WPP 3Q Revenue Rose, Beating Analysts' Expectations
26 October 2015 - 7:04PM
Dow Jones News
By Nick Kostov
PARIS-- WPP PLC, the world's largest advertising holding
company, Monday said that a strong quarter from its North American
business helped it post a rise in sales, but warned that many of
its clients continue to focus on cutting costs rather than growing
revenues.
The company said sales for the three months ended Sept. 30 rose
5.9% to GBP2.9 billion from a year earlier. Analysts polled by
FactSet had expected the company to report sales of GBP2.6 billion
for the period.
WPP said like-for-like revenue--a metric that excludes
acquisitions and disposals--rose 4.6% in the third quarter. The
rise was a slight acceleration on the last quarter.
The owner of agencies including Grey and Ogilvy & Mather
follows U.S. rivals Omnicom and Interpublic Group of Cos. in
posting strong revenue growth in the last quarter, boosted by
business in North America. Paris-based Publicis Groupe SA meanwhile
disappointed investors after reporting that demand from its U.S.
clientele had softened.
WPP reaffirmed its full-year targets, saying it expects
full-year like-for-like net sales to grow more than 3%.
Write to Nick Kostov at Nick.Kostov@wsj.com
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(END) Dow Jones Newswires
October 26, 2015 03:49 ET (07:49 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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