WPP has warned that full-year results will come in at the low end of expectations after reporting a weaker-than-expected third quarter, prompting a strategic review aimed at reigniting growth.

Revenue for the three months to the 30th September fell 8.4% year on year to £3.26 billion, with like-for-like revenue down 3.5%. 

The advertising giant now expects organic revenue less pass-through costs to decline between 5.5% and 6% for the full year, compared with earlier guidance of a 3-5% drop.

Chief executive Cindy Rose admitted that recent performance had been “unacceptable” but said the group was moving at pace to simplify its structure, strengthen execution, and capitalise on AI and technology partnerships. 

Rose, who took the helm in September, has launched a wide-ranging review focused on improving integration, expanding into enterprise technology services and tightening capital allocation to rebuild shareholder value.

The London-based FTSE 100 constituent has seen its share price drop by over 12% in the first two hours of today’s trading to 315.7p.