New WPP boss has work to do to strengthen US business
Updated : September 04, 2018 04:13 PM IST
Shares in WPP, the world's largest advertising company, fell 8 percent, the biggest loser on the FTSE 100 blue chip index, after it said the cost of returning to sustainable growth would lead to a cut in its 2018 margin outlook.
The results showed the challenges facing Read as he seeks to reposition the British company in the face of cautious client spending and increased competition from Google, Facebook and consultants such as Deloitte.
The group is also still recovering from the acrimonious departure of its founder and veteran CEO Martin Sorrell who left in April following a complaint of personal misconduct, which he denied.
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