- Advertising firm WPP posted a 40% fall in annual profit owing to lower sales, write-downs on the value of its assets and restructuring costs.

Pre-tax profit for the year through December slumped to £1.14bn, as revenue fell 1.3% to £15.60bn.

WPP said it had reached the upper end of its performance guidance given in October, with like-for-like revenue less pass-through costs falling 0.4%.

The company, however, also reiterated a warning that 2019 would be 'challenging', particularly in the first half, due to client losses.

WPP kept its annual dividend flat at 60.0p per share.

'We are at the beginning of a three-year turnaround plan, but WPP's new positioning as a creative transformation company with stronger, more integrated, more tech-enabled agencies is already proving effective, having driven several of our recent new business successes,' chief executive Mark Read said.

'As we implement our strategy in 2019 we will continue to put creativity, technology and great work for clients at the heart of our own transformation.'

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