The good surprise was the lower decrease (better than expected) in organic net revenue in Q2 19 (-1.4% vs -2.8% in Q1 19). This reflected the continuing negative impact of the contracts lost in H2 18 tempered by new wins this year. In H1 19, the ‘headline’ operating margin decreased by 0.8pt to 11.9% of net revenue. WPP does not see a deterioration for H2 19 and is now more confident of achieving its 2019 guidance.
