WPP is one of the most highly cyclical FTSE 100 constituents whose fortunes depend on the health of the underlying global economy.
Advertising and marketing is one of the first things companies cut back on when things become tough.
WPP investors were reminded of this earlier this year when the company reported 4.1% reduction in North American revenue and a 43% fall in group operating profit. Group revenue was 6.9% higher on a reported basis.
WPP attributed falling revenues in North America to reduced spending by large US tech companies. It’s likely many more companies across a varied selection...
