LONDON (Alliance News) - WPP PLC on Friday provided yet more evidence of the impact of a strong pound on earnings for multinationals, reporting a rise in revenue in the third quarter held back by the impact of currency translation.
Reported third quarter revenue for the FTSE 100 advertising group in the quarter to the end of September was up 3.1% to GBP2.76 billion, with revenue in dollar terms rising 10.8% to USD4.6 billion and gaining 10.9% euro terms to EUR3.5 billion.
The impact of the strength of sterling was illustrated by the rise in its constant currency revenue of 10.6%, with like-for-like revenue rising 7.6%.
Nine month reported revenue was up 2.8% to GBP8.2 billion, but rose 11% on a constant currency basis.
The group said it has won net new business of GBP3.6 billion in the first nine months.
WPP maintained its long-term targets, though it said third quarter like-for-like revenue and net sales growth was slightly slower against the first and second quarters of the year, primarily due to tough comparatives.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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WPP (WPP)
