WPP’s organic net revenue growth for the first quarter should come in below the rate expected for the full year, according to Citi, although the company remains a Buy.
Analysts at the bank expect revenue of growth of 2.2% to 2.3% when the FTSE 100 quoted firm reports on 27 April compared to guidance for the year of between 3% to 5%.
As a result, the marketing company “needs to see an accelerating trend across the balance of the year.”
Despite the risk worse than expected revenue growth would have on forecasts, Citi analysts said they are not concerned yet.
“We note the group’s track record of delivering consistent beats vs expectations and we acknowledge the improving comp profile through the year.”
Shares in WPP were little moved, up 0.4% to 934p.
