Russ Mould, investment director at AJ Bell, said the shares were up on news WPP had secured "a favourable outcome from major client Unilever's latest media review, keeping some duties and adding new ones".
He added: "Losing Unilever as a client would have been a major blow, so it was no surprise to see investors expressing some relief."
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