StockMarketWire.com - Advertising company WPP reported a modest rise in first-quarter revenue driven by foreign exchange gains, though sales fell at an underlying level due to client losses.

Revenue for the three months through March rose 0.9% on-year to £3.59bn, though it fell 0.6% on a constant currency basis.

Like-for-like revenue less pass-through costs fell 2.8%.

We continue to make good progress in implementing our three-year strategy to return WPP to sustainable growth,' chief executive Mark Read said.

'As anticipated, our first-quarter trading update reflects the impact of certain significant client losses in 2018, in particular in the US.'

'Although we face a challenging year, especially in the first half, I am encouraged by how well our people, agencies and clients are responding to our new strategic direction.'

'Our expectations for the full year are unchanged.'

Like-for-like revenue in the US fell 8.5%, with client losses experienced in the automotive, pharmaceutical and FMCG sector.

'This performance, whilst disappointing, was in line with our budgets,' WPP said.

'The actions we have taken since September with our creative and healthcare agencies, alongside leadership changes, are intended to address the group's performance in the US.




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