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  4. WPP raises net sales outlook again after strong client spending
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WPP raises net sales outlook again after strong client spending

LONDON (Reuters) -WPP, the world's largest advertising group, increased its annual net sales outlook on Friday after an upbeat second-quarter, boosted by strong client spending in...
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WPP raises net sales outlook again after strong client spending © Reuters. FILE PHOTO: Branding signage for WPP, the largest global advertising and public relations agency at their offices in London, Britain, July 17, 2019. REUTERS/Toby Melville

LONDON (Reuters) -WPP, the world's largest advertising group, increased its annual net sales outlook on Friday after an upbeat second-quarter, boosted by strong client spending in the travel and technology industries.

Britain's WPP (LON:WPP) said like-for-like net sales from the technology sector grew 12% in the first half, helped by a range of deals including with "Fortnite" maker Epic Games and online grocer Instacart.

London-listed WPP, owner of the Ogilvy, Grey and GroupM agencies, said the travel sector was also rebounding strongly, with a 23% growth in the first half, although sales still remained below pre-pandemic levels.

Chief Executive Mark Read said he was not particularly worried about a forecasted recession in Britain, pointing to client spending holding up across industries and markets. The UK accounts for 13% of WPP's overall business.

"We're yet to see any major impact on advertising spend," he said in an interview. "We are in very close contact with our clients on spending patterns and their investments and consumer spending has held up around the world surprisingly well."

WPP now expects like-for-like net sales to grow 6%-7% in 2022, up from an already upgraded forecast of 5.5%-6.5%.

The forecasted increase was less than the 8.9% jump in its main net sales measure - like-for-like revenue less pass-through costs - during the first half of the year, implying a slower pace of growth in the latter half.

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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SJC Eximbank8,300/ 8,500
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