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LONDON (Alliance News) - Media-buying giant WPP PLC Thursday said it produced revenue growth of 8.3% in sterling in its first quarter, boosted by the stronger dollar, and it maintained its guidance for the full year, as the company said its performance for the quarter was ahead of budget.
Revenue growth was boosted by the weakness of sterling against the US dollar, although this was partly offset by the strength of sterling against the euro, and at constant currency revenue growth was 7.4%.
On a like-for-like basis, meaning at constant exchange rates and excluding acquisitions and disposals, revenue was up 5.2%.
Net sales were up 6.0%. WPP said its pattern of net sales growth for 2015 had started similarly to the final quarter of 2014.
WPP said that, on a like-for-like basis, advertising and media investment management and branding, identity, healthcare and specialist communications were the strongest sectors, with data investment management showing significant improvement compared to the final quarter of 2014. Public Relations and Public Affairs were slower than in the final quarter of 2014.
The company continues to expect net sales growth of over 3% for the full year, and a headline net sales margin target of 0.3 margin point improvement on a constant currency basis.
WPP said, "2015 looks to be another demanding year, although a weaker UK pound against a stronger US dollar may continue to provide some modest currency tailwind, partly offset by a stronger pound against the euro, although a modest impact on profits, unlike the fierce currency headwind in 2014."
Its long-term targets remain revenue and net sales growth greater than the industry average, and annual headline diluted earnings per share growth of 10% to 15% per year.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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