WPP cautions on 2018 after lacklustre year

WPP boss Sir Martin Sorrell has admitted 2017 was “not a pretty year” after the world’s largest advertising agency yesterday posted its worst result since the financial crisis and cautioned on prospects for this year.

WPP saw its first fall in net sales since 2009 – down 0.9 per cent for 2017 – and forecast revenues to remain under pressure in 2018 after a “slow start” to the year.

The group reported a 5.4 per cent rise in underlying pre-tax profits to £2.1 billion last year – a rise of just 1.9 per cent excluding currency movements.

Sorrell said: “2017 for us was not a pretty year, with flat likefor-like, top-line growth, and operating margins and operating profits also flat, or up marginally.

“As our industry continues to undergo fundamental change, we are upping the pace of WPP’S development from a group of individual companies to a cohesive global team dedicated to driving growth for clients.”