Ad giant WPP plays down loss of status
WPP yesterday brushed aside the imminent loss of its status as the world’s biggest advertising agency as it raised its full-year outlook and flagged further acquisitions.
Chief executive Sir Martin Sorrell admitted last month’s “big, bold” merger move by Publicis and Omnicom came as a surprise, but dismissed the threat of the enlarged group, claiming its organisation and structure would be “clunky”.
He said: “All in all, we believe a [post-merger] world presents us and other competitors, as a result, with enhanced opportunities and is at worst neutral and at best highly positive.”
WPP now expects full-year revenues growth of more than 3 per cent following a stronger second half.
Sorrell said the firm had no plans for any large deals but would pick up the pace of its growth strategy, and spend £300-400 million a year on small and medium acquisitions. He pointed to a number of prospects in 2014 including the Sochi Winter Olympics and Brazilian World Cup.