WPP posts better than expected second quarter performance

WPP reported a better-than-expected organic sales performance in the second quarter as its new strategy under boss Mark Read helped the world's biggest advertising group to win new business and retain clients.

The British company said on Friday organic growth less pass-through costs, its key sales measurement, dropped by 1.4% in the second quarter, an improvement on the first three months of the year and against a consensus of down 3%. That gave it a first-half figure of down 2%, enabling it to reiterate its full-year guidance for a drop of between 1.5% and 2%.