WPP: shares rebound after trading update
(CercleFinance.com) - Shares in WPP rose more than 5% on Friday, after the world's biggest advertising group reported an "improved performance" for the third quarter.
WPP reported a 0.5% rise in its main sales measurement of organic revenue less pass-through costs. It also reiterated its full-year forecast of a 1.5%-2% fall.
In a statement, CEO Mark Read said growth in the past quarter was "encouraging".
The company said it won new business over the quarter, including US food giant Mondelez and e-commerce giant eBay, while retaining longstanding clients, such as the US Marine Corps and IT group Centrica.
Investors reacted positively to this trading update, with WPP shares up 5.3% in morning trading in London. They had been lacklustre of late, losing over 1% over the past month.
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