ROME: British advertising giant, WPP, reported net sales growth of 2.9% in the third quarter, with revenues up 23.4% to £3.61bn ($4.4bn) – benefiting from the post-Brexit slump in the value of the pound sterling. The company reported constant currency growth of 7.6%, 4.4% growth from acquisitions and 15.8% from currency. “The latter reflects the continuing weakness of the pound sterling against most currencies, especially during the third quarter, following the United Kingdom vote to exit the European Union,” WPP said in its Third Quarter Trading Update 2016.
Chief Executive Martin Sorrell was quoted by Reuters as saying that they were “false gains”. “My view on sterling is it’s almost like the country’s stock price, and it has taken a 15-20 percent hit and I don’t think that’s good news,” he said.
