9th Jun 2015 11:27
LONDON (Alliance News) - Media buying giant WPP PLC on Tuesday said its revenue in sterling for the first four months of 2015 rose 8.0%, in a statement ahead of its annual general meeting, and reiterated its guidance for 2015.
Revenue was boosted by the weakness of the pound against the dollar, but this was partly offset by its strength against the euro. At constant currency, revenue rose 7.1% for the four months ended April.
This compared to a 7.4% rise in the first quarter. The company said that sales growth was marginally softer in April, as parts of its advertising, data investment management and branding and identity businesses were slightly slower, although against a very strong comparative in the previous year.
WPP said that, as in the first quarter, advertising and media investment management, branding and identity, and healthcare and specialist communications continued to be the strongest sectors, and the US and UK showed the strongest growth.
WPP reiterated that "2015 looks to be another demanding year, although a weaker UK pound against a stronger US dollar may continue to provide some modest currency tailwind, partly offset by a stronger pound against the euro, although a modest impact on profits, unlike the fierce currency headwind in 2014."
There has been speculation that WPP Chief Executive Officer Martin Sorrell may face a backlash against his pay packet at the meeting, as he was paid almost GBP43 million last year, by far the highest paid CEO of a British public company. At last year's annual general meeting, 18% of shareholders voted against Sorrell's remuneration, and in 2012 nearly 60% of shareholders voted against it.
Shares in WPP are trading down 0.1% at 1,485.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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