NEWS31 October 2016

WPP Q3 2016 revenue up 23% but Sorrell warns of Brexit uncertainty

Financials News UK

UK – WPP has reported a strong third quarter with revenue up 23.4% to £3.61 billion. 

Martin sorrell_crop

Its nine months reported revenue increased 15.8% at £10.15bn.

Preliminary Q3 revised forecast indicates like-for-like revenue and net sales growth over 3%.

WPP achieved net new business of £3.467bn in the first nine months compared with £3.212bn in the same period last year. 

UK revenues grew by 2.1% over the third quarter, down from 3.5% in the second quarter.

Speaking about the company’s results, Sir Martin Sorrell (pictured), WPP’s chief executive, said on the BBC: “Uncertainty in the UK over Brexit, and some of the other things that are going on round the world, makes our clients a little bit nervous and hesitant to invest.

“That level of uncertainty makes our clients less willing to invest in capital investment, building plants and making investments and, in our own case, investing in innovation for consumers and brand. Uncertainty is the enemy of growth.”