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Ad group WPP cuts annual sales forecast on weak client demand

WPP said it had been hit in June and July as the likes of Unilever, Nestle cut their spending

Reuters  |  London 

WPP, the world's largest advertising group, cut its full-year sales target on Wednesday after consumer goods giants slashed their spending, forcing it to miss half-year targets and sending its shares tumbling. Led by the high profile businessman Martin Sorrell, WPP said it had been hit in June and July as the likes of Unilever, Nestle and others cut their spending, while demand in the United States (US) deteriorated further, in line with peers. As a result, the London-based group reported first-half like-for-like net sales down 0.5 per cent, below a consensus of 0.7 per cent ...

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First Published: Wed, August 23 2017. 17:07 IST
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