WPP shares surged by more than a fifth on Thursday, signalling a recovery after a heavy investment in AI and a round of job cuts as part of a turnaround effort.

First‑half revenue less pass‑through costs fell 4.7% on a like‑for‑like basis to £4.7bn, but the second‑quarter drop of 2.8% to £2.5bn was an improvement on the first quarter, buoyed by new client wins. Adjusted pre‑tax profit fell 7.7% to £277mn, but the results were at the higher end of guidance and better than analysts expected.

Former Microsoft executive Cindy Rose joined as chief executive in September and immediately launched a strategic review to streamline units and focus on client delivery.19,468 jobs were cut since the first half of 2025, and staff costs fell 5.9% to £3.5bn.

Shares rose as much as 28.8% in early London trading, and WPP plans further reviews that could see the sale of its PR agency Burson or a divestment of its 40% stake in Kantar. The company expects an improving growth trajectory for the second half.