Home Business NewsBusiness WPP shares tumble as group posts drop in profit

WPP shares tumble as group posts drop in profit

by Purvai Dua
4th Sep 18 9:55 am

Just a day after WPP promoted insider Mark Reed as its new chief executive, the shares in ad giant slumped as much as 8.5 per cent today after the group said profitability would decline this year.

WPP’s shares were set for their biggest one-day fall in around five months.

Presenting his first set of results today, Read said WPP had returned to top line growth for the first time in over a year and nudged the 2018 net sales target higher, but margin concerns set the tone.

“As chief executive, my focus will be on invigorating our company and returning the business to stronger, sustainable growth,” Mr Read added.

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