WPP’s Sorrell Says December Was Better Than ExpectedAmy Thomson
WPP Plc 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.
WPP rose as much as 1.6 percent to 960 pence in London, and traded 1 percent higher at 954.50 pence as of 12:15 p.m., giving the company a market value of 12.1 billion pounds ($19.4 billion).
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.