WPP shares rise on ad sales

WPP, the world’s largest advertising group, reported a better than expected jump in first-half net sales and said that its British operations showed signs in July of a “post-Brexit recovery”, sending its shares to a record high.

Run by high-profile businessman Martin Sorrell, the UK group said investments in technology had helped reduce costs, while the plunge in the pound following Britain’s vote to leave the EU had helped reported revenues.

In the long term, however, Mr Sorrell said clients were cautious about big investments as they wait to see what type of deal Britain can secure with its global trading partners.