The value of several leading advertising agencies continued to drop yesterday amid growing fears over trading and debt levels.
WPP was among the sharpest fallers after Carat, the media buyer, slashed forecasts. It estimated that global advertising spending would drop 5.8 per cent in 2009, down from its prediction in August of 4.8 per cent growth.
WPP chief executive Martin Sorrell said in an interview that if trading missed targets he was ready to cut jobs. The group has previously targeted organic revenue to fall 2 per cent this year, and plans to cut 2000 jobs.