Illustration of the logo of British communications company WPP.
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WPP, the world’s biggest advertising group, downgraded its full-year like-for-like growth forecast to 1.5-3.0% from 3-5% after lower spending from tech clients caused its revenue in North America to decline in the second quarter.
Chief Executive Mark Read said the group delivered a “resilient” performance in the first half, with growth accelerating in all regions except the United States.
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“(The U.S.) was impacted in the second quarter by lower spending from technology clients and some delays in technology-related projects,” he said on Friday.
“China returned to growth in the second quarter albeit more slowly than expected.”
The British company reported a 2.0% rise in like-for-like revenue less pass-through costs to 5.81 billion pounds ($7.39 billion) in the first half.