Ad group WPP cuts sales forecast on weak client demand

WPP, the world's largest advertising group, cut its full-year net sales outlook on Wednesday after a drop in demand from consumer goods clients and weak trading in the United States led it to miss first-half targets.

WPP, led by the high profile businessman Martin Sorrell, reported first-half like-for-like net sales down 0.5 percent, below a consensus of 0.7 percent growth. It cut its full-year target to between 0 and 1 percent growth, from a previous forecast of 2 percent growth.

The group reiterated its target for a 0.3 point improvement in its operating margin however.