April 30, 2018 / 6:07 AM / 24 days ago

WPP beats Q1 forecasts in first results without Sorrell

LONDON, April 30 (Reuters) - The world’s biggest advertising group WPP reported better than expected first-quarter net sales and reiterated its full-year guidance in the first set of results to be published without founder Martin Sorrell.

WPP reported like-for-like net sales down 0.1 percent compared with analyst expectations of a drop of around 1 percent due to lower spending from clients such as Unilever and P&G and as tech groups Google and Facebook encroached on its turf.

Joint chief operating officers Mark Read and Andrew Scott, running the company after Sorrell quit abruptly two weeks ago, said they would review the British group’s strategy, focus on growth and address the parts of the business that are struggling. (Reporting by Kate Holton; editing by Guy Faulconbridge)

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