WPP boss Sir Martin Sorrell has admitted he is suffering from a case of Brexit jitters despite reporting a healthy rise in third-quarter revenues of £3.6bn, a healthy 3.2% rise compared with last year and only marginally lower than the 3.5% growth rate enjoyed in the second quarter.
Beneath these headline figures Sorrell observed that UK revenues grew by just 2.1% over the third quarter, down from 3.5% in the second quarter – a decline described as possibly foretelling the ‘first signs of Brexit anxiety’.
Whilst sales were up in Sterling terms Sorrell dismissed this as ‘false gains’ won on the back of a declining currency rather than organic business growth.
To put this in perspective sales in the July-September quarter rose by a nominal 23.6% to £3.1bn but this double digit growth sank to 7.8% when currency fluctuations are factored in.
Nevertheless Sorrell remarked: “All in all, it's a good set of numbers in the third quarter, but it's tough sledding. There's low growth, low inflation, and our clients are very focused on costs."
WPP's Sorrell was a forceful voice in the campaign to keep Britain within the European Union.