WPP beats forecasts with 5% revenue growth
(Guardian Web Via Acquire Media NewsEdge) Sir Martin Sorrell's WPP has comfortably beaten investor expectations, reporting revenue growth up 5% in the third quarter.
The world's largest marketing services group – at least until rivals Publicis Groupe and Omnicom complete their merger – reported like-for-like revenue growth up 5% to £2.68bn in the three months to the end of September.
Numis said that the growth rate was "impressive and well beyond [market] expectations" – it had predicted 3.4% – while UBS, which had a target of 4% to 4.5%, said it was "sector-leading growth".
The surge, more than double WPP's 2.4% growth across the first half, easily outpaces that of rivals that have reported their quarterly updates recently.
US-group Omnicom reported 4.1% like-for-like growth for the third quarter, France's Publicis Groupe 3.5% and Interpublic 2.8%.
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