Future Of British Business
WPP Cuts Growth Outlook Citing Weakness From Tech, China
- Adjusted sales growth will be as much as 1% for the full year
- WPP had said it fired a China executive over bribery concerns
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Advertising giant WPP Plc slashed its outlook for revenue growth after reporting sluggish sales, blaming shrinking spending from the technology industry and China’s weak economy.
Like-for-like revenue, less pass-through costs, will grow 0.5% to 1% for full-year, the London-based company said in a statement on Thursday. That’s down from its previous forecast of 1.5% to 3% growth. Currency fluctuations will account for a 1% decline in revenue.