 tumbled over 15 percent on Thursday morning, after CEO Sir Martin Sorrell said 2017 had not been "a pretty year" for the company.){kind=link}
Shares in advertising agency WPP (LON:WPP) tumbled over 15 percent on Thursday morning, after CEO Sir Martin Sorrell said 2017 had not been “a pretty year” for the company.
The comments came in the wake of WPP’s full year results, which saw like-for-like revenues impacted by currency movements and fall by 0.3 percent. Adjusted pre-tax profit, excluding items such as restructuring costs and goodwill impairments, rose 1.9 per cent on a constant currency basis to £2.1 billion, but the group was still forced to issue several sales warnings last year.
On Thursday Sorrell warned about the “long-term impact of technological disruption” and “the short-term focus of zero-based budgeters, activist investors and private equity”. The figures were the worst since the financial crisis, but the company said its performance since the start of 2018 had been “slightly ahead of budget”, although still “slow”.
Shares in WPP are currently trading down 14.53 percent at 1,191.50 (1209GMT).