WPP, the world’s largest advertising agency, said it had been “ravaged” by the strength of the pound as it reported billings were down 3pc in the first half of the year. On a constant currency basis, total billings were up 5.7pc to £22bn, but the growth was wiped out by converting international business into sterling. Reported first half revenues were up 2.7pc to £5.47bn, which included 8.7pc like-for-like growth, 2.6pc growth from WPP’s frequent acquisitions, and an 8.6pc negative impact from sterling.
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