WPP cuts ad sales outlook

WPP cut its sales forecast for a second time in three months, as clients further reduced marketing spending, adding to evidence of the advertising industry’s distress.

The world’s largest ad company said that sales growth, excluding currency swings and takeovers, is expected to be “broadly flat” in 2017. London-based WPP had previously lowered its growth forecast to between zero and 1%.

WPP is having its worst year since the financial crisis, hit by some of its largest clients, such as Procter & Gamble and Unilever, scaling back advertising budgets.