Shares in the world’s biggest advertising company, WPP, have sunk more than 14% after the company reported a sharp slowdown in sales.
WPP said its main measure of organic revenue growth fell 1.9% in the fourth quarter, while pre-tax profits dropped 21.9% to £982m for the 12 months to 31 December 2019, down from £1.3bn in 2018.
The advertising giant said it had made strides in reducing its debt and simplifying its business, and that it had seen good retention rates with clients and new contract wins, boosted by its use of technology.
WPP said traditional TV viewing for 18-34 year-olds in the US has fallen by 40% in the last four years, and almost all retail sales growth comes from e-commerce.
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