8th Jun 2016 11:18
LONDON (Alliance News) - Media buying giant WPP PLC said its revenue rose nearly 11% in the first four months of 2016, with its pattern of revenue and net sales generally the same as in the first quarter of the year alone, but with April "marginally softer".
In a statement ahead of its annual general meeting, WPP said revenue rose 10.7% to GBP4.18 billion in the first four months from a year before, or up 8.8% at constant currency due to the weakness of sterling against the dollar and euro.
On a like-for-like basis, stripping out acquisitions and currency fluctuations, revenue was up 4.3%, WPP said.
WPP said April was "marginally softer" as its advertising, data investment management and branding and identity businesses were slightly slower, albeit against a very strong comparative the previous year.
The first four months saw like-for-like revenue and net sales growth in all of WPP's regions and business sectors, with continued strong growth in the US and Latin America "improving markedly" in the month.
WPP reiterated its forecasts for its full year, seeing like-for-like revenue growth up well over 3%, and net sales growth over 3%.
Additionally, WPP reiterated that it now expects to reach its newly targeted pay-out ratio of 50% a year ahead of schedule, to be achieved by the end of 2016.
Attention at the general meeting will fall on WPP Chief Executive Martin Sorrell's pay package, set to jump by over 60% to GBP70.4 million for 2015, compared to GBP42.7 million the year before, making him by far the best paid chief executive in the FTSE 100.
Shareholders have rebelled against Sorrell's pay in the past. In 2012 60% of shareholders voted against his remuneration package.
Shares in WPP were down 0.7% at 1,588.00 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
WPP