Marketing giant WPP plc (LON:WPP) was top riser on FTSE 100 as its third quarter revenue beat expectations but it suggested growth had slowed in the UK as Brexit jitters kicked in.
Shares in the Martin Sorrell led group added 3.28% to 1,764p in early deals though Footise as a whole was down 0.4%.
Revenue at the company, not including acquisitions and disposals, for the three months to September 30 was £3.6bn, up 3.2% compared to the same time last year.
But in the UK, revenues grew only 2.1% - down from 3.5% in the preceeding quarter.
"All parts of the group's businesses, except data investment management and public relations and public affairs softened, with net sales growth showing a similar pattern..," the advertiser said in a statement.
Ironically perhaps, it was the weakness in the pound sparked by the UK's EU vote in June that sparked the decline in the pound, which bolstered overall group revenues.
City broker Liberum said the results were 'in line', while noted WPP also repeated its outlook guidance. Liberum rates shares a 'hold'.
WPP's like-for-like net sales growth coming at 2.8%, versus consensus of 2.7% is likely to be seen as reassuring, given recent weakness, it said, and the broker would not expect consensus to change organic forecasts.
"In terms of 2017, the company suggested that it could be a similar sort of year to 2016 with no reason why net sales should not be up over 3% again. While there is not a huge amount of visibility at the moment, these comments are likely to be reassuring," the broker added.
Liberum targets 1800p for the shares.