×

Advertising giant WPP sales up in Q1

Advertising and PR giant WPP posted first-quarter revenue on Thursday of £3 billion ($4.7 billion), up 10.6 percent in what chief executive Martin Sorrell described as an "uncertain" environment.

Sorrell told CNBC that despite looming issues such as Brexit, the company's first quarter revenue, net sales and profit were well above budget and ahead of last year.

Sir Martin Sorrell, CEO of WPP.
Melody Hahm | CNBC
Sir Martin Sorrell, CEO of WPP.

"Generally, the environment is an uncertain one and in that context I think the first quarter was extremely good," he said.

"If you're a legacy business, you're challenged by disruptors, you have zero-based cost budgeters, you've got activist investors,it's a difficult and uncertain climate and things like Brexit - we have to see what happens in June," Sorrell told CNBC.

In March, WPP revealed Sorrell received a share award worth £63 million for 2015. His base salary is £1.15 million and he received benefits such as pensions and other incentive rewards, according to an annual report on WPP's website.

WPP's net new business was $1.78 billion in the first quarter, compared to $1.0 billion in the first quarter of last year.

The advertising boss said WPP's strong results were characterized by particularly strong growth geographically in the U.S.as well as strong growth in the United Kingdom and Western Europe.

Follow CNBC International on Twitter and Facebook.