The world’s largest advertising group has soothed concerns that its full-year targets were at risk after reporting a bounce in like-for-like revenue for July.
WPP set a target of 3 per cent growth in net sales but like-for-like sales increased by only 2.3 per cent in the first six months of the year. With an estimated $20 billion of advertising contracts up for review this year and a “tepid” outlook for corporate spending, as described by Sir Martin Sorrell, the company’s founder and chief executive, market observers say that the pressure is on WPP to deliver a strong second half in a challenging macroeconomic environment.
Meanwhile, sales last month rebounded to 3.7 per cent growth, indicating a stronger third quarter.
Interim pre-tax profit surged 45