WPP cuts full-year outlook again
WPP, the world's largest advertising group, has reduced its full-year outlook for the second time in two months, sending its shares lower.
The group said it had not done as well as it had hoped from Euro 2012, the Olympics and Paralympics and the US presidential campaign.
It now expects like-for-like revenue growth of 2.5% to 3% for the year. In August, it had forecast 3.5% growth.
Reported revenue in the third quarter rose 1.6% to £2.5bn, WPP said.
"The three maxi-quadrennial events of 2012, the UEFA Football Championships in central and eastern Europe, the Summer Olympics and Paralympics in London and last, but not least, the US Presidential elections in November did underpin industry growth but not, perhaps, as much as was thought, with money being switched from existing budgets, particularly in the cases of the UEFA Championships and Olympics," it said.
Shares in WPP opened 5% lower but by mid-morning, they were trading down 2.5%.