WPP’s Sorrell Says December Was Better Than Expected
Stock Chart for WPP PLC (WPP)
WPP Plc (WPP) Chief Executive Officer Martin Sorrell said the world’s largest advertising company recorded stronger-than-expected performance in December, which boosted results for the fourth quarter.
The company has budgeted for 2 percent to 3 percent growth in advertising spending by its customers in 2013, while its operating companies are more optimistic, calling for growth of as much as 4 percent, Sorrell said today at an event in London.
Sorrell has been pushing into digital marketing and faster- growing markets, such as Malaysia and Brazil, as the advertising industry prepares for a possible slowdown in spending following the Olympics and U.S. Presidential elections last year.
Last month, WPP said it would relocate its base back to London after four years in Dublin.
Analysts project a 3.6 percent increase in WPP’s 2013 revenue, the average of estimates compiled by Bloomberg showed.
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