Advertising giant WPP boss says England win at Euro 2022 football tournament ‘will attract new sponsors’ for women’s sport
The boss of advertising giant WPP has said England’s victory at the Euro 2022 football tournament will “attract new sponsors” for women’s sport.
Mark Read expects that ‘many brands’ will want to associate with the Lionesses, who won 2-1 against Germany last Sunday.
“I think it will definitely put women’s football on the map,” Read said. “It was a good final played by a great team and I think a lot of brands will look at that and think they want to be associated with it.”
Roaring success: England celebrate their victory over Germany after the Euro 2022 final
WPP has its own sports marketing company and has worked with clients including FIFA and the Premier League, the governing body of world football, and could keep an eye on its own opportunities for expansion after the final.
The chief executive’s comments came as WPP improved guidelines after reporting higher half-year profits amid strong demand for its services, including public relations and creative agencies.
It reported profits of £419 million for the first six months of 2022, up 6 percent year-on-year, while revenues rose 10 percent to £6.8 billion. Significant customer gains in the second quarter included Audi, Nationwide and food group Danone.
‘Boost’: WPP boss Mark Read
WPP forecasts sales growth of 6 to 7 percent, an increase of 0.5 percentage points from previous forecasts.
But shares fell 8.8 percent, or 78.2p, to 814.6p as investors worried about the outlook.
Russ Mold, president of AJ Bell, said: “There is clearly a belief that the recent momentum that has improved its annual sales outlook cannot last in the long term.”
Advertising giants such as WPP are often seen as whistleblowers to the economy at large. When companies are confident in their prospects, they tend to increase advertising and marketing spending and cut back during recessions.