Barclays has posted higher profits in the third quarter despite taking a £1.4billion hit for payment protection insurance (PPI) claims. Its earnings of £1.8billion smashed City expectations of around £1.5billion. Meanwhile, advertising giant WPP has returned to quarterly sales growth for the first time in a year as it was buoyed by new client wins. The pound, which took a tumble on Thursday, is sitting on its hands today as it awaits the EU’s decision on a Brexit extension and, once again, mulls the possibility of an election.
WPP shares up 6% after returning to growth
Advertising giant WPP has returned to quarterly sales growth for the first time in a year as it was buoyed by new client wins.The company reported organic growth of 0.7 per cent in the third quarter, as a strong performance in Europe was offset by decline in the US market. However, analysts had previously predicted decline for the period.Meanwhile, like-for-like revenues for the three months to September increased by 1.9 per cent to £3.29billion.WPP said it was boosted by major client wins in the quarter such as new deals to work with eBay and Mondelez.