Shares in advertising group WPP dropped over 10 percent in early trading on Wednesday, after the company slashed its revenue and sales forecast for the year.
Total group revenue rose to £7.4 billion for the six months to June, from £6.5 billion in the same period the previous year. Pre-tax profit grew by 52.4 percent to £779.2 million.
However, the group cut forecasts for revenues and net sales to between zero and 1 percent after a weak second quarter. The announcement marks the second profit warning for the group this year, after it cut forecasts for the first time in March.
CEO Martin Sorrell blamed the wider economic environment for the results, saying:
“Trumponomics may well have resulted in an increase in the United States GDP growth rate …the limitations of the new administration seem to be jeopardising the anti-regulatory, infrastructure and tax reduction programme that was promised,” he said.
“The general atmosphere in relation to Trump and business has stuttered. The disbanding of the manufacturing council and the disbanding of the business council following Charlottesville, it is not as good as it was.”
Shares in the company are on track to suffer their worst one-day drop since 2008, currently trading down 11.23 percent at 1,415.00 (1003GMT).