WPP shares slump despite revenues growth

Shares in UK-based media and advertising giant WPP were shunned today despite confirmation of another strong quarter of trading from the group.

WPP, which owns agencies including Ogilvy & Mather and Hill & Knowlton, said revenues for the first three months of the year were almost 5% higher on a like-for-like basis – ahead of its previous “prudent” forecast of 4% for the whole of 2006 but down on the 5.5% reported for January.