Advertising giant WPP delivered better-than-expected results in a post Martin Sorrell era amid a turnaround strategy that has seen it grow the business it does with the likes of eBay, Instagram and L’Oréal.
But the amount it billed clients fell by 0.5% to £26.5bn.
“We continue to simplify WPP, with a more integrated offer for our clients, better, more collaborative working environments for our people, and less complicated management structures,” new boss Mark Read said.
The firm is selling a 60% stake in research business, Kantar, to private equity house Bain.
“When the Kantar transaction completes, our disposal programme will have generated proceeds of c.£3.6bn, allowing us to return significant amounts to shareholders and reduce our leverage to the low end of the target range,” Read said.