WPP, the world’s largest advertising group, reported a much better than expected 7 percent rise in first quarter like-for-like revenue growth and said it had seen a surge in new client 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 it had enjoyed strong trading in North America and Britain and from its advertising and digital media divisions.
Profits, revenue margin and gross margin were all above budget, it said, and it reiterated its margin targets for the full-year.
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