WPP ups share buyback after strong 2013

BARCELONA Thu Feb 27, 2014 2:08am EST

BARCELONA Feb 27 (Reuters) - WPP, the world's largest advertising company, increased its share buyback programme on Thursday after reporting strong 2013 results, record profit margins and a good start to 2014.

Martin Sorrell's ad group recorded 2013 like-for-like revenue growth, the main industry metric, of 3.5 percent, after it rebounded in the second half of the year with growth of 4.6 percent.

It said like-for-like revenues were up 5.7 percent in January and it was targeting growth of over 3 percent for 2014. The strong results enabled the British group to increase its share buyback programme to 2-3 percent of the share capital against the current 1 percent.

For the longer-term outlook WPP also increased the amount of revenue it expects to get from faster growing emerging markets and new digital services over the next five years.