WPP has raised growth targets for this year as it sidestepped the slump in digital advertising but acknowledged global economic troubles were putting pressure on margins at the advertising agency group.
Mark Read, chief executive, told the Financial Times the sales performance showed it was “not just an advertising company” and now had a more resilient business mix across ecommerce and tech.
But he acknowledged inflation, wage pressures and China’s lockdowns might temper expected improvements this year. WPP said its operating margin would rise by 30 to 50 basis points this year, moderating the previous 50bp forecast.
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