WPP observes market stability

WPP Group observed ‘signs of stabilisation’ in its five-month trading update, while 46 per cent of WPP investors snubbed chief executive Sir Martin Sorrell’s three-year personal contract at the company’s AGM this week.

UK performance ‘continues to disappoint’, according to the Enterprise IG parent, despite ‘positive like-for-like growth’ in most other markets. Revenues for the group’s branding and identity business, which also includes healthcare and specialist communications, were down by more than 1 per cent.

Separately, WPP has confirmed its final offer for Cordiant Communications Group, which now requires 75 per cent CCG shareholder approval on 23 July.