In a disappointing six-month trading update (9 July), global media group WPP (WPP) said it had seen a deterioration in performance as the second quarter had progressed.

As a results, it lowered its first-half like-for-like revenue guidance to a drop of 4.2% to 4.5%, with a second-quarter decline in the region of 5.5% to 6%, below its previous forecast.

At the same time, headline operating profit for the first half is seen between £400 million and £425 million, consistent with a margin decline of 280 to 300 basis points before factoring in foreign currency headwinds.

The firm also reduced its guidance for full-year like-for-like revenue and operating profit, predicting ‘continued macro uncertainty weighing on client spend and weaker net new business than originally anticipated’.

Chief executive Mark Read commented: ‘Since the start of the year, we have faced a challenging trading environment with macro pressures intensifying and lower net new business.

‘While we expected the second quarter to be similar to the first quarter, performance in June was worse than anticipated and we expect this pattern of trading in the first half to continue into the second half.’

WPP shares fell more than 100p or 19% to a post-financial crisis low of 426p on the day of the announcement, finishing the week lower still. 

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