Geographical expansion and technology investments underpinned like-for-like net sales growth across all regions and three out of four divisions of WPP (WPP) in the third quarter to 30 September. Despite the Brexit vote, the advertising giant still expects full-year net sales to grow by over 3 per cent, and the constant-currency net sales margin to widen by 0.3 percentage points to 16.8 per cent.
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New business grew by 8 per cent to about £3.47bn in the nine months to 30 September. However, acquisitions and share buybacks meant average net debt swelled 12 per cent to £4.21bn. Broker Macquarie expects EPS of 114p in 2016, up from 94p in 2015.
