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WPP Growth Targets “Very Difficult”: Sorrell

News, 08 October 2001

WPP Group saw its shares slide on Friday after chief executive Sir Martin Sorrell warned its growth targets were in jeopardy both this year and next.

Speaking at a Goldman Sachs conference last week, Sorrell cautioned: “Overall our target is still growth [in earnings per share] of 15% to 20%, although this is going to be very, very difficult, in the context of what has happened, in 2001 and 2002.”

The statement prompted a 2.9% drop in WPP stock on Friday morning to 475p, though this remains well above the twenty-month low of 428p it sank to only days before.

The news is no surprise to many observers – there had been signs before the September 11 attacks on the US that WPP might fall below targets this year [WAMN: 20-Jul-01].

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