WPP Shares Lifted by Sales Growth

WPP PLC, the world's largest marketing company by revenue, Wednesday posted growth in second-quarter sales, sending its shares up more than 5%.

Comparable net sales, a closely watched measure in the advertising industry that strips out acquisitions, disposals and currency effects, rose 4.3%, beating analyst expectations.

That result put it at the top of its peer group that includes Omnicom Group Inc. and Publicis Groupe SA.

Reported revenue climbed 13% to £ 3.46 billion from the same period a year earlier, boosted by western continental Europe and emerging markets.

The London-based company, the owner of agencies including Grey and Ogilvy & Mather, confirmed its financial targets for 2016, including comparable net sales growth of well over 3% after a strong first half.

First-half net profit fell 57% to £ 245.8 million as the company booked £ 122 million of write-downs, mainly on the U.S.-based measurement firm comScore it invested in last year.

It said that it expected a weaker second half, partly due to a stronger comparative period last year.

Write to Nick Kostov at [e-mail]

(END) Dow Jones Newswires

August 24, 2016 04:15 ET (08:15 GMT)

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