A good Q1 performance showed year-on-year net sales growth slightly ahead of budget at 3.2% (constant currency, like-for-like), with the US, UK and Western Continental Europe in the vanguard. 2016 is set to be a strong year for advertising, with the normal even year effect boosted by the forthcoming Rio Olympics, UEFA Euro Football Championship and US presidential election. WPP’s strong forecast earnings growth, 12% CAGR 2015-17e (in a 10-15% target range), provides scope for rating expansion.
