WPP: shares fall to lowest since 2013 after cautious outlook

(CercleFinance.com) - On Thursday WPP gave a more cautious outlook for the rest of the year, which sent the shares of the British ad giant into freefall on the London Stock Exchange.


Citing a further weakening of its performance in North America, the group said that third quarter revenue fell 0.8% to 3.75 billion pounds, also impacted by currency headwinds of 2%.

Reflecting the slowdown in Q3, WPP said it expected like-for-like revenue minus pass-through costs growth to fall by 0.5%-1.0% this year.

The company also forecast operating margin to revenue minus pass-through costs to be down in a range of 1.0-1.5 margin points in 2018.

WPP - which will provide a strategic update in December - saw its shares tumble over 16% after these numbers, reaching its lowest point since 2013.



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