WPP thumps forecasts with strong Q1 organic growth
LONDON, April 25 (Reuters) - WPP, the world's largest advertising group, reported first quarter like-for-like revenue growth of 7 percent, much better than expected, and said it had seen a surge in new business wins due to changes in the industry.
Martin Sorrell's group, which shocked the market in February when it lowered its 2014 profit guidance due to fierce competition, said its revenues had been held back at the reported level due to an 8.1 percent drag from the strong pound.
The bullish trading update follows similarly upbeat statements from rivals Publicis and Omnicom, which are in the process of merging to overtake the British group as the world's largest ad firm, and IPG.
(Reporting by Kate Holton, Editing by Paul Sandle)
