WPP shares down 7%

Shares in Sir Martin Sorrell’s communications group WPP dropped 7% yesterday, the largest fall in the FTSE 100.

WPP’s share price slipped down to 384.5p after losing 29p, following analyst forecasts that the company will report poor results next month.

Analysts said that even though WPP’s revenue is expected to show a mild recovery in the second half of the year, there would be little in the way of growth next year and first-half results may even show a decline in profitability.

The falling value of the dollar is also likely to affect WPP as it collects a high proportion of its fees in US currency.

However, WPP, home to Kantar Group, MediaCom, JWT and Mediaedge:cia, was not the only company to experience a fall on the stock market as the FTSE 100 fell 106.4 points to 4,234.3.