The holding company that Sir Martin Sorrell built into an empire and then departed under circumstances that remain a topic of quiet conversation at industry dinners reported its third-quarter results on Thursday, and the news was, if not exactly good, at least less bad than it had been.

WPP posted an organic revenue decline of 2.1 percent for the quarter, an improvement over the 2.8 percent decline in the second quarter and considerably better than the 6.7 percent shortfall that opened the year. The company's media operations, which have been a source of concern for some time now, returned to positive territory — barely — with a 0.3 percent gain year over year.

(One imagines champagne was not uncorked.)

Mark Read, the chief executive who has been leading what the company describes as a three-year turnaround plan, said on the earnings call that WPP is "on track to return to growth in 2027," a formulation that manages to be both optimistic and a reminder that 2027 is still some distance away. The production business grew 2.5 percent, while the creative operations — which represent 48 percent of net revenue and are therefore rather important — declined 5.1 percent.

The company pointed to several significant account wins and retentions, including the global marketing assignment for the Coca-Cola Company, along with DoorDash, Nestle, Uber and Waymo. The Coca-Cola retention did not include the North American media business, which went to Omnicom in a separate review. Mr. Read characterized this as a "tough call" made deliberately, though one suspects the call was made somewhat easier by Omnicom's apparent determination to win it.

Joanne Wilson, the chief financial officer who announced she is leaving to take the same position at Diageo, said the company would save $100 million in costs this year and another $150 million next year.

Company shares rose 1.4 percent in afternoon trading, which in the current environment counts as enthusiasm.

Original story published in MediaPost: "WPP Posts Smaller Decline In Q3 As Media Enters Positive Territory"